House Bill 470

AN ACT TO PLACE APPRAISAL MANAGEMENT COMPANIES UNDER THE AUTHORITY OF THE REAL ESTATE APPRAISER LICENSING AND CERTIFICATION ACT; TO REQUIRE THOSE COMPANIES TO REGISTER WITH THE MISSISSIPPI REAL ESTATE APPRAISER LICENSING AND CERTIFICATION BOARD BEFORE ENGAGING IN THE BUSINESS OF REAL ESTATE MANAGEMENT; TO PROVIDE FOR THE MINIMUM REGISTRATION REQUIREMENTS; TO REQUIRE EACH COMPANY APPLYING FOR REGISTRATION TO SUBMIT AN IRREVOCABLE UNIFORM CONSENT TO SERVICE OF PROCESS DESIGNATING THE SECRETARY OF STATE AS THE AGENT TO RECEIVE SERVICE OF PROCESS FOR THE COMPANY; TO PRESCRIBE THE REQUIREMENTS OF OWNERS, CONTROLLING PERSONS AND EMPLOYEES OF AN APPRAISAL MANAGEMENT COMPANY; TO PLACE CERTAIN RESTRICTIONS ON THE AUTHORITY OF AN APPRAISAL MANAGEMENT COMPANY TO CONTRACT WITH INDEPENDENT APPRAISERS; TO REQUIRE THOSE COMPANIES TO CERTIFY ANNUALLY TO THE BOARD ITS SYSTEM OF VERIFICATION FOR ADDITIONS TO ITS APPRAISAL PANEL AND REVIEW OF WORK DONE BY INDEPENDENT APPRAISERS; TO REQUIRE DISCLOSURE TO THE BOARD, AS PART OF REGISTRATION, ANY USE OF AN APPRAISAL FEE SCHEDULE; TO MAKE IT UNLAWFUL FOR ANY PERSON TO INFLUENCE THE DEVELOPMENT, REPORTING OR REVIEW OF AN APPRAISAL; TO REQUIRE APPRAISAL MANAGEMENT COMPANIES TO MAKE PAYMENT TO INDEPENDENT APPRAISERS FOR THE COMPLETION OF AN APPRAISAL WITHIN SIXTY DAYS OF RECEIVING THE COMPLETED APPRAISAL; TO PROHIBIT THE REMOVAL OF AN INDEPENDENT APPRAISER FROM THE APPRAISAL PANEL OF A COMPANY WITHIN THE FIRST THIRTY DAYS OF BEING ADDED TO AN APPRAISAL PANEL; TO PROVIDE DUE PROCESS TO INDEPENDENT APPRAISERS REMOVED FROM AN APPRAISAL PANEL FOR MISCONDUCT AND CERTAIN OTHER VIOLATIONS; TO AMEND SECTIONS 73-34-3, 73-34-9, 73-34-13, 73-34-25, 73-34-27, 73-34-29, 73-34-35, 73-34-41, 73-34-43, 73-34-45, 73-34-49 AND 73-34-53, MISSISSIPPI CODE OF 1972, IN CONFORMITY TO THE PROVISIONS OF THIS ACT; AND FOR RELATED PURPOSES.

In the House of Representatives

• Warner F. McBride

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 11 – Feb 2

1. Jan 11Referred to the House committees on Judiciary B and on Appropriations
2. Feb 2Died in committee in the House