ATTENTION: IMPORTANT UPDATE
NCREAA's Response Letter
to the NC Attorney General's Office
Regarding the FTC / Federal Trade Commission and House Bill 829
Customary and Reasonable Fee Law
Previously this summer, Assistant Attorney General Roberta A. Ouellette wrote a letter to the FTC requesting them to comment on NC House Bill 829, proposed legislation to clarify our Customary and Reasonable Fee Law already in place.
Follow this link to read NCREAA's response letter;
NCREAA Letter to NC Attorney General-Re-FTC
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June 30, 2016
IMPORTANT ANNOUNCEMENT FROM NCREAA
The governor SIGNED INTO NC LAW
The new Customary and Reasonable Appraiser Fee Bill
The North Carolina Real Estate Appraiser Association (NCREAA) is pleased to announce that the Governor of North Carolina has signed into law Senate Bill 600.
This legislation addresses the Dodd/Frank requirement that appraisal management companies pay appraisers customary and reasonable fees, and is the result of 18 months of continuous negotiation between NCREAA and members of the General Assembly.
The new law grants enforcement authority to the North Carolina Appraisal Board.
North Carolina appraisers will now have direct state protections
as mandated in the federal law.
NCREAA wishes to thank both the original bill sponsors and the sponsors of the final version of the bill. Thank you Representative David Lewis, Representative John Szoka,
and Representative Jason Saine for sponsoring our original House Bill 577,
and assisting NCREAA in eventually passing this piece of legislation.
Our gratitude also goes out to Senator Wesley Meredith, Senator Bill Rabon,
and Senator Paul Lowe, the original sponsors of Senate Bill 600, for agreeing to allow
our language to be inserted into the final version of their bill.
The North Carolina Appraisal Board will be formulating rules to guide
appraisal management companies operating in North Carolina.
NCREAA will stay involved in the entire rule-writing process
by providing input during the public comment period.
NCREAA wishes to thank the North Carolina Association of Realtors, North Carolina Chapter of the Appraisal Institute, the North Carolina Professional Appraiser Coalition,
and the Appraisal Section of the North Carolina Association of Realtors
for supporting passage of this bill.
NCREAA also networked and communicated with other state appraisal organizations across the country which have passed similar legislation in their states. This networking experience between state appraisal organizations is an invaluable tool in refining our legislative efforts here in North Carolina, and NCREAA is proud to participate in this nationwide collaborative effort to address appraiser issues in our individual states.
NCREAA is one of 26 various state appraiser organizations
involved in this networking effort.