Nevada 2019 Regular Session Status: Enacted

SB 39 — Revises provisions governing appraisers and appraisal management companies. (BDR 54-224)

Last action — Approved by the Governor. Chapter 91.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed Assembly
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced November 19, 2018. Enacted.

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    1 primary, 0 co-sponsors signed on.

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Summary

AN ACT relating to appraisers; incorporating various requirements provided in section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that govern appraisers who are certified or licensed in this State and appraisal management companies that are registered in this State; and providing other matters properly relating thereto.

Bill Text

What changed in the latest version

764 added · 777 removed

764 line(s) added, 777 removed.

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REQUIRES TWO-THIRDS MAJORITY VOTE (§§ 18, 26) (Reprinted with amendments adopted on April 10, 2019) FIRST REPRINT S.B.
Senate Bill No.
39 SENATE BILL N O.
39–Committee on Commerce and Labor CHAPTER..........
39–COMMITTEE ON COMMERCE AND LABOR (ON B EHALF OF THE R EAL E STATE D IVISION OF THE DEPARTMENT OF B USINESS AND INDUSTRY ) PREFILED N OVEMBER 19, 2018 ____________ Referred to Committee on Commerce and Labor SUMMARY—Revises provisions governing appraisers and appraisal management companies.
(BDR 54-224) FISCAL NOTE:
Effect on Local Government:
No.
Effect on the State:
Yes.
~ EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
In 2010, the United States Congress enacted the Dodd-Frank Wall Street Dodd-Frank Act amended various sections of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, 12 U.S.C.
In 2010, the United States Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act.
(Pub.
L.
No.
111-203) Section 1473 of the Dodd-Frank Act amended various sections of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, 12 U.S.C.
This bill incorporates the new requirements that were created by the Dodd-Frank Act into Nevada Revised Statutes.
This bill incorporates the new requirements that were created by the Dodd-Frank Act Section 1473 of the Dodd-Frank Act created a new definition for “appraisal management company.” (12 U.S.C.
management company.” (12 U.S.C.
Section 1473 of the Dodd-Frank Act requires each state with an appraiser disciplinary actions, license and certification revocations and license andsanctions, - *SB39_R1* – 2 – certification suspensions on a timely basis to the national registry of the Appraisal Subcommittee.
Section 1473 of the Dodd-Frank Act requires each state with an appraiser certifying and licensing agency to transmit reports on the issuance of any sanctions, disciplinary actions, license and certification revocations and license and certification suspensions on a timely basis to the national registry of the Appraisal Appraisal Subcommittee to monitor each state appraiser certifying and licensing agency to determine whether such an agency reports complaints and disciplinary actions on a timely basis to the national registry on appraisers maintained by the Appraisal Subcommittee.
§ 3338(a)(2)) The Dodd-Frank Act further requires the Appraisal Subcommittee to monitor each state appraiser certifying and licensing agency to determine whether such an agency reports complaints and disciplinary actions on a timely basis to the national registry on appraisers maintained by the Appraisal Subcommittee.
§ 3347(a)(5)) Section 5 of this bill incorporates these requirements by requiring the Real Estate Division of the Department of Business and Industry to report to the national registry of the Appraisal Subcommittee any:
(12 U.S.C.
§ 3347(a)(5)) Section 5 of this bill incorporates these requirements by requiring the Real Estate Division of the Appraisal Subcommittee any:
The Dodd-Frank Act requires each state to transmit similar reports concerning appraisal management companies.
appraisal management companies.
§§ 34.213(a)(7), 225.193(a)(7), 323.11(a)(7), 1026.42(h), 1222.23(a)(7)) Section 11 of this bill incorporates these requirements by requiring the Division to report to the national registry of the Appraisal Subcommittee any:
§§ 34.213(a)(7), 225.193(a)(7), 323.11(a)(7), 1026.42(h), 1222.23(a)(7)) Section of this bill incorporates these requirements by requiring the Division to report to the national registry of the Appraisal Subcommittee any:
and (2) violation by an Section 1473 of the Dodd-Frank Act requires the Appraisal Subcommittee to monitor each state appraiser certifying and licensing agency to determine if such an agency:
and (2) violation by an appraisal management company of existing law.
(1) processes complaints and completes investigations in a reasonable time period;
Section 1473 of the Dodd-Frank Act requires the Appraisal Subcommittee to monitor each state appraiser certifying and licensing agency to determine in a reasonable time period;
12 C.F.R.
- 80th Session (2019) – 2 – C.F.R.
