Connecticut 2019 Regular Session

Connecticut House Bill HB07286 Compare Versions

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Version 2 (New)

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	7	+	General Assembly Substitute Bill No. 7286
	8	+	January Session, 2019
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4		-	Substitute House Bill No. 7286
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6		-	Public Act No. 19-183
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9	14		AN ACT CONCERNING HO ME INSPECTORS AND AP PRAISERS.
10	15		Be it enacted by the Senate and House of Representatives in General
11	16		Assembly convened:
12	17
13		-	Section 1. (NEW) (Effective October 1, 2019) The Commissioner of
14		-	Consumer Protection or his or her duly authorized agent shall publish
15		-	and maintain a list of all home inspectors licensed pursuant to chapter
16		-	400f of the general statutes on the Department of Consumer
17		-	Protection's Internet web site. Such list shall be updated by the
18		-	commissioner, or his or her agent, on an annual basis.
19		-	Sec. 2. Subsection (c) of section 20-529 of the general statutes is
20		-	repealed and the following is substituted in lieu thereof (Effective
21		-	October 1, 2019):
22		-	(c) Before issuing or renewing a certificate of registration, the
23		-	commissioner may:
24		-	(1) Certify that each appraisal management company applying for a
25		-	certificate of registration has procedures in place to (A) verify that a
26		-	person being added to the appraiser panel of the company holds a
27		-	certificate in good standing in accordance with section 20-509, (B)
28		-	maintain detailed records of each appraisal request or order it receives
29		-	and of the appraiser who performs such appraisal, and (C) review on a Substitute House Bill No. 7286
	18	+	Section 1. (NEW) (Effective October 1, 2019) The Commissioner of 1
	19	+	Consumer Protection or his or her duly authorized agent shall publish 2
	20	+	and maintain a list of all home inspectors licensed pursuant to chapter 3
	21	+	400f of the general statutes on the Department of Consumer 4
	22	+	Protection's Internet web site. Such list shall be updated by the 5
	23	+	commissioner, or his or her agent, on an annual basis. 6
	24	+	Sec. 2. (NEW) (Effective October 1, 2019) (a) Lenders and their agents 7
	25	+	shall compensate real estate appraisers certified or licensed pursuant 8
	26	+	to chapter 400g of the general statutes at a rate that is customary and 9
	27	+	reasonable for appraisal services performed in the market area of the 10
	28	+	property being appraised. Evidence for such fees may be established 11
	29	+	by objective third-party information, including, but not limited to, 12
	30	+	government agency fee schedules, academic studies and independent 13
	31	+	private-sector surveys. Fee studies shall exclude assignments ordered 14
	32	+	by known appraisal management companies. For purposes of this 15
	33	+	section, "lenders" and "agents" have the same meaning as provided in 16
	34	+	12 CFR 226, as amended from time to time. 17
	35	+	(b) Lenders and their agents shall be presumed to have complied 18
	36	+	with the customary and reasonable fee requirement described in 19 Substitute Bill No. 7286
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31		-	Public Act No. 19-183 2 of 2
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33		-	periodic basis the work of all appraisers performing appraisals for the
34		-	company, to ensure that such appraisals are being conducted in
35		-	accordance with the USPAP;
36		-	(2) Determine to the commissioner's satisfaction that each person
37		-	owning more than ten per cent of an appraisal management company
38		-	is of good moral character and such person has submitted to a
39		-	background investigation, as deemed necessary by the commissioner;
40		-	[and]
41		-	(3) Determine to the commissioner's satisfaction that the controlling
42		-	person (A) has never had an appraiser license or certificate denied,
43		-	refused to be renewed, suspended or revoked in any state, (B) is of
44		-	good moral character, and (C) has submitted to a background
45		-	investigation, as deemed necessary by the commissioner; [.] and
46		-	(4) Determine to the commissioner's satisfaction that each appraisal
47		-	management company compensates appraisers in compliance with the
48		-	federal Truth-in-Lending Act, 15 USC Section 1639e(i), as amended
49		-	from time to time.
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	43	+	subsection (a) of this section if such lenders and their agents: (1) Pay a 20
	44	+	fee reasonably related to recent rates paid for comparable appraisal 21
	45	+	services performed in the geographic market of the property, as 22
	46	+	informed by the following factors: (A) The type of property, (B) the 23
	47	+	scope of work, (C) the time in which the appraisal shall be performed, 24
	48	+	(D) the appraiser's qualifications, (E) the appraiser's experience and 25
	49	+	professional record, and (F) the appraiser's work quality, or (2) pay a 26
	50	+	fee based on objective third-party information, including, but not 27
	51	+	limited to, fee schedules, studies and independent surveys of recent 28
	52	+	appraisal fees, excluding fees paid by appraisal management 29
	53	+	companies. 30
	54	+	(c) Lenders and their agents may arrive at an appraisal fee in a 31
	55	+	manner not specified in subsection (a) or (b) of this section. Whether 32
	56	+	such fee is customary and reasonable shall depend on all relevant facts 33
	57	+	and circumstances, without a presumption of either compliance or 34
	58	+	violation of this section. 35
	59	+	This act shall take effect as follows and shall amend the following
	60	+	sections:
	61	+
	62	+	Section 1 October 1, 2019 New section
	63	+	Sec. 2 October 1, 2019 New section
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	65	+	GL Joint Favorable Subst.
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