The Utah Legislature recently passed a bill that would regulate Appraisal Management Companies. The measure requires AMC’s to register with the Division of Real Estate of Commerce before they can legally operate within the state of Utah. The bill also lists several prohibited activities that the AMC may not engage in. This includes withholding payment as a means of coercing the apraiser to reach a pre-determined value.
You can access the bill by clicking on the link below:
The bill still has to be signed by Governor John Huntsman Jr. (R), before it goes into law, but the Governor is expected to sign the legislation.
One state down, forty-nine to go.