(NRS 645C.460-645C.540) Sections 6-11 of this bill create similar provisions that govern appraisal management companies to comply with section 1473 of the Dodd-Frank ActSection 1473 of the Dodd-Frank Act requires each state with an appraiser certifying and licensing agency to:
(NRS 645C.460-645C.540) Sections 6-11 of this bill create similar provisions that govern appraisal management companies to comply with section 1473 of the Dodd-Frank Act.Section 1473 of the Dodd-Frank Act requires each state with an appraiser certifying and licensing agency to:
Section 1473 of the Dodd-Frank Act authorizes a state-licensed appraiser to perform a 1-to-4 unit, single family residential appraisal unless the size and state-certified appraiser when the appraisal is an appraisal for which the property to be appraised, the form of ownership, the property characteristics or the market conditions are atypical.
Section 1473 of the Dodd-Frank Act authorizes a state-licensed appraiser to perform a 1-to-4 unit, single family residential appraisal unless the size and complexity requires a state-certified appraiser.
The size and complexity requires a state-certified appraiser when the appraisal is an appraisal for which the property to be appraised, the form of ownership, the property characteristics or the market conditions are atypical.
§ 3353(a)(4)) Sections 20 and 22 of this bill comply with federal law by requiring appraisal independence through compliance with the appraisal independence requirements in 15 U.S.C.
appraisal independence through compliance with the appraisal independencerequiring requirements in 15 U.S.C.
company that is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution regulatory agency shall not be required to register with a state.
Section 1473 of the Dodd-Frank Act provides that an appraisal management company that is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution regulatory agency shall not be required to register with a state.
- *SB39_R1* – 3 – Section 1473 of the Dodd-Frank Act requires appraisal management companies to verify that only licensed or certified appraisers are used for federally related section 1473 of the Dodd-Frank Act require a state certifying and licensing agency that is registering an appraisal management company to verify that the appraisers on the appraisal management company’s appraiser panel hold valid state certifications or licenses.
Section 1473 of the Dodd-Frank Act requires appraisal management companies to verify that only licensed or certified appraisers are used for federally related transactions.
(12 U.S.C.
§ 3353(a)(2)) Federal regulations adopted pursuant to section 1473 of the Dodd-Frank Act require a state certifying and licensing agency that is registering an appraisal management company to verify that the appraisers on the appraisal management company’s appraiser panel hold valid state certifications or licenses.
Section 22 additionally provides a procedure for an applicant who is denied registration to reapply for such regSection 1473 of the Dodd-Frank Act provides that an appraisal management company shall not be registered by a state if such company is owned by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation or revoked in any state.
Section 22 additionally provides a procedure for an applicant who is denied registration to reapply for such registration in certain situations.
Section 1473 of the Dodd-Frank Act provides that an appraisal management company shall not be registered by a state if such company is owned by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation or revoked in any state.
§§ 34.214, 225.194, 323.12, 1026.42(h), 1222.24) Section 27 of this bill incorporates this federal requirement by requiring the Commission of Appraisers of appraiser license or certificate of one of its owners is refused, denied, cancelled, surrendered or revoked in any state.
§§ 34.214, 225.194, 323.12, 1026.42(h), 1222.24) Section 27 of this bill - 80th Session (2019) – 3 – incorporates this federal requirement by requiring the Commission of Appraisers of Real Estate to revoke the registration of an appraisal management company if the appraiser license or certificate of one of its owners is refused, denied, cancelled, surrendered or revoked in any state.
EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
and - *SB39_R1* – 4 – 2.
and 2.
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Sec.
the Appraisal Subcommittee, pursuant to 12 U.S.C.
5.
§ 3338, any:y of 1.
The Division shall report to the national registry of the Appraisal Subcommittee, pursuant to 12 U.S.C.
§ 3338, any:
1.
If the registrant, within 30 days after receipt of the notice denying the application for renewal, files a written request containing allegations which, if true, qualify the registrant for renewal of a registration, the President of the Commission shall set the matter for a hearing to be conducted within 90 days after receipt of the registrant’s request.
If the registrant, within 30 days after receipt of the notice denying the application for renewal, files a written request containing allegations which, if true, qualify the registrant for - 80th Session (2019) – 4 – renewal of a registration, the President of the Commission shall set the matter for a hearing to be conducted within 90 days after receipt of the registrant’s request.
