State Legislation Archive

State AMC Legislation Should Include Language Prohibiting Indemnification

With the passage of Dodd-Frank many states are working to enact legislation that requires appraisal management companies (AMC) to register with the appropriate state regulatory body. While many states have already passed AMC legislation other states are trying to...

Cuomo Suit Allowed to Move Forward

Yesterday, Reuters reported that the New York State Attorney General’s Office (NY AG) may proceed with its case against First American.  You may recall that First American’s appraisal management company (AMC), eAppraiseIT was accused of “having ‘caved’ to pressure...

Colorado House Increases Penalties for Appraisal Fraud

The Colorado House has passed legislation that will significantly increase the penalties for those appraisers who engage in appraisal fraud. House Bill 1183 makes appraisal fraud a Class 1 misdemeanor punishable by up to 18 months in county jail...
March 24, 2009

North Carolina Introduces Legislation to Regulate Appraisal Management Companies

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...
February 27, 2009

Washington State may Eliminate Appraisal Board

From Appraiser News Online, the Governor of Washington has introduced legislation that would eliminate the state’s appraisal board: In an effort to trim the state’s budget, Washington Governor Christine Gregoire has proposed legislation that would eliminate the state’s Real...
February 23, 2009

Texas Realtors Applaud Governor’s Call for Appraisal Reform

Texas Governor Rick Perry is calling for reform to the appraisal process in his state. Said the Governor “I say we give that [appraisal] system a dose of accountability, transparency and restraint.” According to the Texas Task Force on...
January 29, 2009

Michigan Taking Action on Appraiser Independence

The Appraisal Institute reports that the Michigan state Legislature is considering three bills that address appraiser independence. HB 4054 would make it a misdemeanor for a mortgage lender to apply pressure to an appraiser. S.B. 343 would make it...
December 2, 2008

Four States Pass Appraisal Independence Legislation

In 2008, Connecticut, Kentucky, Missouri, and New York all passed new laws prohibiting appraisal pressure. Here is a quick summary of each state’s legislation. Connecticut – Prohibits mortgage brokers, real estate brokers, and real estate salespersons from attempting to...
September 22, 2008