Indicates Matter Stricken Indicates New Matter COMMITTEE REPORT May 2, 2017 S. 279 Introduced by Senator Alexander S. Printed 5/2/17--H. Read the first time March 9, 2017. THE COMMITTEE ON LABOR, COMMERCE AND INDUSTRY To whom was referred a Bill (S. 279) to enact the “Appraisal by adding Article 3 to Management Company Registration Act” Chapter 60, Title 40 of the 1976 Code, relating to the South Carolina Real Estate Appraiser, etc., respectfully REPORT: That they have duly and carefully considered the same and recommend that the same do pass: P. MICHAEL FORRESTER for Committee. STATEMENT OF ESTIMATED FISCAL IMPACT Explanation of Fiscal Impact Amended by the Senate on March 7, 2017 Updated for additional agency response State Expenditure This bill as amended amends the regulations and requirements for appraisal management companies (AMC) by enacting the Appraisal Management Company Registration Act. The bill as amended requires registration and fees for an entity acting as an AMC, adding definitions, specifying registration requirements, and expanding the Department of Labor, Licensing and Regulation’s (LLR) regulatory activities for AMCs. The bill sets penalties and disciplinary actions for violations of the requirements for AMCs, including civil actions through the Administrative Law Court. The senate amendments of March 7, 2017, establish requirements of the South Carolina Real
Indicates Matter Stricken Indicates New Matter COMMITTEE REPORT May 2, 2017 S. 279 Introduced by Senator Alexander S. Printed 5/2/17--H. Read the first time March 9, 2017. THE COMMITTEE ON LABOR, COMMERCE AND INDUSTRY To whom was referred a Bill (S. 279) to enact the “Appraisal Management Company Registration Act” by adding Article 3 to Chapter 60, Title 40 of the 1976 Code, relating to the South Carolina Real Estate Appraiser, etc., respectfully REPORT: That they have duly and carefully considered the same and recommend that the same do pass: P. MICHAEL FORRESTER for Committee. STATEMENT OF ESTIMATED FISCAL IMPACT Explanation of Fiscal Impact Amended by the Senate on March 7, 2017 Updated for additional agency response State Expenditure This bill as amended amends the regulations and requirements for appraisal management companies (AMC) by enacting the Appraisal Management Company Registration Act. The bill as amended requires registration and fees for an entity acting as an AMC, adding definitions, specifying registration requirements, and expanding the Department of Labor, Licensing and Regulation’s (LLR) regulatory activities for AMCs. The bill sets penalties and disciplinary actions for violations of the requirements for AMCs, including civil actions through the Administrative Law Court. The senate amendments of March 7, 2017, establish requirements of the South Carolina Real
279_20170502.docx