At least 15 days before the date set for the hearing, the Division shall serve the registrant with written notice of the hearing and include with the notice an exact copy of any protests filed, together with copies of all communications, reports, the matter in question.
At least 15 days before the date set for the hearing, the Division shall serve the registrant with written notice of the hearing and include with the notice an exact copy of any protests filed, together with copies of all communications, reports, affidavits or depositions in possession of the Division relevant to delivery to the registrant, or by certified mail to the registrant’s last known business or residential address.
The notice may be served by personalvant to delivery to the registrant, or by certified mail to the registrant’s las4.knoThe hearing may be held by the Commission or a majority thereof, and a hearing must be held if the registrant so desires.
4.
The hearing may be held by the Commission or a majority thereof, and a hearing must be held if the registrant so desires.
The registrant is entitled to appear at the hearing in person and to be represented by counsel.
The registrant is entitled to appear at the hearing in person and to be represented by 3.unsThe Commission shall hold the hearing within 90 days after the filing of a complaint by the Administrator.
- *SB39_R1* – 5 – 3.
The Commission shall hold the hearing within 90 days after the filing of a complaint by the Administrator.
The Division may present evidence which the Division obtains after the notice was given only if the Division shows that the evidence was not available upon diligent investigation before the notice was given and that the evidence was given or communicated to the registrant immediately after the evidence was obtained.
The Division may present evidence which the Division obtains after the notice was given only if the Division shows that the evidence was not available upon diligent investigation before the notice was given - 80th Session (2019) – 5 – and that the evidence was given or communicated to the registrant immediately after the evidence was obtained.
The answer must contain an admission or denial of the allegations contained in the complaint and any defense upon which the described in this subsection, the Division may, after notice to the registrant is given in the manner provided in subsection 5 of default against the registrant.
The answer must contain an admission or denial of the allegations registrant will rely.
Commission for the entry of a 2.
If no answer is filed within the period described in this subsection, the Division may, after notice to the registrant is given in the manner provided in subsection 5 of section 7 of this act, move the Commission for the entry of a default against the registrant.
2.
and (b) The period is suspended during the pendency of any action or proceeding, to which the Division, registrant or one of the affiliated appraisers of the registrant is a party, which involves the conduct of the registrant or the affiliated appraiser in a - *SB39_R1* – 6 – transaction to which the alleged grounds to suspend or revoke the registration are related.
and (b) The period is suspended during the pendency of any action affiliated appraisers of the registrant is a party, which involves the conduct of the registrant or the affiliated appraiser in a transaction to which the alleged grounds to suspend or revoke the registration are related.
If the decision is adverse to the registrant, the notice must include the date upon which the decision becomes effective, which must not be less than 30 days after the date of the notice.
If the decision is adverse to the registrant, the notice must include the date upon which the decision becomes effective, which must not be less than days after the date of the notice.
The expiration, revocation or suspension of a registration as an appraisal management company by operation of law or by order or decision of the Commission or a court of competent jurisdiction, or the voluntary surrender of a registration by an appraisal management company, does not:
The expiration, revocation or suspension of a registration as an appraisal management company by operation of law or by order or decision of the Commission or a court of - 80th Session (2019) – 6 – competent jurisdiction, or the voluntary surrender of a registration by an appraisal management company, does not:
Prevent the imposition or collection of any fine or penalty authorized pursuant to the provisions of this chapter or the regulations adopted pursuant thereto against the appraisal management company.
Prevent the imposition or collection of any fine or penalty regulations adopted pursuant thereto against the appraisalhe management company.
the Appraisal Subcommittee, pursuant to 12 U.S.C.
Sec.
11.
The Division shall report to the national registry of the Appraisal Subcommittee, pursuant to 12 U.S.C.
of 1.
1.
