§ 54B-61. Test appraisals of collateral for loans; expense paid. - North Carolina Statutes

§ 54B‑61.  Testappraisals of collateral for loans; expense paid.

(a)        The Commissioner ofBanks may direct the making of test appraisals of real estate and othercollateral securing loans made by associations doing business in this State,employ competent appraisers, or prescribe a list from which competentappraisers may be selected, for the making of such appraisals by theCommissioner of Banks, and do any and all other acts incident to the making ofsuch test appraisals.

(b)        In lieu of causingsuch appraisals to be made, the Commissioner of Banks may accept an appraisalcaused to be made by the appropriate federal regulatory authority.

(c)        The expense andcost of test appraisals made pursuant to this section shall be defrayed by theassociation subjected to such test appraisals, and each association doingbusiness in this State shall pay all reasonable costs and expenses of such testappraisals when it shall be directed. (1981, c. 282, s. 3; 1989 (Reg. Sess., 1990), c. 806,s. 6; 2001‑193, s. 16.)