Senate considers proposed AMC legislation
“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.