New License Requirements for Appraisal Management Companies in D.C. and Massachusetts
On July 31, 2019, the governor of Massachusetts signed legislation creating a board of real estate appraisers tasked with regulating appraisal management companies. An appraisal management company (AMC) will be required to register as an AMC in the Commonwealth in order for them to perform appraisal management services or engage in business as an AMC. The Board will collect an application fee, an annual renewal fee, and an initial registration fee among other fees to be determined by the Board at a later date. House Bill 3904 can be veiwed by clicking the link.
Similarly, District of Columbia Mayor Muriel Bowser signed legislation on July 31, 2019, creating registration requirements for AMCs. The Department of Insurance, Securities, and Banking will require registration of AMCs engaging in activity in the jurisdiction. Failure to register may result in penalties of up to $5,000. DC Act 23-110 can be viewed by clicking the link.
Licenselogix tracks the promulgation of rules and regulations relating to the newly passed legislation including when the these applications will become available.
Do you have questions about Appraisal Management Company licensing regulations or need assistance applying for the license? Contact us todayor call us at (800) 292-0909 for more information.