Raleigh - Today Rep. Jon Hardister (R-Guilford) passed HB 651 - Appraisal Board Recordkeeping and Background Checks - which provides regulatory relief for the real estate appraisal industry.
The bill eliminates the discovery rule for civil action related to real estate appraisals and establishes a five year statute of limitations, which puts North Carolina in line with the United States Standards of Professional Appraisal Practice. This will reduce insurance and compliance costs for real estate appraisers, many of which are small businesses and independent contractors.
The bill would also eliminate the necessity for real estate appraisers to submit a separate background check to each AMC they work for. Instead, real estate appraisers would be able to cycle a single up-to-date background check to each AMC. This would streamline the background check process and reduce costs on those who work in the industry.
"This bill provides regulatory relief for small businesses," Hardister said. "It is a good, bipartisan bill that makes sensible changes to laws regulating the real estate appraisal industry. This bill will reduce costs on small businesses and independent contractors across the state."
Hardister expressed thanks to his primary co-sponsors of the bill; Rep. John Szoka (R-Cumberland) and Rep. Brian Turner (D-Buncombe). He also noted that the bill passed with strong bipartisan votes in both the House and Senate chambers.
"It is great to see a comprehensive regulatory reform bill receive strong bipartisan support," Hardister said. "I am honored to be the lead sponsor of this bill."
The bill was supported by the NC Real Estate Appraisers Association and the NC Chapter of the Appraisal Institute.
- a press release