S*0877(Rat #0215, Act #0197 of 2018)  General Bill, By Alexander
 AN ACT TO AMEND SECTION 40-60-330, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO FINANCIAL STATEMENTS THAT APPRAISAL MANAGEMENT COMPANIES MUST
 PROVIDE WHEN REGISTERING WITH THE REAL ESTATE APPRAISERS BOARD, SO AS TO
 PROVIDE REGISTRANTS ALTERNATIVELY MAY CHOOSE TO PROVIDE SURETY BONDS IN
 AMOUNTS NOT TO EXCEED FIFTY THOUSAND DOLLARS, TO PROVIDE APPRAISAL MANAGEMENT
 COMPANIES ARE RESPONSIBLE FOR THE COSTS OF SUCH SURETY BONDS, AND TO PROVIDE
 THESE REGISTRATION REQUIREMENTS DO NOT APPLY TO INDIVIDUAL APPRAISERS OR
 INDIVIDUAL APPRAISERS SERVING ON APPRAISAL PANELS OF APPRAISAL MANAGEMENT
 COMPANIES; AND TO AMEND SECTION 40-1-70, RELATING TO POWERS AND DUTIES OF
 PROFESSIONAL AND OCCUPATIONAL LICENSING BOARDS, SO AS TO INCLUDE FILING CLAIMS
 AGAINST ANY SURETY BONDS ON BOARD-APPROVED FORMS IN ACCORDANCE WITH
 BOARD-ESTABLISHED PROCEDURES. - ratified title

   01/09/18  Senate Introduced and read first time (Senate Journal-page 88)
   01/09/18  Senate Referred to Committee on Labor, Commerce and
                     Industry (Senate Journal-page 88)
   02/20/18  Senate Committee report: Favorable with amendment Labor,
                     Commerce and Industry (Senate Journal-page 11)
   03/13/18  Senate Committee Amendment Adopted (Senate Journal-page 24)
   03/13/18  Senate Amended (Senate Journal-page 24)
   03/14/18  Senate Read second time (Senate Journal-page 14)
   03/14/18  Senate Roll call Ayes-41  Nays-0 (Senate Journal-page 14)
   03/15/18  Senate Read third time and sent to House
                     (Senate Journal-page 17)
   03/20/18  House  Introduced and read first time (House Journal-page 107)
   03/20/18  House  Referred to Committee on Labor, Commerce and
                     Industry (House Journal-page 107)
   04/26/18  House  Committee report: Favorable Labor, Commerce and
                     Industry (House Journal-page 78)
   05/02/18  House  Requests for debate-Rep(s). Williams, King,
                     Brawley, Pendarvis, Kirby, Hosey, Brown,
                     Gilliard (House Journal-page 98)
   05/02/18  House  Requests for debate removed-Rep(s). Kirby
                     (House Journal-page 105)
   05/03/18  House  Requests for debate removed-Rep(s). Brawley,
                     Brown, Pendarvis, Hosey, King (House Journal-page 23)
   05/03/18  House  Read second time (House Journal-page 23)
   05/03/18  House  Roll call Yeas-93  Nays-0 (House Journal-page 24)
   05/03/18  House  Unanimous consent for third reading on next
                     legislative day (House Journal-page 25)
   05/04/18  House  Read third time and enrolled (House Journal-page 3)
   05/14/18         Ratified R 215
   05/15/18         Signed By Governor
   05/23/18         Effective date 05/15/18
   05/31/18         Act No. 197

(A197, R215, S877)

AN ACT TO AMEND SECTION 40-60-330, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FINANCIAL STATEMENTS THAT APPRAISAL MANAGEMENT COMPANIES MUST PROVIDE WHEN REGISTERING WITH THE REAL ESTATE APPRAISERS BOARD, SO AS TO PROVIDE REGISTRANTS ALTERNATIVELY MAY CHOOSE TO PROVIDE SURETY BONDS IN AMOUNTS NOT TO EXCEED FIFTY THOUSAND DOLLARS, TO PROVIDE APPRAISAL MANAGEMENT COMPANIES ARE RESPONSIBLE FOR THE COSTS OF SUCH SURETY BONDS, AND TO PROVIDE THESE REGISTRATION REQUIREMENTS DO NOT APPLY TO INDIVIDUAL APPRAISERS OR INDIVIDUAL APPRAISERS SERVING ON APPRAISAL PANELS OF APPRAISAL MANAGEMENT COMPANIES; AND TO AMEND SECTION 40-1-70, RELATING TO POWERS AND DUTIES OF PROFESSIONAL AND OCCUPATIONAL LICENSING BOARDS, SO AS TO INCLUDE FILING CLAIMS AGAINST ANY SURETY BONDS ON BOARD-APPROVED FORMS IN ACCORDANCE WITH BOARD-ESTABLISHED PROCEDURES.

Be it enacted by the General Assembly of the State of South Carolina:

Registration requirements

SECTION    1.    Section 40-60-330(B)(11) of the 1976 Code is amended to read:

"(11)    a detailed statement of current financial condition of the entity on a form approved by the board or a surety bond in an amount not to exceed fifty thousand dollars, whichever the registering appraisal management company selects;"

General powers of professional and occupational licensing boards

SECTION    2.    Section 40-1-70 of the 1976 Code is amended by adding an appropriately numbered item to read:

"( )    filing claims against any surety bond on a form approved by a board and in accordance with procedures established by the board in regulation."

Registration requirements

SECTION    3.    Section 40-60-330 of the 1976 Code is amended by adding an appropriately lettered subsection to read:

"( )    The registration requirement provided in subsection (B)(11), whether a financial statement or a surety bond is selected, does not apply to individual appraisers or individual appraisers serving on an appraisal panel of an appraisal management company. Appraisal management companies shall be responsible for any cost of a surety bond as required by subsection (B)(11)."

Time effective

SECTION    4.    This act takes effect upon approval by the Governor.

Ratified the 14th day of May, 2018.

Approved the 15th day of May, 2018.