General Assembly Committee Bill No. 5638
January Session, 2013 LCO No. 3352
*03352HB05638INS*
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
(INS)
General Assembly
Committee Bill No. 5638
January Session, 2013
LCO No. 3352
*03352HB05638INS*
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
(INS)
AN ACT DECREASING THE TIME FRAME FOR PAYMENT BY AN APPRAISAL MANAGEMENT COMPANY TO AN APPRAISER.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (c) of section 20-529b of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2013):
(c) Except in cases of breach of contract or substandard performance of services or where the parties have mutually agreed upon an alternate payment schedule in writing, each appraisal management company operating in this state shall make payment to an appraiser for the completion of an appraisal or valuation assignment not later than [sixty] forty-five days after the date on which such appraiser transmits or otherwise provides the completed appraisal or valuation study to the appraisal management company or its assignee.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2013 20-529b(c)
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2013
20-529b(c)
Statement of Purpose:
To decrease the time frame for payment by an appraisal management company to an appraiser for an appraisal or valuation assignment from sixty days to forty-five days.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]
Co-Sponsors: REP. DAVIS C., 57th Dist.
Co-Sponsors:
REP. DAVIS C., 57th Dist.
H.B. 5638