Revision: Jan. 5, 2012, midnight
SB 153-FN – AS AMENDED BY THE SENATE
03/16/11 0719s
2011 SESSION
10/05
SENATE BILL 153-FN
AN ACT relative to the regulation of real estate appraisers by the New Hampshire real estate appraiser board.
SPONSORS: Sen. Gallus, Dist 1; Rep. Tholl, Coos 2
COMMITTEE: Executive Departments and Administration
This bill makes various changes to the regulation of real estate appraisers by the real estate appraiser board, including the registration of appraisal management companies and changes related to the federal Dodd-Frank Reform Act.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03/16/11 0719s
11-0763
10/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eleven
AN ACT relative to the regulation of real estate appraisers by the New Hampshire real estate appraiser board.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Real Estate Appraisers; Definitions; Federal Financial Institutions Regulatory Agencies. Amend RSA 310-B:2, X to read as follows:
X. “Federal financial institutions regulatory agencies” means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance [Corporations] Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.
2 New Paragraphs; Definitions. Amend RSA 310-B:2 by inserting after paragraph XV the following new paragraphs:
XVI. “Agency" means the New Hampshire real estate appraiser board, which is responsible for registering appraisal management companies under this act.
XVII. “Appraisal” means the practice of developing an opinion of the value of real property in conformance with the Uniform Standards for Professional Appraisal Practice as developed by the Appraisal Foundation.
XVIII. “Appraisal management company” means, in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer’s principal dwelling or by an underwriter of, or other principal in, the secondary mortgage markets:
(a) To recruit, select, and retain appraisers;
(b) To contract with licensed and certified appraisers to perform appraisal assignments;
(c) To manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed; or
(d) To review and verify the work of appraisers.
XIX. “Appraisal review” means the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal assignment, except that a Quality Control Examination of an appraisal report shall not be an appraisal review.
XX. “Appraiser” means an individual who holds a license or certification as an appraiser and is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.
XXI. “Appraiser panel” means a group of licensed or certified independent appraisers that have been selected to perform appraisal services for a third party.
XXII. “Controlling person” means:
(a) An officer director, or owner of greater than a 10 percent interest, of a corporation, partnership or other business entity, seeking to act as an appraisal management company in this state; or
(b) An individual employed, appointed, or authorized by an appraisal management company that has the authority to enter into a contractual relationship with other persons for the performance of services requiring registration as an appraisal management company and has the authority to enter into agreements with appraisers for the performance of appraisals; or (c) An individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company.
XXIII. “Person” means an individual, firm, partnership, limited partnership, limited liability company, association, corporation, or other group engaged in joint business activities, however organized.
XXIV. “Quality Control Examination” is an examination of an appraisal report for compliance and completeness including grammatical, typographical, or other similar errors.
XXV. “Uniform Standards of Professional Appraisal Practice” (USPAP) means the current standards of the appraisal profession, developed for appraisers and users of appraisal services by the Appraisal Standards Board of the Appraisal Foundation.
3 Real Estate Appraiser Board; Restriction Removed. Amend RSA 310-B:4, I(a) to read as follows:
(a) Three real estate appraisers with a minimum of 5 years’ experience, consisting of one New Hampshire certified residential appraiser, one New Hampshire certified general appraiser, and one New Hampshire certified appraiser who is a broker licensed under RSA 331-A[; provided that no 2 appraiser members shall be members of the same private appraisal organization].
4 Licensure, Certification Fees. Amend RSA 310-B:5, II to read as follows:
II. Appropriate fees, as fixed by the board under rules established pursuant to RSA 541-A, shall accompany all applications for original license, certification, renewal license, renewal certification, [and examination], reciprocal license, and reciprocal certification. An annual federal registration fee shall be collected by the board for transmittal to the federal government under Title XI.
5 Classes of Licensure or Certification. Amend RSA 310-B:6 to read as follows:
310-B:6 Classes of Licensure or Certification.