Supervisory activity, investigation, final disciplinary action taken by the Commission against an appraisal managementtration company;
Supervisory activity, investigation, final disciplinary action or revocation, suspension or denial to renew of a registration taken by the Commission against an appraisal management company;
(a) Functions as a third-party intermediary between an appraiser valuing properties which secure mortgage loans or mortgages incorporated into a securitization and [a] :
valuing properties which secure mortgage loans or mortgagesppraiser incorporated into a securitization and [a] :
- *SB39_R1* – 7 – (1) A creditor of a consumer credit transaction secured by the principal dwelling of a consumer or other principal in secondary mortgage markets;
(1) A creditor of a consumer credit transaction secured by the principal dwelling of a consumer or other principal in secondary mortgage markets;
[or] (d) Manages the process of having an appraisal performed, including, without limitation, providing administrative duties such as:
[or] - 80th Session (2019) – 7 – (d) Manages the process of having an appraisal performed, including, without limitation, providing administrative duties such as:
(e) Reviews and verifies the work of appraisers;
or (g) Otherwise serves as a third-party broker of appraisal ser2.
or (g) Otherwise serves as a third-party broker of appraisal services.
2.
an appraisal in connection with a bona fide client relationship when that person directly contracts with an independent appraiser;
(b) Any person licensed to practice law in this State who orders an appraisal in connection with a bona fide client relationship when that person directly contracts with an independent appraiser;
Sec.
645C.240 NRS 1.
14.
NRS 645C.240 is hereby amended to read as follows:
645C.240 1.
- *SB39_R1* – 8 – (a) From the sale of publications must be retained by the Division to pay the costs of printing and distributing publications.
(a) From the sale of publications must be retained by the Division to pay the costs of printing and distributing publications.
3.
- 80th Session (2019) – 8 – 3.
§ 3338, must be retained by the Division for payment to the Federal Financial Institutions Examination Council [.] or the Appraisal Subcommittee on an annual basis.
§ 3338, must be retained by the Division for payment to the Federal Financial Institutions annual basis.ouncil [.] or the Appraisal Subcommittee on an 4.
4.
(a) A license as a residential appraiser, which authorizes him or her to perform an appraisal of real estate suitable for or consisting of no mor(1) The total value does not exceed $1,000,000 and theif:
645C.280 1.
complexity of the transaction does not, under the regulations of a federal agency or the [standards adopted] classifications and qualifications established by the [Appraisal Subcommittee of the Federal Financial Institutions Examination Council,] Appraiser Qualifications Board of the Appraisal Foundation, require a certified appraiser;
An appraiser may obtain from the Division:
(a) A license as a residential appraiser, which authorizes him or her to perform an appraisal of real estate suitable for or consisting of no more than four residential units in any one transaction, if:
(1) The total value does not exceed $1,000,000 and the complexity of the transaction does not, under the regulations of a federal agency or the [standards adopted] classifications and qualifications established by the [Appraisal Subcommittee of the Federal Financial Institutions Examination Council,] Appraiser Qualifications Board of the Appraisal Foundation, require a certified appraiser;
(b) A certificate as a residential appraiser, which authorizes him or her to perform an appraisal of real estate suitable for or consisting of no more than four residential units in any one transaction, without regard to value or complexity;
(b) A certificate as a residential appraiser, which authorizes him of no more than four residential units in any one transaction, withoutng regard to value or complexity;
- *SB39_R1* – 9 – 3.
3.
§ 3338 and who is in active status on the National Registry of Appraisers is eligible to perform federally related transactions.
§ 3338 and who is in active status on the - 80th Session (2019) – 9 – National Registry of Appraisers is eligible to perform federally related transactions.
645C.320 1.
license, as appropriate, to any person:ll issue a certificate or (a) Of good moral character, honesty and integrity;
The Administrator shall issue a certificate or license, as appropriate, to any person:
(a) Of good moral character, honesty and integrity;
and (d) Who submits all information required to complete an app2.
and (d) Who submits all information required to complete an application for a certificate or license.
2.
mentally ill or nolo contendere to, forgery, embezzlement, obtainingt money under false pretenses, larceny, extortion, conspiracy to defraud or any crime involving moral turpitude;
(a) Has been convicted of, or entered a plea of guilty, guilty but mentally ill or nolo contendere to, forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud or any crime involving moral turpitude;
or (c) Has ever had a certificate, license or registration card suspended or revoked pursuant to this chapter, or a certificate, license or permit to act as an appraiser suspended or revoked in any other jurisdiction .
or (c) Has ever had a certificate, license or registration card license or permit to act as an appraiser suspended or revoked in any other jurisdiction .
- *SB39_R1* – 10 – 3.
3.
The Division shall notify each applicant in writing whether the applicant passed or failed the examination, or has alternatively satisfied the requirements for a certificate, license or permit pursuant to NRS 645C.360, as determined by the Commission.
