| Last Action | signed by Governor (Acts Chapter 46) |
|---|---|
| Title | AN ACT relating to real estate appraisal. |
| Bill Documents |
Bill
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| Bill Request Number | 377 |
| Sponsors | S. Westrom, D. Horlander |
| Summary of Original Version | Create new sections of KRS 324A.150 to 324A.164 to establish the appraisal management company education, research, and recovery fund; direct the Real Estate Appraisers Board to assess each registrant an annual fee of $800 to be included in the fund; designate purposes of the fund; require the board to maintain a minimum fund level of $200,000 for recovery and guaranty purposes; permit the board to use funds in excess of the required minimum balance for educational and other purposes that advance the appraisal field in Kentucky; establish procedure for making claims against the fund; define "aggrieved party"; permit the board to require a respondent to pay costs of investigation and all proceedings when disciplinary action is imposed pursuant to the chapter; amend KRS 324A.150 to include under the definition of "appraisal management company" providing software products used to select appraisers or order appraisals; amend KRS 324A.154 to delete the requirement for an applicant to maintain a surety bond with the board in addition to the filing fee for the company; amend KRS 324A.164 to clarify under the exemptions from company registration that an exempt real estate broker or agent properly licensed is doing business in Kentucky by listing or selling real estate; amend KRS 324A.010 to include electronic communication under the definitions for "appraisal" and "appraisal report"; add definition for a "federally related transaction"; amend KRS 324A.015 to delete initial terms for board members and mandate appraiser appointees be certified and engaged in appraisal in Kentucky for at least 10 years; amend KRS 324A.030 to require certificate holders and licensees to maintain a current e-mail address and phone number; impose a penalty not to exceed $200 for failure to notify the board within 30 days if contact information has changed; prohibit a person from performing duties usually performed by a certified real property appraiser for a federally related transaction unless holding a valid license or certification for a real property appraiser in Kentucky; amend KRS 324A.035 to direct the board to promulgate administrative regulations for appraisers who perform appraisals of real property in federally related transactions; amend KRS 324A.045 to mandate that 6 months or more after renewal, a former certificate or license holder shall meet all current requirements as if applying for initial certification or licensure; create a new section of KRS Chapter 324A to establish requirements for a national and state criminal background check for initial applicants for licensure or certification as a real property appraiser; amend KRS 324A.050 to include a cap on the fine per violation the board may impose at $5,000; add ability of the board to discipline if sufficient grounds exist in another jurisdiction that are sufficient to cause disciplinary action to be taken in this state; designate what constitutes the minimum standard of conduct and performance for a licensee or credential holder; authorize the board in any proceeding imposing a 30-day or more suspension or revocation to order the respondent to pay actual investigation costs and proceedings not to exceed $10,000; amend KRS 324A.065 to conform and to make a technical correction; amend KRS 324A.075 to mandate an individual from an another state with substantially equivalent to or greater requirements to apply within this state if seeking to practice within Kentucky; amend KRS 324A.090 and 324A.152 to conform. |
| Index Headings of Original Version |
Courts - Appraisal management company, education, research, and recovery fund, claims against Courts, Circuit - Appraisal management company, education, research, and recovery fund, claims against Licensing - Appraisal management companies and real estate appraisers, requirements for Occupations and Professions - Appraisal management companies and real estate appraisers, requirements for Property - Appraisal management companies and real estate appraisers, requirements for Real Estate - Appraisal management company education, research, and recovery fund, establishment of Small Business - Appraisal management company education, research, and recovery fund, establishment of Appropriations - Appraisal management company education, research, and recovery fund, establishment of Associations - Appraisal management company education, research, and recovery fund, purposes of Bonds of Surety - Appraisal management company, surety bond, elimination of Claims - Appraisal management company, education, research, and recovery fund, claims against Commerce - Appraisal management companies and real estate appraisers, requirements for Corporations - Appraisal management company education, research, and recovery fund, establishment of |
| Proposed Amendments |
House Committee Substitute 1 Senate Committee Substitute 1 |
| Votes | Vote History |
| 01/10/13 |
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|---|---|
