Current Status Introducing Body:
HouseBill Number: 4402Primary Sponsor: KirshType of Legislation: GBSubject: Real estate appraiser, financial transactionsResiding Body: HouseComputer Document Number: 436/12109.DWIntroduced Date: Feb 12, 1992Last History Body: HouseLast History Date: Jun 04, 1992Last History Type: Debate adjournedScope of Legislation: StatewideAll Sponsors: KirshType of Legislation: General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 4402 House Jun 04, 1992 Debate adjourned 4402 House Jun 03, 1992 Debate adjourned until Thursday, June 4, 1992 4402 House Jun 02, 1992 Objection withdrawn by Representative 4402 House Jun 02, 1992 Objection withdrawn by Representative 4402 House May 19, 1992 Objection by Representative 4402 House May 19, 1992 Objection by Representative 4402 House May 19, 1992 Objection withdrawn by Representative 4402 House May 14, 1992 Objection by Representative 4402 House May 14, 1992 Objection withdrawn by Representative 4402 House May 12, 1992 Objection withdrawn by Representative 4402 House May 05, 1992 Objection withdrawn by Representative 4402 House Apr 29, 1992 Objection by Representative 4402 House Apr 15, 1992 Committee Report: Favorable 26 with amendment 4402 House Feb 12, 1992 Introduced, read first time, 26 referred to CommitteeView additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
April 15, 1992
S. Printed 4/15/92--H.
Read the first time February 12, 1992.
To whom was referred a Bill (H. 4402), to amend the Code of Laws of South Carolina, 1976, by adding Section 40-60-45 so as to provide that a state licensed or state certified real estate appraiser is not required for real-estate-related financial transactions, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass with amendment:
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/SECTION 1. Section 40-60-40 of the 1976 Code is amended to read:
"Section 40-60-40. The provisions of this chapter do not apply to:
(1) a real estate licensee licensed in accordance with Chapter 57 of this title who, in the ordinary course of his business, performs a market analysis or gives an opinion as to the price of real estate except that the market analysis or opinion must not be referred to as an appraisal. Provided, however, that prior to performing any market analysis, the real estate licensee must disclose in writing that the market analysis may not be used for the purposes of obtaining financing in a federally-related transaction;
(2) a registered forester registered pursuant to the provisions of Chapter 27 of Title 48 who appraises or evaluates standing or growing timber or timberland located in this State and issues an appraisal or evaluation on such timber or timberland; provided, however, that when such appraisal or evaluation is to be used in a federally-related transaction such registered forester must be licensed or certified under the provisions of this chapter if required by federal law or the guidelines established by the appraisal subcommittee.;
(3) An employee of a financial institution performing a valuation in the performance of his employment duties for real-estate-related transactions which are exempt from the appraisal requirement under the regulations of the federal banking agencies."/
Amend title to conform.
THOMAS C. ALEXANDER, for Committee.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 40-60-45 SO AS TO PROVIDE THAT A STATE LICENSED OR STATE CERTIFIED REAL ESTATE APPRAISER IS NOT REQUIRED FOR REAL-ESTATE-RELATED FINANCIAL TRANSACTIONS WHICH ARE EXEMPTED FROM THE APPRAISAL REQUIREMENT UNDER THE REGULATIONS OF THE FEDERAL BANKING AGENCIES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 40-60-45. Under the provisions of this chapter, a state licensed or state certified real estate appraiser is not required for real-estate-related financial transactions which are exempted from the appraisal requirement under the regulations of the federal banking agencies."
SECTION 2. This act takes effect upon approval by the Governor.