The Division shall notify each applicant in writing whether the applicant passed or failed the examination, or has alternatively - 80th Session (2019) – 10 – satisfied the requirements for a certificate, license or permit pursuant to NRS 645C.360, as determined by the Commission.
9 Application for a certificate, license or registration card...........................................................$100 Issuance or renewal of a certificate or license as a residential appraiser ...............................................320 Issuance or renewal of a certificate as a general appraiser ...........................................................420 Issuance of a permit............................................................115 Issuance or renewal of a registration card..........................190 Issuance of a duplicate certificate or license for an additional office....................................................50 Change in the name or location of a business ......................20 Reinstatement of an inactive certificate or license..............................................................................30 Annual approval of a course of instruction offered in preparation for an initial Original approval of a course of instruction....................................100 offered for continuing education...................................100 Reninstructionrovoffered cofore ocontinuing education.........................................................................50 2.
Application for a certificate, license or registration card...........................................................$100 Issuance or renewal of a certificate or license Issuance or renewal of a certificate as a....................................320 general appraiser ...........................................................420 Issuance of a permit............................................................115 Issuance or renewal of a registration card..........................190 Issuance of a duplicate certificate or license for an additional office....................................................50 Change in the name or location of a business ......................20 Reinstatement of an inactive certificate or license..............................................................................30 Annual approval of a course of instruction offered in preparation for an initial certificate or license ......................................................100 Original approval of a course of instruction offered for continuing education...................................100 Renewal of approval of a course of instruction offered for continuing education.........................................................................50 2.
The Division shall adopt regulations which establish the fees to be charged and collected by the Division to pay the costs of:
The Division shall adopt regulations which establish the fees to (a) Any examination for a certificate or license, including any costs which are necessary for the administration of such an examination.
(a) Any examination for a certificate or license, including any costs which are necessary for the administration of such an examination.
- *SB39_R1* – 11 – 2.
- 80th Session (2019) – 11 – 2.
and (c) The witness has failed or refused to attend or produce the books and papers required by the subpoena before the Commission [,] or Division, or has refused to answer questions propounded to him or her, and asking for an order of the court compelling the witness to attend and testify or produce the books and papers before the Commission [.] or Division.
and (c) The witness has failed or refused to attend or produce the [,] or Division, or has refused to answer questions propounded to him or her, and asking for an order of the court compelling the witness to attend and testify or produce the books and papers before the Commission [.] or Division.
If it appears to the court that the subpoena was regularly order that the witness appear before the Commission [,] or Division, at the time and place fixed in the order, and testify or produce the witness must be dealt with as for contempt of court.order the Sec.
If it appears to the court that the subpoena was regularly issued by the Commission [,] or Division, the court shall enter an order that the witness appear before the Commission [,] or Division, at the time and place fixed in the order, and testify or produce the required books and papers.
Upon failure to obey the order the witness must be dealt with as for contempt of court.
Sec.
645C.557 1.
transaction involving an appraisal shall not improperly influence or attempt to improperly influence, through coercion, extortion or bribery, the development, reporting, result or review of the appraisal.
A person with an interest in a real estate transaction involving an appraisal shall not improperly influence or attempt to improperly influence, through coercion, extortion or bribery, the development, reporting, result or review of the appraisal.
An appraiser shall conduct all appraisals independently, as required by the appraisal independence requirements pursuant to 15 U.S.C.
An appraiser shall conduct all appraisals independently, as required by the appraisal independence requirements pursuant to U.S.C.
- *SB39_R1* – 12 – Sec.
- 80th Session (2019) – 12 – Sec.
An appraisal management company that [enters into not more than nine contracts annually with independent contractors in this State.] is a subsidiary owned and controlled by an insured depository institution or an insured credit union and is regulated by a federal financial institutions regulatory agency.
An appraisal management company that [enters into not more than nine contracts annually with independent contractors in depository institution or an insured credit union and is regulated by a federal financial institutions regulatory agency.
