Proposed Rule Issued on AMCs
On March 24, 2014, six federal agencies issued a joint proposed rule to implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). States will not be required to establish an AMC registration and supervision program, and there is no penalty imposed on a state that does not establish a regulatory structure for AMCs; however, an AMC will not be able to provide appraisal management services for federally related transactions in states that have not established a regulatory structure laid out in the proposed rule. Participating states will have 36 months after the rule’s effective date to implement the minimum requirements.
NAR will provide a comment letter on the proposed rule.