I. There shall be the following classifications of real estate appraisers which shall meet the criteria as the board shall require by rules adopted under RSA 541-A:
(a) Apprentice. The apprentice real estate appraiser classification shall consist of those persons who do not meet the requirements under subparagraph (b), (c), or (d), but are in the process of completing the requirements for one of the classifications of a real estate appraiser. Apprentice real estate appraisers shall be required to work under the supervision of a New Hampshire certified appraiser who has been certified for at least 2 years, until the requirements for licensure or certification have been met.
(b) Licensed residential real estate appraiser.
(c) Certified residential real estate appraiser.
(d) Certified general real estate appraiser.
II. The application for original licensure or certification, or renewal licensure or certification[, and examination] shall specify the classification of licensure or certification being applied for or previously granted.
6 Experience Requirements. Amend RSA 310-B:9 to read as follows:
310-B:9 Experience Requirements.
I. An applicant for original licensure or certification as a licensed or certified real estate appraiser shall possess such experience as the board shall require by rules adopted under RSA 541-A. Such rules shall be based upon the criteria established by the Appraisal [Subcommittee of the Federal Financial Institutions Examination Council] Qualifications Board of the Appraisal Foundation at the time of the application.
II. Each applicant for license or certification shall furnish [under oath] a signed, detailed listing of the real estate appraisal reports or file memoranda for each year for which experience is claimed by the applicant. Upon request, the applicant shall make available to the board for examination a sample of appraisal reports which the applicant has prepared in the course of his or her appraisal practice.
7 Terms of Licensure and Certification. Amend RSA 310-B:10 to read as follows:
310-B:10 Term of Licensure or Certification. The initial term for a license or certificate granted by the board shall be from the date granted until December 31 of the following year. The renewal term of a license or certificate issued under the authority of this chapter shall be 2 years from the date of issuance, ending on December 31 of the year of expiration. The expiration date of the license or certificate shall appear on the license or certificate and notice of its expiration shall be given to its holder. [The board shall stagger the terms of licenses or certificates issued on or before January 1, 2007, so that 1/2 of such licenses or certificates shall expire in one year and the remaining 1/2 shall expire the following year.]
8 New Sections; Registration of Appraisal Management Companies. Amend RSA 310-B by inserting after section 12-a the following new sections:
310-B:12-b Registration of Appraisal Management Companies.
I. It is unlawful for a person to directly or indirectly engage in or attempt to engage in business as an appraisal management company or to advertise or hold itself out as engaging in or conducting business as an appraisal management company in this state without first obtaining a registration issued by the agency under the provisions of this chapter.
(a) An applicant for registration as an appraisal management company in this state shall submit to the agency an application on a form or forms prescribed by the agency.
(b) In the event a registration process is unavailable upon the effective date of this chapter, an appraisal management company already conducting business in this state may continue to conduct business in accordance with this chapter until the 120th day after a registration process becomes available.
II. An application for the registration required by paragraph I of this section shall include the following information:
(a) Name of the person seeking registration and the fictitious name or names (if any) under which it does business in any state;
(b) Business address of the person seeking registration;
(c) Phone contact information of the person seeking registration;
(d) If the person is not a corporation that is domiciled in this state, the name and contact information for the company’s agent for service of process in this state;
(e) The name, address, and contact information for any individual or any corporation, partnership, or other business entity that owns 10 percent or more of the appraisal management company;
(f) The name, address, and contact information for one controlling person designated as the main contact for all communication between the appraisal management company and the agency;
(g) A certification that the person has a system and process in place to verify that an individual being added to the appraiser panel of the appraisal management company holds a license in good standing in this state under this chapter if a license or certification is required to perform appraisals;
(h) A certification that the person requires appraisers completing appraisals at its request to comply with the Uniform Standards of Professional Appraisal Practice (USPAP) including the requirements for geographic and product competence;
(i) A certification that the person has a system in place to verify that only licensed or certified appraisers are used for federally related transactions;
(j) A certification that the person has a system in place to require that appraisals are conducted independently and free from inappropriate influence and coercion as required by the appraisal independence standards established under section 129E of the Truth in Lending Act, including the requirement that fee appraisers be compensated at a customary and reasonable rate when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer.
(k) A certification that the person maintains a detailed record of each service request that it receives and the appraiser that performs the residential real estate appraisal services for the appraisal management company;
(l) An irrevocable uniform consent to service of process, pursuant to RSA 310-B:12-c.
