Legal News
FREE PREVIEW
|
LOGIN OR SUBSCRIBE NOW TO READ THIS ARTICLE
|
Ohio lawmakers introduce new appraiser bill
|
Legislation introduced June 4 in the Ohio House of Representatives seeks to regulate appraisal management companies (AMCs) and make changes to the Real Estate Appraiser Licensing Law in order to comply with appraiser-focused provisions of the Truth in Lending Act (TILA).
In July 2010, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, TILA was amended to establish new requirements for appraisal independence for consumer credit transactions secured by the consumer’s principal dwelling. The amendments, listed in TILA Section 129e, are designed to ensure that real estate appraisals used to support creditors’ underwriting decisions are based on the appraiser’s independent professional judgment, free of any influence or pressure that may be exerted by parties that have an interest in the transaction. The amendments also seek to ensure that creditors and their agents pay customary and reasonable fees to appraisers.
TO READ THE FULL STORY
|
|
Already a subscriber?
Problems logging in?
Please call 330-659-6101 x 805 or email us for assistance.
|
|
Today's other top stories