This bill amends and reenacts several sections of the North Dakota Century Code related to appraisals and evaluations. It introduces a new definition for "Agency," which includes various federal and state financial regulatory bodies, and clarifies the definitions of "Appraisal" and "Evaluation." Notably, the term "Evaluation" is defined as an estimate of the value of real property made in accordance with federal law for use in real estate-related financial transactions where an appraisal is not required. The bill also specifies that an appraisal does not include an evaluation, thereby distinguishing the two processes.

Additionally, the bill outlines exemptions from appraisal permit requirements, allowing licensed real estate brokers and certain employees, such as those at the Bank of North Dakota, to provide opinions of value without needing an appraisal permit. It establishes that appraisers can conduct evaluations under specific legal and regulatory guidelines, ensuring these evaluations are clearly identified as such and not misrepresented as appraisals. The bill emphasizes compliance with professional appraisal standards while allowing for exceptions as authorized.

Statutes affected:
INTRODUCED: 43-23.3-01, 43-23.3-18
Prepared by the Legislative Council staff for Senator Barta: 43-23.3-01, 43-23.3-04, 43-23.3-18
Enrollment: 43-23.3-01, 43-23.3-04, 43-23.3-18