(m) Any other information required by the agency which is reasonably necessary to implement this chapter.
III. An application for the renewal of a registration shall include substantially similar information required for the initial registration as noted in paragraph II, as determined by the agency.
IV. A registration granted by the agency pursuant to this chapter shall be valid for one year from the date on which it is issued.
310-B:12-b Appraisal Management Company Exemptions.
I. The provisions of this chapter shall not apply to an appraisal management company that is a subsidiary owned and controlled by a financial institution regulated by a federal financial institutions regulatory agency.
II. The provisions of this chapter shall not apply to a business entity that exclusively engages real estate appraisers on an employer and employee basis for the performance of all real property appraisal services in the normal course of its business, except to the extent federal law or regulation requires such entities to register with and be subject to supervision by a state appraiser certifying and licensing agency.
310-B:12-c Appraisal Management Company Consent to Service of Process. Each person applying for a registration as an appraisal management company that is not domiciled in this state shall complete an irrevocable uniform consent to service of process, as prescribed by the agency.
310-B:12-d Appraisal Management Company Fee.
I. The agency shall establish by rule or regulation a processing fee to be paid by each appraisal management company seeking registration under this chapter that is sufficient for the administration of the registration process.
II. A similar processing fee, may be charged by the agency in connection with the renewal of any registrations.
310-B:12-e Appraisal Management Company Owner Requirements.
I. An appraisal management company applying for registration in this state shall not:
(a) Be owned by any person who has had an appraiser license or certificate in this state or in any other state, refused, denied, cancelled, surrendered in lieu of revocation, or revoked, unless such license or certificate was subsequently granted or reinstated;
(b) Be more than 10 percent owned by a person who is not of good moral character, which for purposes of this section shall require that such person has not been convicted of, or entered a plea of nolo contendere to, a felony relating to the practice of appraisal, banking, mortgage lending or the provision of financial services, or any crime involving fraud, misrepresentation or moral turpitude.
II. For purposes of subparagraph I(b), each owner of more than 10 percent of an appraisal management company shall submit to a background investigation to be carried out by a law enforcement agency or other entity authorized by the agency.
310-B:12-f Appraisal Management Company Designated Contact. Each appraisal management company applying to the agency for registration in this state shall designate one controlling person who is an employee of the appraisal management company that will be the designated contact for all communication between the agency and the appraisal management company.
310-B:12-g Appraisal Management Company Appraiser Credentials.
I. An appraisal management company that applies to the agency for a registration to do business in this state as an appraisal management company shall not:
(a) Knowingly employ any individual to perform appraisal services, who has had a license or certificate to act as an appraiser in this state or in any other state, refused, denied, cancelled, surrendered in lieu of revocation, or revoked, unless such license or certificate was subsequently granted or reinstated;
(b) Knowingly enter into any independent contractor arrangement for the performance of appraisal services, in verbal, written, or other form, with any individual who has had a license or certificate to act as an appraiser in this state or in any other state, refused, denied, cancelled, surrendered in lieu of revocation, or revoked, unless such license or certificate was subsequently granted or reinstated.
II. Prior to assigning appraisal orders, an appraisal management company shall have a system in place to verify that a person being added to the appraiser panel holds the appropriate appraiser credential in good standing.
III. Each appraisal management company seeking to be registered in this state shall certify to the agency on an annual basis on a form prescribed by the agency that the appraisal management company has systems in place to verify that:
(a) An individual on the appraiser panel has not had a license or certification as an appraiser refused, denied, cancelled, revoked, or surrendered in lieu of a pending revocation in the previous 12 months, unless such license or certificate was subsequently granted or reinstated; and
(b) Only licensed or certified appraisers are used to complete appraisal assignments in connection with federally related transactions.
310-B:12-h Appraisal Management Company; Appraisal Review. Any employee of, or independent contractor to, an appraisal management company that performs a USPAP Standard 3 review of an appraisal report on property located in this state shall be an appraiser with the proper level of licensure issued by the agency. Quality control examinations are exempt from this requirement as they are not considered a Standard 3 review.
