(A) There is created the South Carolina Real Estate Appraisers Board under the administration of the Department of Labor, Licensing and Regulation. The purpose of this board is to regulate the real estate appraisal industry so as to protect the public's interest regarding real estate appraisal transactions.

(B) The South Carolina Real Estate Appraisers Board consists of eight members who must be residents of this State and appointed by the Governor with the advice and consent of the Senate and with consideration given to appropriate geographic representation and to areas of appraisal expertise as follows:

(1) One member must be a public member who may not be connected in any way with the practice of real estate appraisal, real estate brokerage, or mortgage lending. The member from the general public may be nominated by an individual, group, or association and must be appointed by the Governor in accordance with Section 40-1-45.

(2) One member must be a licensed real estate broker who is not a real estate appraiser.

(3) One member must be actively engaged in mortgage lending, representing supervised financial institutions, who is not a real estate licensee or a real estate appraiser and who also must not be connected in any way with the brokerage of real estate, the appraisal of real estate, or the review of real estate appraisals.

(4) Four members must be licensed or certified appraisers, actively engaged in real estate appraisal for at least three years, at least two of whom must be certified general appraisers and at least one of whom must be a certified residential appraiser. In appointing real estate appraisers to the board, the Governor, while not automatically excluding other appraisers, shall give preference to real estate appraisers whose primary source of income is derived from appraising real estate and not real estate brokerage.

(5) One member must represent an appraisal management company registered with the board.

(C) Members shall serve terms of three years and until their successors are appointed and qualified.

(D) Members of the board are entitled to per diem, subsistence, and mileage as is provided by law for members of state boards, committees, and commissions.

(E) The board shall meet at least once each calendar quarter, or as often as necessary, and shall remain in session as long as the chairman considers it necessary to give full consideration to the business before the board.

(F) The board annually shall elect from its total membership a chairman, vice-chairman, and other officers the board determines necessary. The board may adopt an official seal and shall adopt rules and procedures reasonably necessary for the performance of its duties and the governance of its operations and proceedings.

(G) A board member is required to attend meetings or to provide proper notice and justification of his or her inability to do so. The Governor may remove a member of the board pursuant to Section 1-3-240.

(H) Vacancies on the board must be filled for the unexpired portion of the term in the manner of the original appointment.

(I) In addition to the powers and duties provided in Section 40-1-70, the board may:

(1) determine the standards and qualifications for issuance of permits, licenses, and certifications;

(2) conduct disciplinary hearings on alleged violations of this chapter and regulations promulgated under this chapter and decide disciplinary actions as provided in this chapter for those found to be in violation;

(3) recommend changes in legislation and promulgate regulations pursuant to this chapter;

(4) approve and regulate educational courses, providers, and instructors;

(5) establish standards for real estate appraisals consistent with the standards recognized by the Appraisal Standards Board.

HISTORY: 2006 Act No. 257, Section 1; 2016 Act No. 243 (H.5023), Section 1, eff June 5, 2016; 2017 Act No. 32 (S.279), Section 2, eff May 10, 2017.

Editor's Note

Prior Laws:1991 Act No. 12, Section 1; 2000 Act No. 335, Section 1; 1976 Code Section 40-60-50.

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

2016 Act No. 243, Section 1, in (B)(4), inserted "and at least one of whom must be a certified residential appraiser".

2017 Act No. 32, Section 2, in (B), substituted "eight members" for "seven members", and added (B)(5), relating to the requirement that one board member must represent an appraisal management company registered with the board.