(a) State the name, residence address and business address of the at which the appraisal management company will conduct businessoffice within this State;
(a) State the name, residence address and business address of the applicant and the location of each principal office and branch office at which the appraisal management company will conduct business within this State;
business as an appraisal management company;ant will conduct (c) List the name, residence address and business address of each person who will, if the applicant is not a natural person, have [an] at least a 10-percent ownership interest in the appraisal management company as a principal, partner, officer, director or trustee, specifying the capacity and title of each such person;
(b) State the name under which the applicant will conduct business as an appraisal management company;
(c) List the name, residence address and business address of [an] at least a 10-percent ownership interest in the appraisal, have management company as a principal, partner, officer, director or trustee, specifying the capacity and title of each such person;
and (e) Identify the number of certified or licensed appraisers in Nevada in the network or panel currently maintained by the appraisal management company and, if applicable, the total number of certified or licensed appraisers nationwide in the - *SB39_R1* – 13 – network or panel currently maintained by the appraisal management company.
and (e) Identify the number of certified or licensed appraisers in Nevada in the network or panel currently maintained by the - 80th Session (2019) – 13 – appraisal management company and, if applicable, the total number of certified or licensed appraisers nationwide in the network or panel currently maintained by the appraisal management company.
(a) The application is verified by the Division and complies with the requirements of NRS 645C.600 to 645C.740, inclusive [.] , and sections 6 to 11, inclusive, of this act;
(a) The application is verified by the Division and complies with sections 6 to 11, inclusive, of this act;740, inclusive [.] , and (b) The applicant , each owner and each general partner, officer or director of the applicant, if the applicant is a partnership, corporation or unincorporated association:
(b) The applicant , each owner and each general partner, officer or director of the applicant, if the applicant is a partnership, corporation or unincorporated association:
[.] (4) Has [not] never had a license that was issued pursuant to surrendered in lieu of suspension or revocation [;
[.] (4) Has [not] never had a license that was issued pursuant to the provisions of this chapter suspended, revoked or voluntarily surrendered in lieu of suspension or revocation [;
within the 10 years immediately preceding the date of application.] which has not been subseq(5) Has [not] never had a professional license that was issued in this State or any other state, district or territory of the United States or any foreign country suspended or revoked [within the 10 years immediately preceding the date of application.] which has not been subsequently reinstated;
within the 10 years immediately preceding the date of application.] which has not been subsequently reinstated;
in this State or any other state, district or territory of the United States or any foreign country suspended or revoked [within the 10 years immediately preceding the date of application.] which has not been subsequently reinstated;
[.] (2) Has a process in place to review the work of each independent contractor that provides services to the appraisal management company to ensure that those services are conducted in accordance with the Uniform Standards of Professional Appraisal Practice ;
[.] - 80th Session (2019) – 14 – (2) Has a process in place to review the work of each independent contractor that provides services to the appraisal management company to ensure that those services are conducted in accordance with the Uniform Standards of Professional Appraisal Practice ;
[.] - *SB39_R1* – 14 – (3) Will maintain a detailed record of each request for service it receives and the independent contractor who fulfilled that request [.] ;
[.] (3) Will maintain a detailed record of each request for service it receives and the independent contractor who fulfilled that request [.] ;
(4) Has a system in place to ensure that all appraisals are conducted independently, as required by the appraisal independence requirements pursuant to 15 U.S.C.
(4) Has a system in place to ensure that all appraisals are independence requirements pursuant to 15 U.S.C.
§ 1639e and any rules or regulations issued thereunder;
§ 1639e andppraisal any rules or regulations issued thereunder;
If an application for 15 days after its decision.
If an application for registration is denied, the Division shall notify the applicant within 4.ys An applicant who is denied registration pursuant to subsection 3 may reapply to the Division within 30 days after receipt of the notice denying the application for registration.
Division shall notify the applicant within 4.
An applicant who is denied registration pursuant to receipt of the notice denying the application for registration.
Sec.
- 80th Session (2019) – 15 – Sec.
An applicant for registration under NRS 645C.600 to 645C.740, inclusive, and sections 6 to 11, inclusive, of this act shall file with the Division, in a form prescribed by regulation, an irrevocable consent appointing the Administrator his or her agent for service of process in a noncriminal proceeding against the applicant, a successor or personal representative which - *SB39_R1* – 15 – arises under NRS 645C.600 to 645C.740, inclusive, and sections 6 to 11, inclusive, of this act or a regulation or order of the Commission after the consent is filed, with the same force and validity as if served personally on the person filing the consent.
An applicant for registration under NRS 645C.600 to 645C.740, inclusive, and sections 6 to 11, inclusive, of this act shall file with the Division, in a form prescribed by regulation, an irrevocable consent appointing the Administrator his or her agent for service of process in a noncriminal proceeding against the applicant, a successor or personal representative which arises under NRS 645C.600 to 645C.740, inclusive, and sections 6 to 11, inclusive, of this act or a regulation or order of the validity as if served personally on the person filing the consent.
