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General Assembly Substitute Bill No. 7286
January Session, 2019
AN ACT CONCERNING HO ME INSPECTORS AND AP PRAISERS.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (NEW) (Effective October 1, 2019) The Commissioner of 1
Consumer Protection or his or her duly authorized agent shall publish 2
and maintain a list of all home inspectors licensed pursuant to chapter 3
400f of the general statutes on the Department of Consumer 4
Protection's Internet web site. Such list shall be updated by the 5
commissioner, or his or her agent, on an annual basis. 6
Sec. 2. (NEW) (Effective October 1, 2019) (a) Lenders and their agents 7
shall compensate real estate appraisers certified or licensed pursuant 8
to chapter 400g of the general statutes at a rate that is customary and 9
reasonable for appraisal services performed in the market area of the 10
property being appraised. Evidence for such fees may be established 11
by objective third-party information, including, but not limited to, 12
government agency fee schedules, academic studies and independent 13
private-sector surveys. Fee studies shall exclude assignments ordered 14
by known appraisal management companies. For purposes of this 15
section, "lenders" and "agents" have the same meaning as provided in 16
12 CFR 226, as amended from time to time. 17
(b) Lenders and their agents shall be presumed to have complied 18
with the customary and reasonable fee requirement described in 19 Substitute Bill No. 7286
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subsection (a) of this section if such lenders and their agents: (1) Pay a 20
fee reasonably related to recent rates paid for comparable appraisal 21
services performed in the geographic market of the property, as 22
informed by the following factors: (A) The type of property, (B) the 23
scope of work, (C) the time in which the appraisal shall be performed, 24
(D) the appraiser's qualifications, (E) the appraiser's experience and 25
professional record, and (F) the appraiser's work quality, or (2) pay a 26
fee based on objective third-party information, including, but not 27
limited to, fee schedules, studies and independent surveys of recent 28
appraisal fees, excluding fees paid by appraisal management 29
companies. 30
(c) Lenders and their agents may arrive at an appraisal fee in a 31
manner not specified in subsection (a) or (b) of this section. Whether 32
such fee is customary and reasonable shall depend on all relevant facts 33
and circumstances, without a presumption of either compliance or 34
violation of this section. 35
This act shall take effect as follows and shall amend the following
sections:
Section 1 October 1, 2019 New section
Sec. 2 October 1, 2019 New section
GL Joint Favorable Subst.