§ 40-60-450 — Payment for completions of an appraisal or valuation assignment.

South Carolina § 40-60-450

• Jurisdiction: South Carolina
• Title 40: PROFESSIONS AND OCCUPATIONS
• Ch. 60: REAL ESTATE APPRAISERS AND APPRAISAL MANAGEMENT COMPANIES

Text

(A) An appraisal management company shall, except in cases of breach of contract or substandard performance of services, make payment to certified or licensed appraisers, who are independent contractors, for the completion of an appraisal or valuation assignment within forty-five days after the date on which the certified or licensed appraisers, who are independent contractors, transmit or otherwise provide the completed appraisal or valuation study to the appraisal management company or its assignee. (B) An appraisal management company shall compensate appraisers at a rate that is customary and reasonable for appraisals being performed in the market area of the property being appraised, consistent with the requirements of 15 U.S.C. Section 1639e and regulations adopted pursuant to it including, but not limited to, 12 C.F.R. 1026.42. (C) An appraiser may not be prohibited by the appraisal management company, client of the appraiser, or another third party from disclosing the fee paid to the appraiser for the performance of the appraisal in the appraisal report.

Legislative History

HISTORY: 2017 Act No. 32 (S.279), SECTION 1, eff May 10, 2017; 2024 Act No. 196 (H.3278), SECTION 24, eff May 21, 2024. Editor's Note 2017 Act No. 32, SECTION 5, provides as follows: "SECTION 5. This act takes effect upon approval by the Governor. In the event that a registration process is unavailable upon the effective date of this act, an appraisal management company already conducting business in this State may continue to conduct business until one hundred twenty days after a registration process becomes available." Effect of Amendment 2024 Act No. 196, SECTION 24, in (B), inserted "including, but not limited to, 12 C.F.R. 1026.42" at the end.