A person who has filed a consent complying with subsection 1 in connection with a previous application for registration need not file an additional consent.
A person who has filed a consent complying with subsection in connection with a previous application for registration need not file an additional consent.
(a) The plaintiff, who may be the Administrator, sends notice of the service and a copy of the process by registered or certified mail, return receipt requested, to the defendant or respondent at the address set forth in the consent to service of process or, if no address, or takes other steps which are reasonably calculated to give actual notice;
(a) The plaintiff, who may be the Administrator, sends notice of the service and a copy of the process by registered or certified mail, return receipt requested, to the defendant or respondent at the consent to service of process has been filed, at the last knowno address, or takes other steps which are reasonably calculated to give actual notice;
and subsection in the proceeding on or before the return day of the process, if any, or within such further time as the court, or the Administrator in a proceeding before the Administrator, allows.
and (b) The plaintiff files an affidavit of compliance with this subsection in the proceeding on or before the return day of the process, if any, or within such further time as the court, or the Administrator in a proceeding before the Administrator, allows.
If the process is served under subsection 4, the court, or the Administrator in a proceeding before the Administrator, may order continuances as may be necessary to afford the defendant or respondent reasonable opportunity to defend.
If the process is served under subsection 4, the court, or the Administrator in a proceeding before the Administrator, may order - 80th Session (2019) – 16 – continuances as may be necessary to afford the defendant or respondent reasonable opportunity to defend.
- *SB39_R1* – 16 – 2.] , which may include an update of all the information required by NRS 645C.650, 645C.655 and 645C.660;
required by NRS 645C.650, 645C.655 and 645C.660;information (b) The fee required to renew the registration pursuant to NRS 645C.680;
(b) The fee required to renew the registration pursuant to NRS 645C.680;
The Commission may consider whether the appraisal management company violated the provisions of NRS 645C.600 to 645C.740, inclusive, and sections 6 to 11, inclusive, of this act and may forth in NRS 645C.500 to 645C.550, inclusive [.] , and section 5 of this act.
The company violated the provisions of NRS 645C.600 to 645C.740, inclusive, and sections 6 to 11, inclusive, of this act and may revoke, suspend or deny renewal of a registration in the manner set forth in NRS 645C.500 to 645C.550, inclusive [.] , and section 5 of this act.
Sec.
26.
NRS 645C.680 is hereby amended to read as follows:
The person must also pay such additional expenses incurred in the process of investigation as the Division deems necessary.] fees for appraisal management companies, including, without limitation, fees for:
The person - 80th Session (2019) – 17 – must also pay such additional expenses incurred in the process of investigation as the Division deems necessary.] fees for appraisal management companies, including, without limitation, fees for:
2.
the] Except as otherwise provided in this subsection, the Division by [by regulation of not more than $500 for the principal office and not more than $100 for each branch office.] shall collect and remit the annual registry fee to the Federal Financial Institutions Examination Council or to the Appraisal Subcommittee, as appropriate, pursuant to 12 U.S.C.
[To renew a registration, the applicant must pay a fee set by the] Except as otherwise provided in this subsection, the Division - *SB39_R1* – 17 – [by regulation of not more than $500 for the principal office and not more than $100 for each branch office.] shall collect and remit the annual registry fee to the Federal Financial Institutions Examination Council or to the Appraisal Subcommittee, as appropriate, pursuant to 12 U.S.C.
(a) Has knowingly made or caused to be made to the Commission any false representation of material fact;
Commission any false representation of material fact;
(b) Has suppressed or withheld from the Commission any information which the applicant possesses and which, if submitted by the applicant, would have rendered the applicant ineligible to be inclusive [;] , or sections 6 to 11, inclusive, of this act;
(b) Has suppressed or withheld from the Commission any information which the applicant possesses and which, if submitted by the applicant, would have rendered the applicant ineligible to be registered pursuant to the provisions of NRS 645C.600 to 645C.740, inclusive [;] , or sections 6 to 11, inclusive, of this act;
or40, (c) Has violated any provision of NRS 645C.600 to 645C.740, adopted pursuant to NRS 645C.600 to 645C.740, inclusive, andegulation sections 6 to 11, inclusive, of this act or an order of the Commission in completing and filing the application for a registration or during the course of the investigation of the application for a registration.
or (c) Has violated any provision of NRS 645C.600 to 645C.740, inclusive, and sections 6 to 11, inclusive, of this act, a regulation adopted pursuant to NRS 645C.600 to 645C.740, inclusive, and sections 6 to 11, inclusive, of this act or an order of the Commission in completing and filing the application for a registration or during the course of the investigation of the application for a registration.
