This bill amends several sections of the North Dakota Century Code to enhance the regulation of appraisal management companies (AMCs). Key definitions are updated, including the introduction of the term "federally regulated appraisal management company," which refers to AMCs owned by insured depository institutions and regulated by federal agencies. The bill also clarifies the exemptions from AMC regulations, specifically including federally regulated AMCs and financial institutions, and sets forth new requirements for ownership of AMCs, ensuring that individuals with a history of revoked appraiser licenses cannot hold ownership stakes.

Additionally, the bill mandates that AMCs maintain detailed records of service requests and retain these records for five years, with provisions for board inspection. It also modifies the process for removing independent appraisers from panels, requiring prior written notice and evidence of misconduct. Overall, the amendments aim to strengthen oversight and ensure compliance with professional standards within the appraisal industry in North Dakota.

Statutes affected:
INTRODUCED: 43-23.5-01, 43-23.5-07, 43-23.5-08, 43-23.5-15, 43-23.5-21
PREFILED: 43-23.5-01, 43-23.5-07, 43-23.5-08, 43-23.5-15, 43-23.5-21