0001|                            HOUSE BILL 409
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                              RICK MIERA
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO REAL ESTATE APPRAISALS; REQUIRING OUT-OF-STATE
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0012|     APPRAISAL MANAGEMENT COMPANIES TO HAVE A NEW MEXICO OFFICE AND
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0013|     A NEW MEXICO-LICENSED GENERAL CERTIFIED REAL ESTATE APPRAISER
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0014|     ON STAFF FOR APPRAISAL REVIEWS.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  A new section of the Real Estate Appraisers
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0018|     Act is enacted to read:  
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0019|          "[<u>NEW MATERIAL</u>]  APPRAISAL MANAGEMENT COMPANIES--NEW
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0020|     MEXICO OFFICE.--
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0021|               A.  Appraisal management companies that do business
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0022|     in New Mexico shall maintain an office in New Mexico.  The
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0023|     office of an appraisal management company shall be separate
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0024|     from a bank, savings and loan association or other mortgage
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0025|     lender.
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0001|               B.  An appraisal management company shall employ a
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0002|     general certified real estate appraiser.  The general certified
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0003|     real estate appraiser shall review and certify all appraisals
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0004|     or appraisal reviews offered by the appraisal management
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0005|     company.
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0006|               C.  For purposes of this section:
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0007|                    (1)  "appraisal management company" means a
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0008|     person in the business of acting as an intermediary for
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0009|     mortgage lending institutions to recruit and hire appraisers to
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0010|     perform real estate appraisals or appraisal reviews and
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0011|     transmit the appraisals, appraisal reviews, final value
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0012|     estimates or certificates of value to lending institutions to
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0013|     be used in making mortgage loans; and
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0014|                    (2)  "person" means an individual or other
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0015|     legal entity."
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0016|                                                         State of New Mexico
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0017|                      House of Representatives
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0018|   
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0019|                      FORTY-THIRD LEGISLATURE
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0020|                        FIRST SESSION, 1997
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0021|   
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0022|   
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0023|                                               February 14, 1997
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0024|   
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0025|   
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0001|   Mr. Speaker:
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0002|   
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0003|        Your JUDICIARY COMMITTEE, to whom has been referred
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0004|   
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0005|                        HOUSE BILL 409
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0006|                               
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0007|   has had it under consideration and reports same with
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0008|   recommendation that it DO PASS, amended as follows:
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0009|   
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0010|        1.   On page 1, strike line 23 and insert in lieu thereof
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0011|   "state-certified appraiser shall not be".
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0012|   
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0013|        2.   On page 2, line 1, strike the line up to the period
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0014|   and insert in lieu thereof "state-certified real estate appraiser
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0015|   holding a current valid general certificate".
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0016|   
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0017|                                 Respectfully submitted,
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0018|   
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0019|   
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0020|   
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0021|                                                               <u>                                
</u>    |
<u></u>0022| <u>                                </u>
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0023|                                                               Thomas P. Foy, Chairman
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0024|   
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0025|   
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0001|   Adopted <u>                    </u>     Not Adopted <u>                    
</u>    |
<u></u>0002| <u>   </u>
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0003|             (Chief Clerk)                       (Chief Clerk)
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0004|   
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0005|                        Date <u>            </u>
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0006|   
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0007|   The roll call vote was<u> 10 </u> For<u> 1 </u> Against
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0008|   Yes:      10
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0009|             No:       Alwin
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0010|             Excused:  Rios, Sanchez
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0011|             Absent:   None
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0012|   
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0013|   
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0014|   
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0015|   G:\BILLTEXT\BILLW_97\H0409                          FORTY-THIRD LEGISLATURE
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0016|                              FIRST SESSION
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0017|   
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0018|   
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0019|                                                    February 18, 1997
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0020|   
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0021|   
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0022|   HOUSE FLOOR AMENDMENT number ___1___ to HOUSE BILL 409
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0023|   
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0024|   Amendment sponsored by Representative Rick Miera
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0025|   
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0001|   
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0002|   
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0003|     1.  Strike House Judiciary Committee Amendment 1.
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0004|   
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0005|     2.  On page 1, strike line 23 and insert in lieu thereof "state-
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0006|   certified appraiser shall not be an employee of".
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0007|   
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0008|   
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0009|   
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0010|   
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0012|   
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0014|   
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0015|   
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0016|   
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0017|                                         ___________________________
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0018|                                         Rick Miera
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0019|   
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0020|   
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0021|   
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0022|   Adopted ___________________   Not Adopted ___________________________
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0023|            (Chief Clerk)                       (Chief Clerk)
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0024|   
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0025|   
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0001|                   Date ________________
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