Bill > HB1080

This bill amends North Dakota's laws regarding the regulation of appraisal management companies (AMCs), which are third-party companies that coordinate real estate appraisals for lenders and financial institutions. The bill makes several key changes: it adds a new definition for "federally regulated appraisal management companies" and clarifies exemptions for such entities; modifies ownership requirements for AMCs by refining language about when an owner's previous appraiser license revocation would disqualify an AMC from registration; adjusts record retention rules to explicitly require AMCs to make records available to the board upon request; and changes the rules for removing independent appraisers from an appraiser panel by removing the previous 90-day protection period and requiring written notice that includes specific evidence for removal, such as illegal conduct, violation of professional standards, or unprofessional behavior. The modifications aim to provide more precise regulatory oversight of appraisal management companies, ensuring greater transparency and accountability in the real estate appraisal process while maintaining clear standards for company registration and operation.

Business and Industry

Industry, Business and Labor (H)

https://ndlegis.gov/assembly/69-2025/regular/bill-overview/bo1080.html