Indiana Senate Bill 555 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 20 2011 - 25% progression, died in committee
Action: 2011-01-20 - First reading: referred to Committee on Corrections, Criminal, and Civil Matters
Pending: Senate Corrections, Criminal, and Civil Matters Committee
Text: Latest bill text (Introduced) [HTML]

Amends the definition of "mortgage loan" in the statute concerning real estate appraisals to specify that the term does not include a land contract. Provides that in the case of a real estate transaction that involves a residential mortgage loan, a person may not engage in any act or practice that violates the appraisal independence standards set forth in the federal Truth in Lending Act. Provides that in a real estate transaction that involves the purchase of a consumer's principal dwelling, a broker price opinion may not be used as the primary basis to determine the value of any property for the purpose of originating a residential mortgage loan secured by the property. Provides that an appraisal management company that is a subsidiary of a financial institution regulated by a federal financial institution regulatory agency is not required to obtain a certificate of registration from the real estate appraiser licensure and certification board in order to perform appraisal management services in Indiana. Provides that an appraisal management company that provides appraisal management services in connection with a real estate transaction that involves a residential mortgage loan may not have a direct or indirect interest in the property or transaction for which the appraisal management services are provided. Specifies that an appraisal management company may hire a licensed real estate broker to perform an appraisal only if the transaction that is the subject of the appraisal is not a federally related transaction subject to the federal Financial Institutions Reform, Recovery, and Enforcement Act. Provides that an individual who performs an appraisal review must be a licensed or certified appraiser. (Current law allows: (1) a licensed or certified appraiser; or (2) a licensed real estate broker; to perform an appraisal review.) Makes a technical change.

Appraisal management companies.

Sen. Dennis Kruse [R]

Date	Chamber	Action
2011-01-20		First reading: referred to Committee on Corrections, Criminal, and Civil Matters
2011-01-20		Authored by Senator Kruse

Type	Source
Summary	http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2011&session=1&request=getBill&doctype=SB&docno=0555
Text	http://www.in.gov/legislative/bills/2011/IN/IN0555.1.html