310-B:12-i Appraisal Management Company; Adherence to Standards.
I. Each appraisal management company seeking to be registered in this state shall certify to the agency on an annual basis that it requires appraisers completing appraisals at its request to comply with the Uniform Standards of Professional Appraisal Practice including the requirements for geographic and product competence.
II. Each appraisal management company seeking to be registered in this state shall certify to the agency on an annual basis that it has a system in place to require that appraisals are conducted independently and free from inappropriate influence and coercion as required by the appraisal independence standards established under section 129E of the Truth in Lending Act, including the requirement that fee appraisers be compensated at a customary and reasonable rate when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer.
III. An appraisal management company shall not prohibit an appraiser from reporting the fee paid to the appraiser in the body of the appraisal report, however an appraisal management company may require an appraiser to present any such disclosure in a specified format and location.
310-B:12-j Appraisal Management Company; Recordkeeping. Each appraisal management company seeking to be registered in this state shall certify to the agency on an annual basis that it maintains a detailed record of each service request that it receives and the appraiser that performs the appraisal for the appraisal management company. Such records must be retained for a period of at least 5 years after an appraisal is completed or 2 years after final disposition of a judicial proceeding related to the assignment, whichever period expires later.
310-B:12-k Appraisal Management Company; Appraisal Reports.
I. An appraisal management company may not alter, modify, or otherwise change a completed appraisal report submitted by an appraiser without the appraiser’s written consent, except as necessary to comply with regulatory mandates or legal requirements.
II. An appraisal management company may not use an appraisal report submitted by an independent appraiser, or any of the data or information contained therein, for any purpose other than its intended use without the appraiser’s or the intended end user’s written consent.
310-B:12-l Appraisal Management Company; Registration Number.
I. The agency shall issue a unique registration number to each appraisal management company registered in this state pursuant to this chapter.
II. The agency shall maintain a list of the appraisal management companies registered in this state and the registration numbers assigned to such persons.
III. An appraisal management company registered in this state shall disclose the registration number provided to it by the agency on the engagement documents presented to an appraiser.
310-B:12-m Appraisal Management Company; Unlawful Acts.
I. It shall be a violation of this chapter for any employee, partner, director, officer, or agent of an appraisal management company to:
(a) Influence or attempt to influence the development, reporting, result, or review of an appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery or in any other manner, including but not limited to:
(i) Withholding or threatening to withhold timely payment or partial payment for an appraisal with the exception of a substandard or noncompliant appraisal;
(ii) Withholding or threatening to withhold future business from an appraiser, or demoting, terminating or threatening to demote or terminate an appraiser;
(iii) Promising or implying that an appraiser may be given opportunities for future business, promotions, or increased compensation;
(iv) Conditioning an assignment of an appraisal or the payment of an appraisal fee or salary or bonus on the opinion, conclusion, or valuation to be reached, or on a preliminary estimate or opinion requested from an appraiser;
(v) Requesting that an appraiser provide an estimated, predetermined, or desired valuation in an appraisal, or provide estimated values or comparable sales at any time prior to the appraiser’s completion of an appraisal;
(vi) Providing to an appraiser an anticipated, estimated, encouraged, or desired value for a subject property or a proposed or target amount to be loaned to the borrower, except that a copy of the sales contract for purchase transactions may be provided; and
(vii) Requiring an appraiser to prepare an appraisal report if the appraiser has indicated to the appraisal management company that he or she does not have the necessary expertise for the specific geographic area.
(b) Require an appraiser to indemnify the appraisal management company against liability, damages, losses, or claims other than those liabilities, damages, losses or claims arising out of the services performed by the appraiser, including performance or non-performance of the appraiser’s duties and obligations, whether as a result of negligence or willful misconduct.
(c) Submit or attempt to submit false, misleading, or inaccurate information in any application for registration or renewal;
(d) Fail to timely respond to any subpoena or any other legally-binding request for information;
(e) Fail to timely obey a lawful administrative order of the agency; or
(f) Fail to fully cooperate in any agency investigation.
