The bill amends several sections of the North Dakota Century Code to enhance the regulation of appraisal management companies (AMCs). Key definitions are clarified, 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 specifies exemptions from certain provisions for federally regulated AMCs and financial institutions, as well as for appraisal firms and smaller AMCs with fewer than sixteen appraisers in the state or twenty-five nationally.

Additionally, the bill outlines ownership requirements for AMCs, stipulating that individuals with a history of disciplinary actions against their appraiser licenses cannot own more than ten percent of an AMC. It mandates that AMCs maintain detailed records of service requests and retain these records for five years, with provisions for board inspection. Furthermore, the bill modifies the process for removing appraisers from panels, requiring prior written notice and evidence of misconduct. Overall, these amendments aim to strengthen oversight and ensure compliance within the appraisal management 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
Adopted by the Senate Industry and Business Committee: 43-23.5-01, 43-23.5-07, 43-23.5-08, 43-23.5-15, 43-23.5-21
Enrollment: 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