A bill has been drafted in the North Carolina legislature that would regulate appraisal management companies.
To summarize, the bill would require Appraisal Management Companies to register with the state appraisal board. The bill would also prohibit AMC’s from pressuring appraisers or from failing to pay appraisers.
The legislation has this section on fees:
The establishment of fees or fee schedules must be in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). Actual fees paid for appraisal services must not be misrepresented to include any hidden charges by the registrant, and only the actual fee paid to the appraiser shall represent the total sum of the appraisal fee.
You can download the bill by clicking on the link below. The most interesting part of the measure, is the section on Prohibited Acts.
Of course introducing legislation is easy. The difficult part is getting it passed. So, we’ll have to see whether this legislation actually goes anywhere.