South Carolina General Assembly
109th Session, 1991-1992

Bill 4402


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Introducing Body:               House
Bill Number:                    4402
Primary Sponsor:                Kirsh
Type of Legislation:            GB
Subject:                        Real estate appraiser, financial
                                transactions
Residing Body:                  House
Computer Document Number:       436/12109.DW
Introduced Date:                Feb 12, 1992
Last History Body:              House
Last History Date:              Jun 04, 1992
Last History Type:              Debate adjourned
Scope of Legislation:           Statewide
All Sponsors:                   Kirsh
Type of Legislation:            General Bill



History


 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 4402  House   Jun 02, 1992  Objection withdrawn by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 4402  House   Jun 02, 1992  Objection withdrawn by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 4402  House   May 19, 1992  Objection withdrawn by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 4402  House   May 14, 1992  Objection withdrawn by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 4402  House   May 12, 1992  Objection withdrawn by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 4402  House   May 05, 1992  Objection withdrawn by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 Committee

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken
Indicates New Matter

COMMITTEE REPORT

April 15, 1992

H. 4402

Introduced by REP. Kirsh

S. Printed 4/15/92--H.

Read the first time February 12, 1992.

THE COMMITTEE ON LABOR, COMMERCE AND INDUSTRY

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

REPORT:

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.

A BILL

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.

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