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History
- Signed chap.88
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.491
- Substituted for A6901
- Referred to governmental operations
- Delivered to assembly
- Passed senateVote 57–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.527
Show 1 earlier action
- Referred to finance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the supervision of real estate appraiser assistants
Assembly Floor Calendar · Sponsor Patricia Fahy
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4281
Title of bill
An act to amend the executive law, in relation to restricting the supervision of state licensed real estate appraiser assistants
Purpose of the Bill:
This bill would bring Article 6-e of the Executive Law (Exec. Law) into compliance with Federal requirements for the supervision of state licensed real estate appraisal assistants by limiting the type of appraisers who are permitted to supervise them.
Summary of Provisions:
Section one of the bill amends Exec. Law § 160-a(6)(c) by removing from the definition of "state licensed real estate appraiser assistant" reference to supervision by a "state licensed real estate appraiser," leaving reference only to supervision by a "state certified real estate appraiser who holds a current valid license." Thus, only state certified real estate appraisers would be permitted to supervise appraiser assistants, rather than both state licensed and state certified appraisers.
Section two of the bill amends Exec. Law § 160-k(4), which limits the number of appraiser assistants that can be supervised by an individual appraiser, by removing reference to "state licensed real estate appraiser(s)," and leaving reference only to "state certified real estate appraiser(s)."
Section three of the bill makes the law effective on July 1, 2013.
Existing Law:
Exec. Law § 160-a(6)(c) defines "state licensed real estate appraiser assistant" as a person who assists and is supervised by a State licensed real estate appraiser or State certified real estate appraiser. Exec. Law § 160-k(4) limits the number of State licensed real estate appraiser assistants that may be supervised by a State licensed real estate appraiser or State certified real estate appraiser to three.
Prior Legislative History:
This is a new proposal.
Statement in Support:
The Federal Appraisal Subcommittee (ASC), pursuant to FIRREA Title XI, establishes the minimum qualification criteria (e.g., education, experience, and examination) for state licensing, certification and re-certification of real property appraisers. It also issues guidance and reviews state programs for compliance. A state's qualification standards must be no less stringent than those issued by the ASC for the state's program to be recognized by the subcommittee and for appraisals performed by persons licensed and/or certified by that state to be used in federally related transactions.
The Dodd-Frank amendments to FIRREA Title XI include provisions related to minimum qualifications for assistant and supervisor appraisers, such that only certified appraisers may supervise appraiser assistants. Exec. Law §§ 160-a(6)(c) and 160-k(4) currently permit both certified and licensed appraisers to supervise appraisal assistants.
The new standards must be adopted by state appraisal programs by July 1, 2013, at which point the ASC will begin compliance review. States that fail to revise their licensing statutes and regulations to meet the new standards will be subject to sanctions and endanger the validity of the licenses and certifications they issue. If New York were to lose federal recognition of the State appraisal program, federally regulated financial institutions and many state-regulated financial institutions would be prohibited from accepting appraisals from New York real estate appraisers. This would affect most mortgage and refinance transactions.
This legislation is necessary to ensure that New York meets the Federal requirements.
Budget Implications:
None noted.
Effective Date:
This bill would take effect on July 1, 2013.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.