• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Appraisal Management Company Recovery Fund - Governor Vetoed? Why?

Status
Not open for further replies.

3 Putt

Member
Joined
Aug 18, 2005
Professional Status
Certified General Appraiser
State
Ohio
Bill Status of HB3333

Provides that the Secretary of Financial and Professional Regulation, upon recommendation of the Real Estate Appraisal Administration and Disciplinary Board, may charge a fee not to exceed $500 to be paid at the time of submission of an original or renewal application to register as an appraisal management company. Provides that the fee shall be deposited in the Appraisal Management Company Recovery Fund. Provides that the Fund shall be used to provide restitution to each State-certified general real estate or residential real estate appraiser who has suffered pecuniary loss.

Why would this have been vetoed?
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Because the elected state and/or federal "minions" who receive significant financial campaign contributions from mortgage originators/lenders do what they're told or are replaced A.S.A.P.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
$500 per company,
is not enough to cover the losses AMCs cause appraisers.
Besides, the state could use the money instead.
 

Jim Onderisin

Senior Member
Joined
Sep 15, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
The governor indicated AMCs are already required to post surety bonds ($25,000?) to pay appraisers if the companies go out of business. He thought requiring payment to a fund for the same reason was "onerous" regulation and not conducive to retaining Illinois business.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks