Bill Text: NY A08024 | 2019-2020 | General Assembly | Introduced

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Bill Title: Clarifies the employee requirements for appraisal management companies.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2019-12-16 - signed chap.667 [A08024 Detail]

Download: New_York-2019-A08024-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8024

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      May 30, 2019
                                       ___________

        Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
          Committee on Governmental Operations

        AN ACT to amend the executive law, in relation to clarifying the employ-
          ee requirements for appraisal management companies

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Subdivision 3 of section 160-jjjj of the executive law, as
     2  added by chapter 517 of the laws of 2018, is amended to read as follows:
     3    3. An appraisal management company may not hire, employ or engage,  or
     4  in  any  way contract with or pay a person who is not licensed or certi-
     5  fied as a real estate appraiser by the department  pursuant  to  article
     6  six-E of this chapter[, unless the work being performed is a comparative
     7  market  analysis  for  the  purpose of or intention to list or sell real
     8  estate] for the purposes of performing an appraisal as defined  in  this
     9  article.  Nothing in this section shall prohibit an appraisal management
    10  company from hiring, employing, engaging or contracting with or paying a
    11  person to perform a property inspection, or property evaluation if  they
    12  are  licensed  as an appraiser, a real estate broker including associate
    13  real estate brokers and real estate  salespersons  pursuant  to  article
    14  twelve-A  of the real property law or a home inspector pursuant to arti-
    15  cle twelve-B of the real property law, or a person to perform  a  broker
    16  price  opinion  if  they  are licensed as a real estate broker including
    17  associate real estate brokers and real estate salespersons  pursuant  to
    18  article twelve-A of the real property law.
    19    § 2. This act shall take effect immediately.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13036-01-9