senate Bill S4281

Signed by Governor

Relates to the supervision of real estate appraiser assistants

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Sponsor

Bill Status


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

  • 19 / Mar / 2013
    • REFERRED TO FINANCE
  • 30 / Apr / 2013
    • 1ST REPORT CAL.527
  • 01 / May / 2013
    • 2ND REPORT CAL.
  • 06 / May / 2013
    • ADVANCED TO THIRD READING
  • 08 / May / 2013
    • PASSED SENATE
  • 08 / May / 2013
    • DELIVERED TO ASSEMBLY
  • 08 / May / 2013
    • REFERRED TO GOVERNMENTAL OPERATIONS
  • 10 / Jun / 2013
    • SUBSTITUTED FOR A6901
  • 10 / Jun / 2013
    • ORDERED TO THIRD READING CAL.491
  • 10 / Jun / 2013
    • PASSED ASSEMBLY
  • 10 / Jun / 2013
    • RETURNED TO SENATE
  • 24 / Jun / 2013
    • DELIVERED TO GOVERNOR
  • 30 / Jun / 2013
    • SIGNED CHAP.88

Summary

Relates to the supervision of real estate appraiser assistants.

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Bill Details

See Assembly Version of this Bill:
A6901
Versions:
S4281
Legislative Cycle:
2013-2014
Law Section:
Executive Law
Laws Affected:
Amds §§160-a & 160-k, Exec L

Sponsor 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.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4281

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 19, 2013
                               ___________

Introduced  by  Sen.  DeFRANCISCO  --  (at  request of the Department of
  State) -- 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 restricting the super-
  vision of state licensed real estate appraiser assistants

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (c) of subdivision 6  of  section  160-a  of  the
executive  law,  as added by chapter 241 of the laws of 1999, is amended
to read as follows:
  (c) "State licensed real estate appraiser assistant"  means  a  person
who assists and is supervised by a [state licensed real estate appraiser
or]  state certified real estate appraiser and who holds a current valid
license issued to him or her under the provisions of this article.
  S 2.  Subdivision 4 of section 160-k of the executive law, as added by
chapter 248 of the laws of 2007, is amended to read as follows:
  4. No state certified real estate appraiser [or  state  licensed  real
estate  appraiser]  shall supervise more than three licensed real estate
appraiser assistants.
  S 3. This act shall take effect July 1, 2013.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08934-01-3

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