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Appraisal board proposes edits to AMC statute to meet federal rules; committee asks staff to reconcile language
Summary
Representatives of the North Dakota Appraisal Board told a Senate committee that House Bill 1080 is intended to bring state law regulating appraisal management companies into compliance with Title XI of FIRREA and the federal AMC rule; committee closed the hearing and requested consolidated amendment language for future consideration.
Representatives of the North Dakota Appraisal Board told the Senate Industry and Business Committee that House Bill 1080 updates state law governing appraisal management companies (AMCs) to align with Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) as amended and the federal AMC rule. The committee closed the hearing and asked staff to prepare a consolidated version of the amendments for further review.
Joe Sheehan, a public member of the North Dakota Real Estate Appraiser Qualifications and Ethics Board, said HB 1080 updates the state AMC statute to comply with federal requirements and the Appraisal Subcommittee's review findings. "This is to bring the statute into compliance with Title XI and the AMC rule," Sheehan said, noting…
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