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Committee advances bill to align state appraisal-management law with federal rules
Summary
The House Industry, Business and Labor Committee recommended a due pass for House Bill 1080, a bill drafted with the North Dakota Appraiser Board to update state law governing appraisal management companies (AMCs) so it aligns with federal rules and Appraisal Subcommittee guidance.
House Bill 1080, a measure to update North Dakota law governing appraisal management companies, received a committee recommendation to pass after testimony from the North Dakota Real Estate Appraiser Qualifications and Ethics Board.
The bill, presented to the House Industry, Business and Labor Committee, would amend statutory language in the state AMC statute to align with federal requirements including Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) as amended by the Dodd‑Frank Wall Street Reform and Consumer Protection Act and the federal AMC rule, the Appraisal Subcommittee (ASC) review process, and ASC policy guidance.
Corey Cost, chair of the North Dakota Real Estate Appraiser Qualifications and Ethics Board, testified…
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