II. Notwithstanding any other provision in this chapter, an appraisal management company shall not be prohibited from requesting that an appraiser:
(a) Consider additional appropriate property information;
(b) Provide additional information concerning the basis for an evaluation; or
(c) Correct objective factual errors in an appraisal report.
310-B:12-n Appraisal Management Company; Mandatory Reporting. An appraisal management company that has a reasonable basis to believe an appraiser has failed to comply with applicable laws, the Uniform Standards of Professional Appraisal Practice or other ethical or professional requirements in connection with a consumer credit transaction secured by a consumer’s principal dwelling, shall refer the matter to the agency if the failure to comply is material. For purposes of this section, a failure to comply is material if it is likely to significantly affect the value assigned to the consumer’s principal dwelling.
310-B:12-o Appraisal Management Company; Rulemaking Authority. The agency may adopt rules consistent with the provisions of this chapter that are reasonably necessary to implement, administer, and enforce the provisions of this chapter.
9 Lapsed Licenses. Amend RSA 310-B:13-a, IV to read as follows:
IV. The rights of the licensee under such expired or lapsed license shall be terminated. It shall be unlawful to act or attempt or offer to act in any matter as a real estate appraiser apprentice completing the requirements for licensure or certification, or as a licensed or certified appraiser, under an expired or lapsed license.
10 Continuing Education; Criteria. Amend RSA 310-B:14, II to read as follows:
II. The basic continuing education requirement for renewal of licensure or certification shall be the completion by the applicant, during the immediately preceding term of licensure or certification, of those courses and programs required by the board by rules adopted under RSA 541-A. In adopting such rules, the board shall base its requirements on the criteria established by the Appraisal [Subcommittee of the Federal Financial Institutions Examination Council] Qualifications Board of the Appraisal Foundation.
11 Notification; Electronic Address. Amend RSA 310-B:15, III to read as follows:
III. Every licensed or certified real estate appraiser shall notify the board of his or her current residence address and electronic address. Residence addresses and electronic addresses on file with the board are exempt from disclosure as public records.
12 New Section; Appraisal Management Companies; Registration; Requirements. Amend RSA 310-B by inserting after section 16 the following new section:
310-B:16-a Appraisal Management Companies.
I. The board shall adopt rules under RSA 541-A which shall establish minimum requirements for the annual registration of appraisal management companies. Such minimum requirements shall include that such companies:
(a) Register with the board by each January 1 and be subject to supervision by the New Hampshire real estate appraiser board;
(b) Verify that only licensed or certified appraisers are used for federally related transactions;
(c) Comply with the Uniform Standards of Professional Appraisal Practice in coordinating appraisals ; and
(4) Conduct appraisals independently and free from inappropriate influence and coercion pursuant to the appraisal independence standards established under section 129E of the federal Truth in Lending Act.
II. An appraisal management company shall not be registered by the board or included on the national registry if such company, in whole or in part, directly or indirectly, is owned by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any state. Additionally, each person that owns more than 10 percent of an appraisal management company shall be of good moral character, as determined by the board, and shall submit to a background investigation carried out by the board.
III. The board shall adhere to regulations for the reporting of the activities of appraisal management companies to the Appraisal Subcommittee in determining the payment of the annual registry fee.
IV. The requirements of this section shall take effect to appraisal management companies beginning the later of:
(a) January 1, 2012; or
(b) 120 days after the first date on which all rules, forms and policies necessary to implement this chapter have been finalized and made available by the agency. No unregistered appraisal management company may perform services related to a federally related transaction in the New Hampshire after January 1, 2012.
13 Hearings. Amend RSA 310-B:19 to read as follows:
310-B:19 Hearings. The board shall take no disciplinary action without a hearing. At least 14 days prior to hearing, all parties to a disciplinary proceeding shall be served, either personally or by certified mail, return receipt requested, with a written copy of the [complaint] grievance filed and notice of the time and place for hearing. All [complaints] grievances shall be objectively received and fairly heard by the board, but no [complaint] grievance shall be acted upon unless in writing. [A hearing shall be held on all written complaints received by the board within 90 days after the date notice of a complaint was received by the accused, unless otherwise agreed to by the parties.] Disciplinary hearings shall be conducted [within 90 days of receipt of the complaint] before at least [5] 4 members of the board. Whenever a quorum of board members is unable to hear a particular case, the board may appoint one or more former commission members as alternates to hear that case, starting with the most recent member to leave the board and proceeding in reverse chronological order of former members. Alternates shall be appointed and sworn in on a case-by-case basis only. Written notice of all disciplinary decisions made by the board shall be given to all parties to the proceeding upon their issuance. Orders of the board shall be subject to the contested case provisions of RSA 541-A.
