General Assembly Proposed Bill No. 5637
January Session, 2013 LCO No. 2068
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
REP. GIULIANO, 23rd Dist.
General Assembly
Proposed Bill No. 5637
January Session, 2013
LCO No. 2068
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
REP. GIULIANO, 23rd Dist.
AN ACT CONCERNING APPRAISAL MANAGEMENT COMPANIES.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to require appraisal management companies engaged in business in this state to post a bond payable to the Department of Consumer Protection of not less than one million dollars to reimburse certified or licensed appraisers for services rendered to but not paid by such companies, and to require said department to perform a background check of any appraisal management company applying for registration before the commissioner of said department issues a certificate of registration.
Statement of Purpose:
To provide a means of reimbursing appraisers for services rendered to but not paid by appraisal management companies and to require background checks of appraisal management companies before a certificate of registration is issued by the Commissioner of Consumer Protection.