Corbett-signs-bill-to-regulate-AMCs

[Bob Ipock]

http://www.centralpennbusiness.com/...s-bill-to-regulate-appraisal-management-firms

 

[Marty Boone]

Great, can't wait to see how this works out. Here are my two favorites.

APPRAISER:
(I) AN ANTICIPATED, ESTIMATED, ENCOURAGED OR DESIRED
VALUE FOR A PROPERTY; OR
(II) A PROPOSED OR TARGET AMOUNT TO BE LOANED TO THE
BORROWER.
(8) COMMIT AN ACT OR PRACTICE THAT IMPAIRS OR ATTEMPTS
TO IMPAIR AN APPRAISER'S INDEPENDENCE, OBJECTIVITY OR
IMPARTIALITY OR SOLICIT AN APPRAISER TO VIOLATE THIS ACT OR
THE RELRA OR REACA.
(9) PROHIBIT AN APPRAISER FROM RECORDING THE FEE THE
APPRAISER WAS PAID FOR THE PERFORMANCE OF AN APPRAISAL IN THE
APPRAISAL REPORT.(C)
CONSTRUCTION.--SUBSECTION (A) DOES NOT PROHIBIT AN
APPRAISAL MANAGEMENT COMPANY FROM REQUESTING THAT AN APPRAISER:
(1) CORRECT OBJECTIVE FACTUAL ERRORS IN AN APPRAISAL.
(2) PROVIDE ADDITIONAL DETAIL, SUBSTANTIATION OR
EXPLANATION FOR THE APPRAISER'S VALUE CONCLUSION, INCLUDING,
WITHOUT LIMITATION, THE APPLICABILITY OF ADDITIONAL COMPARABLES AS PRESENTED.

 

[Meandering]

This part is fun to see!

(III) THE BOND SHALL ACCRUE TO THE COMMONWEALTH FOR
THE BENEFIT OF:

(A) A CLAIMANT AGAINST THE REGISTRANT TO SECURE
THE FAITHFUL PERFORMANCE OF THE REGISTRANT'S
OBLIGATIONS UNDER THIS ACT; OR

(B) AN APPRAISER WHO HAS PERFORMED AN APPRAISAL
FOR THE REGISTRANT FOR WHICH THE APPRAISER HAS NOT
BEEN PAID.