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Association News, Government AffairsSenate considers proposed AMC legislation
Legislation which would regulate appraisal management companies (AMCs) is poised to pass the state Senate.
House Bill 398, introduced by Rep. Dick Stevenson (R-Mercer), would require appraisal management companies to be registered with the State Board of Certified Real Estate Appraisers.
“AMCs are the only entity in the real estate transaction that aren’t regulated,” according to Michelle Bradley, chair of PAR’s Specialized Practices Subcommittee. “Since the Home Valuation Code of Conduct (HVCC) was introduced, we’ve seen a significant increase in the number of AMCs and problems because of them.”
The legislation also:
- Implements a registration and renewal fee of $1,000
- Implements a $20,000 bond or letter of credit to secure the faithful performance
- Requires all appraisal reviews to be conducted by a certified or licensed appraiser
- Requires AMCs to adopt Uniform Standards of Professional Appraisal Practice (USPAP) record-keeping rules
Realtors® are asked to contact their state legislators to urge them to pass this legislation.
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Kim Shindle is the Manager of Media Relations at the Pennsylvania Association of Realtors®. |
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Congress has hurt this process enough. Instead of prosecuting wrong doing, again it tries to legislate proper behaviour. But the incidious reason for this action, may just be the increased cash stream. ($1,000.00 fee) Then you have the promise to adhear to the “code of conduct” which just provides ammunition for future condemnation. Let the people who need to make a living in the industry, police the industry.