SB 66 (BR 898) - D. Seum
AN ACT relating to real estate appraisal management companies.
Create new sections of KRS Chapter 324A to define terms related to real estate appraisal management companies; require registration of real estate appraisal management companies with the board and provide qualifications and limitations on registration; establish a filing fee of not more than $5,000 and require surety bond; provide requirements for registered companies and their employees, directors, officers, and agents; require executive director of the board to maintain a register of all applicants; grant board the authority to penalize registrants for specified offenses; exempt specified parties from provisions of the Act; specify that the Act shall be known as the Kentucky Appraisal Management Company Registration Act.
SB 66 - AMENDMENTS
SCS - Retain original provisions except delete the provision that a registrant shall not hire a real estate broker to perform a broker's price opinion or comparative market analysis to be used in lieu of an appraisal.
SFA (1, D. Seum) - Modify the filing fee the Kentucky Real Estate Appraisers Board may charge an appraisal management company from a maximum of $5,000 to a reasonable fee as set by the board.
Jan 5-introduced in Senate
Jan 6-to Licensing, Occupations & Administrative Regulations (S)
Mar 9-reported favorably, 1st reading, to Calendar with Committee Substitute
Mar 10-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Monday, March 15, 2010; floor amendment (1) filed to Committee Substitute
Mar 15-3rd reading, passed 34-0 with Committee Substitute, floor amendment (1)
Mar 16-received in House
Mar 18-to Licensing & Occupations (H)
Mar 22-posting waived