AMC Registration Question

[jalacart]

Are AMCs required to be licensed/registered in every state they are handling appraisals in?

 

[Terrel L. Shields]

I don't think so.

 

[Dublin ohio]

It would depend on your state regulations.

 

[NC Appraising]

I asked chatgpt.
The first answer was generally yes.

I told it to do more research. The second answer was yes.

Who kmows.

 

[TerryRohrer]

It would be advisable to know. Here, an appraiser accepting an assignment from an unlicensed AMC is in violation of State law and subject to disciplanary action.

 

[Surf Cat]

It would be advisable to know. Here, an appraiser accepting an assignment from an unlicensed AMC is in violation of State law and subject to disciplanary action.

Accepting assignments from licensed AMCs should be in violation of some sort of law.

The disciplinary action is half fee and a ton of stips...

 

[Bob Ipock]

Are AMCs required to be licensed/registered in every state they are handling appraisals in?

Yes

 

[alebrewer]

Washington Regs hyperlinks are contained here:

Laws and rules: Appraisal management companies | Washington State Department of Licensing

dol.wa.gov

 

[TerryRohrer]

Under section 1473 of Dodd–Frank, states are not required to establish an AMC registration and supervision program. In a state that does not have an AMC registration and supervision program, AMCs are barred from providing appraisal management services for covered FRTs.

Appraisals: Appraisal Management Company Registration Requirements | OCC

The OCC reminds banks of the new registration requirement for appraisal management companies (AMC) that became effective on August 10, 2019. Under this requirement, AMCs must register with the state or states in which they do business and must be subject to state supervision.

www.occ.gov

 

[Bob Ipock]

Appraisals: Appraisal Management Company Registration Requirements | OCC

The OCC reminds banks of the new registration requirement for appraisal management companies (AMC) that became effective on August 10, 2019. Under this requirement, AMCs must register with the state or states in which they do business and must be subject to state supervision.

www.occ.gov