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2011 NM Legislative Session - New Threats

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Nov 7, 2008
Professional Status
Certified Residential Appraiser
New Mexico
New Bills presented to the NM Legislature opening up Appraisal and AMC law

SB 561 (Allowing real estate professionals to perform valuations (BPOs) for reasons other than the normal course of business and be compensated) - This link will also give the committee assignments and progress. Full text of Bill here This bill has been assigned to the Senate Corporation Committee and was to be heard on Friday but postponed to Monday afternoon, 2/28/11. We had been asked to provide input for this bill but so far no suggestions have been included. This is supported by RANM and NAR. If our input is not included, we strongly OPPOSE this bill as written.

SB 54 (Adding members to the Appraiser Board) - In a nutshell, the Appraisal Board to be comprised of nine members instead of the previous seven and two shall be AMCs. Full text here. This bill was introduced on 12/30/10 and went to the Rules Committee on 2/4/11. It was passed with the following revision: Only one AMC member would be allowed and they would replace one of the public members. The AMC member would be required to be a NM resident. This substitute bill then went to the Public Affairs Committee who passed it but revised it at the last minute to have eight members (leaving the two public members) and adding one NM resident AMC member and sent it to the Finance Committee which has issued a report. Our fear is a deadlock with an even number.

SB 55 (Amending the AMC Registration Act, Amending Definitions, Addressing Appraiser Independence, Addressing Exemptions, Changing Employee Requirements) Full text here This bill will first be heard by the Senate Corporations & Transportation Committee although it has not been scheduled yet. We are opposed to this bill. Corporation Committee Member List here. They typically meet on Wed & Fri at 2PM or after the full Senate has concluded their work.
Please note that the Exemption section to state law in SB 55 includes "an appraisal management company that is owned and controlled by a federally regulated lender" i.e. a "big bank" Therefore, this amendment would exclude "Big Banks" from the state AMC law..It also strikes "compensation, instruction" from the list of attempts to influence. Is it only compensation that they are concerned with..really? They also have stricken the provision that "obtaining, using or paying for a second or subsequent appraisal" is prohibited. Even FHA prohibits a second appraisal to get the value that you want. If you have additional comments or concerns, please email: [email protected].
Given that the rules are still being written on Appraiser Independence in Washington, we believe that it would be wise to extend the Appraisal/AMC laws "As Is" for 2 years to take into consideration any changes that might need to be made due to the feds.

SB 246 (Amends the Real Estate Appraisers Act and clarifies that all complaints must be cleared within one year) - Previously, the appraisal board had to clear cases in one year but the AG had two years which caused confusion. We are NOT opposed to this bill. This bill was heard first in the Corporations Committee on 2/14 and passed. There is a fiscal Impact Report available; It will be heard in Judiciary next on 2/24.
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