14 Fees. Amend RSA 310-B:20 to read as follows:
310-B:20 Fees. The board shall establish fees for application, [for examination of applicants,] for apprentices, and renewals of apprentice status for licensure or certification, for renewal of licensure or certification under this chapter, for registration and renewal of registration of appraisal management companies, and for transcribing and transferring records and other services. The fees established by the board shall be sufficient to produce estimated revenues equal to 125 percent of the direct operating expenses of the board for the previous fiscal year, and sufficient to provide for periodic payments to reimburse the general fund for money appropriated for the purposes of this chapter.
15 Receipts and Disbursements. Amend RSA 310-B:21 to read as follows:
310-B:21 Receipts and Disbursements.
I. [There shall be a] The board [secretary who] shall receive and account for all moneys derived under the provisions of this chapter. At least monthly, the receipts shall be turned over to the state treasurer, who shall keep such moneys in a separate fund to be known as the real estate appraisers fund. Such fund shall be kept separate and apart from all moneys in the treasury, and shall be disbursed only for purposes of this chapter. Under no circumstances shall the total amount of payments exceed the fees collected under this chapter.
I-a. All moneys collected as administrative penalties through enforcement actions or settlements under this chapter shall be credited to the real estate appraisers fund and disbursed by the board for the investigation of [complaints] grievances and activities that violate this chapter or rules adopted by the board.
II. The board shall reimburse the general fund for moneys appropriated for the purposes of this chapter as soon as such funds are available. [A schedule for making periodic payments for reimbursement of advanced funds shall be acted upon at the board’s first meeting.]
III. Revenues in excess of budget estimates may be expended with the prior approval of the legislative fiscal committee and the governor and council.
16 Roster. Amend RSA 310-B:22 to read as follows:
310-B:22 Roster. A roster showing the names, classification and place of business of all real estate appraisers licensed or certified under this chapter, who have paid their annual federal registry fee to the board, shall be submitted annually with the moneys collected to the federal Appraisal Subcommittee. A copy of the roster shall be [placed on file with the secretary of state] furnished upon request at a fee to be established by the board.
17 Investigations; Complaints Deleted. Amend RSA 310-B:23-a, I to read as follows:
I. The board shall have the power to administer oaths or affirmations, preserve testimony, subpoena witnesses, and to compel, by subpoena duces tecum, the production of all books, records, files and documents, whether originals, copies, or in electronic or other form, and other materials, relevant to its investigation of any grievance[, complaint,] or disciplinary proceeding before the board.
18 New Paragraph; Rulemaking; Appraisal Management Companies. Amend RSA 310-B:24 by inserting after paragraph VII the following new paragraph:
VII-a. The registration and supervision of appraisal management companies under RSA 310-B:16-a, including the establishment of fees for annual registration and for renewal of registration.
19 Repeal. The following are repealed:
I. RSA 310-B:4, III, relative to appraiser members of the board.
II. RSA 310-B:17-b, relative to complaints.
20 Effective Date. This act shall take effect 60 days after its passage.
LBAO
11-0763
01/25/11
SB 153-FN - FISCAL NOTE
AN ACT relative to the regulation of real estate appraisers by the New Hampshire real estate appraiser board.
FISCAL IMPACT:
The Real Estate Appraiser Board states this bill may increase state restricted revenues in FY 2011 and in each fiscal year thereafter. There will be no fiscal impact on state expenditures or county and local revenues or expenditures.
METHODOLOGY:
The Real Estate Appraiser Board states this bill would authorize the Board to establish fees for the registration of appraisal management companies. The Board states as it is uncertain how many appraisal management companies will register and what the registration fee will be, it cannot determine this bill’s impact to state restricted revenues.