2.
- 80th Session (2019) – 18 – 2.
(a) Is grossly negligent or incompetent in performing any act for which the appraisal management company is required to be registered pursuant to NRS 645C.600 to 645C.740, inclusive [;] , and sections 6 to 11, inclusive, of this act;
(a) Is grossly negligent or incompetent in performing any act for which the appraisal management company is required to be registered pursuant to NRS 645C.600 to 645C.740, inclusive [;] , and(b) Does not conduct its business in accordance with the law or has violated any provision of this chapter, a regulation adopted pursuant thereto or an order of the Commission;
(b) Does not conduct its business in accordance with the law or has violated any provision of this chapter, a regulation adopted pursuant thereto or an order of the Commission;
(c) Has made a material misrepresentation in connection with any transaction governed by this chapter;
- *SB39_R1* – 18 – (c) Has made a material misrepresentation in connection with any transaction governed by this chapter;
(f) Has been convicted of, or entered a plea of nolo contendere to, a felony relating to the practice of appraisal or any crime involving fraud, misrepresentation or moral turpitude;
(f) Has been convicted of, or entered a plea of nolo contendere involving fraud, misrepresentation or moral turpitude;
or (g) Has engaged in any other conduct constituting a deceitful, fraudulent or dishonest business practice.
or crime (g) Has engaged in any other conduct constituting a deceitful, fraudulent or dishonest business practice.
645C.720 Except as otherwise provided in NRS 645C.600, it is unlawful for any person, limited-liability company, partnership, association or corporation to engage in the business of, act in the capacity of, advertise or assume to act as an appraisal management company without first obtaining a registration from the Division pursuant to NRS 645C.600 to 645C.740, inclusive [.] , and sections 6 to 11, inclusive, of this act.
645C.720 Except as otherwise provided in NRS 645C.600, it is unlawful for any person, limited-liability company, partnership, association or corporation to engage in the business of, act in the capacity of, advertise or assume to act as an appraisal management company without first obtaining a registration from the Division - 80th Session (2019) – 19 – pursuant to NRS 645C.600 to 645C.740, inclusive [.] , and sections to 11, inclusive, of this act.
Upon passage and approval for the purposes of adopting any regulations and performing any other preparatory administrative tasks that are necessary to carry out the provisions of this act;
Upon passage and approval for the purposes of adopting any tasks that are necessary to carry out the provisions of this act;
H - *SB39_R1*
~~~~~ 19 - 80th Session (2019)
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Amendments

1 amendment

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Action History

  1. Approved by the Governor. Chapter 91.

  2. In Senate. To enrollment. Enrolled and delivered to Governor.

  3. Read third time. Passed. Title approved. (Yeas: 37, Nays: 2, Excused: 2, Vacant: 1.) To Senate.

  4. Read second time.

  5. From committee: Do pass.

  6. In Assembly. Read first time. Referred to Committee on Commerce and Labor. To committee.

  7. Read third time. Passed, as amended. Title approved. (Yeas: 21, Nays: None.) To Assembly.

  8. From printer. To engrossment. Engrossed. First reprint.

  9. Read second time. Amended. (Amend. No. 58.) To printer.

  10. From committee: Amend, and do pass as amended.

  11. Read first time. To committee.

  12. From printer.

  13. Prefiled. Referred to Committee on Commerce and Labor. To printer.

Sponsors

  • Senate Committee on Commerce and Labor · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 66 not signed on

Sponsors (1)

  • Senate Committee on Commerce and Labor

Co-sponsors (0)

None.

Not signed on (66)

66 members have not signed on to this bill.

Show all 66 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 39 do?
AN ACT relating to appraisers; incorporating various requirements provided in section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that govern appraisers who are certified or licensed in this State and appraisal management companies that are registered in this State; and providing other matters properly relating thereto.
Who sponsors SB 39?
SB 39 is sponsored by Senate Committee on Commerce and Labor.
What is the current status of SB 39?
This bill has been enacted into law. Introduced November 19, 2018. Enacted.
Where can I track SB 39?
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