This bill amends sections 43-23.3-01 and 43-23.3-18 of the North Dakota Century Code, focusing on the definitions related to appraisal and evaluation, as well as the standards of professional appraisal practice. Notably, the bill introduces a new definition for "Agency," which includes various federal and state financial regulatory bodies. Additionally, it defines "Evaluation" as an estimate of real property value for federally related transactions where an appraisal is not mandated by federal law. The bill also clarifies the definitions of appraisal-related terms, ensuring a comprehensive understanding of the terminology used in the appraisal profession.

Furthermore, the bill modifies the standards of professional appraisal practice by allowing apprentice, licensed, or certified appraisers to provide evaluations to regulated institutions without adhering to the uniform standards of professional appraisal practice, provided that these evaluations comply with current guidelines issued by an agency and are clearly identified as evaluations. This change aims to streamline the evaluation process while maintaining necessary oversight and compliance with established guidelines.

Statutes affected:
INTRODUCED: 43-23.3-01, 43-23.3-18