On March 26, North Dakota enacted HB 1080 (the “Act”) which amends regulations pertaining to appraisal management companies. The Act generally specifies owner requirements, prohibiting registration for companies owned by individuals with revoked or surrendered appraiser licenses, unless their licenses have been reinstated. The Act also mandates appraisal management companies to maintain detailed records of service requests and retain these records for five years, with provisions for inspection of such records by the North Dakota real estate appraiser qualifications and ethics board.
Additionally, it addresses the removal of appraisers from panels, requiring prior written notice and evidence of misconduct. The Act is amended to add a new definition for “Federally regulated appraisal management company,” which means “an appraisal management company that is owned and controlled by an insured depository institution, as defined in 12 U.S.C. 1813 and regulated by the [OCC, the Fed, or the FIDC].” The Act is further amended to exempt federally regulated appraisal management companies.
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