Senate Bill S6249

Signed By Governor
2019-2020 Legislative Session

Clarifies the employee requirements for appraisal management companies

download bill text pdf

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Archive: Last Bill Status Via A8024 - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S6249 (ACTIVE) - Details

See Assembly Version of this Bill:
A8024
Law Section:
Executive Law
Laws Affected:
Amd §160-jjjj, Exec L

2019-S6249 (ACTIVE) - Summary

Clarifies the employee requirements for appraisal management companies.

2019-S6249 (ACTIVE) - Sponsor Memo

2019-S6249 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6249
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 29, 2019
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 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:
 
   Section  1. Subdivision 3 of section 160-jjjj of the executive law, as
 added by chapter 517 of the laws of 2018, is amended to read as follows:
   3. An appraisal management company may not hire, employ or engage,  or
 in  any  way contract with or pay a person who is not licensed or certi-
 fied as a real estate appraiser by the department  pursuant  to  article
 six-E of this chapter[, unless the work being performed is a comparative
 market  analysis  for  the  purpose of or intention to list or sell real
 estate] FOR THE PURPOSES OF PERFORMING AN APPRAISAL AS DEFINED  IN  THIS
 ARTICLE.  NOTHING IN THIS SECTION SHALL PROHIBIT AN APPRAISAL MANAGEMENT
 COMPANY FROM HIRING, EMPLOYING, ENGAGING OR CONTRACTING WITH OR PAYING A
 PERSON TO PERFORM A PROPERTY INSPECTION, OR PROPERTY EVALUATION IF  THEY
 ARE  LICENSED  AS AN APPRAISER, A REAL ESTATE BROKER INCLUDING ASSOCIATE
 REAL ESTATE BROKERS AND REAL ESTATE  SALESPERSONS  PURSUANT  TO  ARTICLE
 TWELVE-A  OF THE REAL PROPERTY LAW OR A HOME INSPECTOR PURSUANT TO ARTI-
 CLE TWELVE-B OF THE REAL PROPERTY LAW, OR A PERSON TO PERFORM  A  BROKER
 PRICE  OPINION  IF  THEY  ARE LICENSED AS A REAL ESTATE BROKER INCLUDING
 ASSOCIATE REAL ESTATE BROKERS AND REAL ESTATE SALESPERSONS  PURSUANT  TO
 ARTICLE TWELVE-A OF THE REAL PROPERTY LAW.
   § 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

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