AMC Regulation - SB 3155

[JFWeb]

Here it comes - AMC Regulation for the state of tennessee - July 1, 2010.
http://e-lobbyist.com/gaits/TN/HB3191

:icon_lol:

 

[RSW]

Has it passed yet? I contacted my state reps. a few months ago along with several others across the state and sent them a copy of the house bill. Pete may have more information on this. I'm sure he will post it once he sees this thread.

 

[JFWeb]

Yes it has passed both House and Senate

This is a link to show you the actions taken and dates. It was unanimous in both House and Senate.

http://wapp.capitol.tn.gov/apps/BillInfo/default.aspx?BillNumber=HB3191

 

[RSW]

It looks like this bill is just a bunch of fluff in order to generate money for the State Of Tennessee and the appraiser commission. There is no real protection for the appraiser as the amendents added to the bill takes away the most important parts of the bill. Specificly amendment #5:

(5) This amendment removes this bill's requirements for an appraisal management company to compensate appraisers on its appraiser panel at a rate that is reasonable and customary for appraisals being performed without the services of an appraisal management company in the market area of the property being appraised and for an appraisal management company to disclose to the commission as part of the registration process if it has developed or utilizes one or more appraiser fee schedules. This amendment also removes the provision for the commission reviewing fees. This amendment requires an appraisal management company to separately state to the client the fees paid to an appraiser for appraisal services and the fees charged by the company for services associated with the management of appraisal process.

 

[Mike Kennedy]

"There is no real protection for the appraiser as the amendents added to the bill takes away the most important parts of the bill."

YUP!! In addition orig Civil Penalties for AMC Violations were replaced by Administrative Measures.





Introduced January 28, 2010
HB 3191 and SB 3155
Amends Tennessee Code Annotated, Title 62, Chapter 39, relative to the Tennessee Appraisal Management Company Registration and Regulation Act.
For a PDF copy of the bill click here.

 

[LI-Appr]

There are those little loopholes again. I wonder who benefits from them.