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2017 Legislative Update
Tennessee Real Estate Appraiser Commission
The Tennessee General Assembly has recently made changes to statutes which may impact you as a licensee with the Tennessee Real Estate Appraiser Commission. Pursuant to Tenn. Code. Ann. § 4-3-1306(d), you are receiving this notice because you have elected to receive notification by e-mail of certain changes or potential changes to the law applicable to your profession. These new changes as set out in the following Public Chapters specifically amend the Tennessee Code Annotated as follows:
Public Chapter 234 places a statute of limitations on private causes of action for damages to within one (1) year from the person's discovery of the act which gives rise to the action, and no later than five (5) years from the date the appraisal was performed. The bill also provides that a complaint cannot be filed with the Tennessee Real Estate Appraiser Commission more than three (3) years from the date the appraisal was completed. Public Chapter 234 will become effective on July 1, 2017. A copy of the new law is available for review on the website of the Tennessee Secretary of State here: http://publications.tnsosfiles.com/acts/110/pub/pc0234.pdf.
Public Chapter 226 implements changes to comply with federal requirements regarding Appraisal Management Companies (“AMC”). Specifically, the changes include: (1) establishing requirements that the AMC’s establish and comply with processes and controls reasonably designed to ensure that appraisals comply with the appraisal independence standards under the Truth in Lending Act, (2) definition of appraisal management companies would need to be modified to match the federal minimum requirement, and (3) a section in the statute would need to be added requiring those companies registered to be reported on the National Registry with the ASC as required under the Dodd-Frank Act and in the federal rules. This Public Chapter 226 will become effective on July 1, 2017. A copy of the new law is available for review on the website of the Tennessee Secretary of State here: http://publications.tnsosfiles.com/acts/110/pub/pc0226.pdf.
If you have any questions or concerns about these new laws, please contact us by email at reg.boards@tn.gov.
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