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Bill Watch, Feb. 20, 2018: Current Real Estate & Land Use Legislation of Note - Real Estate and Land Use News

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Real Estate and Land Use News


Posted on: Feb 20, 2018

The IndyBar Legislative Committee is currently monitoring the following real estate & land use related legislation. IndyBar members can request that the Legislative Committee track specific legislation by contacting committee chair Lawren Mills at lawren.mills@icemiller.com.

Click here to view the full Bill Watch reports.

HB1015    UNLAWFUL INDEMNITY AGREEMENTS. (TORR J) Provides that the law concerning indemnity agreements in construction or design contracts applies to certain design-build contracts. Specifies that a provision in a professional services contract that requires indemnification and defense of a promisee for certain liability is void. Specifies that "sole negligence" for purposes of liability under a construction or design contract does not include: (1) vicarious liability; (2) imputed negligence; or (3) assumption of a nondelegable duty.

HB1120    STATE DEPARTMENT OF HEALTH MATTERS. (KIRCHHOFER C) Changes references to "methamphetamine laboratory" to "contaminating controlled substance". Requires a law enforcement agency to report to the department of child services if a child is found at a site used for the illegal manufacture, use, or disposal of a contaminating controlled substance. Authorizes the state department of health (state department) instead of the Indiana department of environmental management (department) to certify qualified inspectors and oversee the decontamination of a site that has been used in the illegal manufacture, use, or disposal of a contaminating controlled substance. Specifies the responsibilities and procedure a property owner must complete regarding the decontamination and notice concerning a site that has been used in the illegal manufacture, use, or disposal of a contaminating controlled substance. Transfers from the department to the state department powers, duties, records, property, and rules concerning decontamination of a site that has been contaminated by a contaminating controlled substance. Requires a local board of health or health officer that issues an order to vacate a dwelling to record the order and any subsequent revocation of the order with the county recorder at no cost. Repeals the postnatal donation initiative. Makes conforming amendments.

SB163    DISTRIBUTIONS FROM ESCROW ACCOUNTS. (MESSMER M) Repeals a requirement that any funds that: (1) exceed $10,000 and are disbursed from an escrow account in connection with a real estate transaction; and (2) are received from a single party to the transaction; must be wired good funds. Makes a conforming amendment.

SB351   APPRAISAL MANAGEMENT COMPANIES. (KRUSE D) Provides that an appraisal management company that engages a real estate appraiser to perform an appraisal shall pay the real estate appraiser for the appraisal not later than: (1) the payment date or due date set forth in: (A) the contract or agreement between the appraisal management company and the real estate appraiser; or (B) the real estate appraiser's invoice, if such a contract or agreement: (i) does not exist; or (ii) exists but does not specify a payment date; or (2) 30 days after the delivery of the appraisal report to the appraisal management company if a contract, an agreement, or an invoice: (A) does not exist with respect to the appraisal; or (B) exists but does not specify a payment date. Specifies exceptions to an appraisal management company's obligation to pay at the required times, in the case of the following: (1) A breach of the contract between the appraisal management company and the real estate appraiser. (2) The inclusion in the appraisal report of significant and material documented errors. (3) The failure of the real estate appraiser's scope of work to meet or exceed: (A) the expectations of parties in similar assignments; and (B) what the actions of the real estate appraiser's peers would be in similar assignments. Provides that an appraisal management company may not prohibit a real estate appraiser from including in an appraisal report the real estate appraiser's fee amount for preparing the appraisal. Requires an appraisal management company that qualifies as an appraisal management company under federal law to pay to the real estate appraiser licensure and certification board (board) the annual AMC registry fee, as established by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (Appraisal Subcommittee). Sets forth the formula for determining the amount of the fee. Requires the board to transmit the AMC registry fees collected to the Appraisal Subcommittee on an annual basis. Authorizes the real estate commission to adopt and amend rules to implement these provisions and to conform the AMC registry fee imposed by the board with the AMC registry fee established by the Appraisal Subcommittee. Makes a technical change.

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