California enacts favorable changes to AMC law.
California Gov. Jerry Brown on Oct. 2 signed SB 547, legislation that makes favorable changes to the state's existing appraisal management company oversight law. The law takes effect Jan. 1 and is intended to bring the state into compliance with the minimum federal requirements for states that adopt AMC laws.
SB 547 makes changes to the types of entities that are subject to oversight by the state Bureau of Real Estate Appraisers. Currently, an entity with as few as 11 employee or independent contractor appraisers is defined as an AMC. Starting Jan. 1, an entity is defined as an AMC only if it maintains an appraiser panel of more than 15 independent contractor appraisers in California.
The new law also clarifies that the state's AMC registration and oversight law does not apply to entities engaged in the management of commercial appraisal assignments.
* View relevant provisions starting on page 49 at http://bit.ly/2k9j5DO.
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|Title Annotation:||Reports in Short: From the Appraisal Institute|
|Date:||Sep 22, 2017|
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