Proposed AMC draft Bill

[Administrator]

Check out this latest draft of the AMC bill.  There are some interesting changes.  Especially the start date of October 2010!  

Take a look at the attached link below.

One thing to note is the AMCs will pay us instead of the banks, but this has been explained to us as the following:

If the lender pays us directly, then the Appraisal Board will have no authority over the banks to do anything about our fees and payment.  Banks are federally regulated, however AMCs would be state regulated...  

 The way the bill reads now, the Appraisal Board would have jurisdiction over the fees and can enforce payment, as well as any other rules they wish to create.  The Appraisal Board will have rule making authority and enforcement ability over the AMCs.    

Another thing to note is they took out "General" and now it says just Certified.

One thing I noticed is they really strengthened up the comments on what constitutes an AMC, giving much more protection to actual appraisal companies, which are not AMCs.

Let me know what you think!