| 01/11/13 |
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| 02/05/13 |
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| 02/06/13 |
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| 02/07/13 |
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| 02/08/13 |
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| 02/11/13 |
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| 02/13/13 |
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| 03/05/13 |
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| 03/06/13 |
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| 03/07/13 |
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| 03/11/13 |
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| 03/21/13 |
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| Amendment | House Committee Substitute 1 |
|---|---|
| Summary | Retain original provisions, except change the name of the fund from the "appraisal management company education, research, and recovery fund" to the "appraisal management company recovery fund"; limit the purposes of the fund to benefit only Kentucky licensed or certified real property appraisers who have suffered a loss as a result of an appraisal management company ceasing to be registered and if the board determines that there is no viable alternative for full restitution; designate procedures for payment of restitution to one or more appraisers from the fund if the restitution exceeds the balance in the fund; direct the board to promulgate administrative regulations to ensure the balance in the fund shall not fall below $500,000; authorize the board to assess fees upon appraisal management companies not to exceed $800 per year whenever the fund drops below the required minimum balance; instruct board to cease imposing fees when the balance of the fund is replenished to the required minimum balance; require the board to make public a statement of income and expenses of the appraisal management company recovery fund in accordance with KRS 424.180 and 424.190. |
| Index Headings |
Courts - Appraisal management company, education, research, and recovery fund, claims against Courts, Circuit - Appraisal management company, education, research, and recovery fund, claims against Licensing - Appraisal management companies and real estate appraisers, requirements for Occupations and Professions - Appraisal management companies and real estate appraisers, requirements for Property - Appraisal management companies and real estate appraisers, requirements for Real Estate - Appraisal management company education, research, and recovery fund, establishment of Small Business - Appraisal management company education, research, and recovery fund, establishment of Appropriations - Appraisal management company education, research, and recovery fund, establishment of Associations - Appraisal management company education, research, and recovery fund, purposes of Bonds of Surety - Appraisal management company, surety bond, elimination of Claims - Appraisal management company, education, research, and recovery fund, claims against Commerce - Appraisal management companies and real estate appraisers, requirements for Corporations - Appraisal management company education, research, and recovery fund, establishment of |
| Amendment | Senate Committee Substitute 1 |
|---|---|
| Summary | Retain original provisions, except limit the purposes of the fund to benefit only Kentucky licensed or certified real property appraisers who have suffered a loss if the appraiser has received a final judgment from a court of competent jurisdiction within the Commonwealth; add that the amount of payment to an appraiser shall include any reasonable and appropriate court costs associated with determining the final judgment in favor of the appraiser; direct the board to promulgate administrative regulations to ensure the balance in the fund shall not fall below $300,000 rather than $500,000. |
| Index Headings |
Courts - Appraisal management company, education, research, and recovery fund, claims against Courts, Circuit - Appraisal management company, education, research, and recovery fund, claims against Licensing - Appraisal management companies and real estate appraisers, requirements for Occupations and Professions - Appraisal management companies and real estate appraisers, requirements for Property - Appraisal management companies and real estate appraisers, requirements for Real Estate - Appraisal management company education, research, and recovery fund, establishment of Small Business - Appraisal management company education, research, and recovery fund, establishment of Appropriations - Appraisal management company education, research, and recovery fund, establishment of Associations - Appraisal management company education, research, and recovery fund, purposes of Bonds of Surety - Appraisal management company, surety bond, elimination of Claims - Appraisal management company, education, research, and recovery fund, claims against Commerce - Appraisal management companies and real estate appraisers, requirements for Corporations - Appraisal management company education, research, and recovery fund, establishment of |
Last updated: 8/27/2019 7:53 PM (EDT)