SB 466 — Relating generally to appraisal management companies

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Red = new code to be enacted WEST virginia legislature regular session Enrolled Committee Substitute for Senate Bill 466 By Senator Maynard [Originating[Passed inApril the6, Committee2021; on Government Organization;

reportedin oneffect March90 5,days 2021]from passage]     AAN BILLACT to amend and reenact §30-38-3, §30-38-4, §30-38-6, §30-38-11, and §30-38-17 of the Code of West Virginia, 1931, as amended;

For the purposes of this article, the testimony of an appraiser dealing with the appraiser’s analyses, conclusions, or opinions concerning identified real estate or identified real property is considered an oral appraisal report.

By certifying an appraisal report, a state licensed residential real estate appraiser, a state certified general real estate appraiser, or a state certified residential real estate appraiser,appraiser represents to the public that the report meets the appraisal standards established by this article.

and (2) for residential property, relies to any significant degree on at least two of the three approaches to value, with one approach being the sales comparison approach, or does not have the characteristics of a noncomplex appraisal or one in which the property to be appraised, the form of ownership, or the market conditions are atypical.

(i) “Cost approach” means an approach to valuing real estate which that requires an appraiser to:

(j) “Income approach” means an approach to valuing real estate which that requires an appraiser to:

(r) “Sales comparison approach” means an approach to valuing real estate which that requires an appraiser to analyze such comparable sales data as are available to indicate a value conclusion.

Persons employed by any real estate agent, broker, appraiser, or lender, or by any partnership, corporation, association, or group engaged in any real estate business, may not be employed by the board.  board. The board may hire a licensed or certified appraiser whose license status is inactive or who is not employed by any of the prohibited employers listed.

The board may hire a licensed or certified appraiser whose license status is inactive or who is not employed by any of the prohibited employers listed.

(e) To obtain a renewal of license or certification under this article, the holder of a current license or certification shall make application and pay the prescribed fee to the board no earlier than 120 days nor later than 30 days prior to the expiration date of the current license or certification.

The board may, after a public hearing or public comment period held in accordance with provisions of article three, chapter twenty-nine-a of this code §29A-3-1 et seq., adopt revised versions or make modifications of or additions to the uniform standards of professional appraisal practice.

(c) “Appraisal Management Company” means a person or firm that performs or provides appraisal management services, directly or indirectly, through the use of software products or online, or by any means of communication means a person or firm that provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates;

or (2) A general examination for compliance including regulatory and/or or client requirements as specified in the agreement process that do not communicate an opinion as to the valuation conclusion.

(a) A person or firm performing or offering to perform appraisal management services or acting as an appraisal management company within this state shall be registered with the boardboard. by July 1, 2014.

any employee or consultant who is (1) A person who has had a license or certificate to act as an appraiser refused, denied, canceled, or revoked in this state or any other jurisdiction, unless the license or certificate was subsequently granted or reinstated;

(a) Upon application, the applicant, each owner who is an employee of or consultant for the applicant owns more than 10 percent, and the controlling person of the firm seeking registration shall submit to a state and national criminal history record check, as set forth in this section.