New AMC regulations

[kimcha]

I was just wondering if anyone knows when the new Utah AMC regulations take effect. I have been reading on the state web site, and from what I can tell, they are already in effect. But, there is no data base for the licensed AMC's yet, that I can find. So, I'm not sure when we need to start complying by the new laws.

If you have read the bill, you know that we have to place our fee amount and the AMC must also disclose their fee to us, and that also must be in the report somewhere.

And by the way, my thanks to the Utah Legislature, Jack Draxler, and John Valentine, for being pro-active with the AMC regulations. The Utah legislature actions will, I believe, change the face of the AMC's, as they do business in Utah. I wish AMC's could be driven to act accordingly nationwide, like I think they are going to have to act in Utah from now on.

 

[Zapper7246]

From what I understood the new AMC laws were effective immediately but I could be wrong. I think that the AMC's also have to disclose to the borrower how much money was actually paid to the appraiser. Not that borrowers are going to have our backs, but at least they will know how much the AMC is taking off the top and adding to the cost of their appraisal.

 

[Ron Jensen]

In effect since 08/07/2009

Utah Rule # R162-150 was approved back in August. It is mandatory that the appraiser put the rate he/she was paid and the AMC fee in every report.

 

[Duckey]

Why not something that says the appraiser should receive the entire appraisal fee and the AMC can be paid a fee that says AMC fee.

 

[Ron Jensen]

New laws in effect now

The new law took effect back in August. I can provide you with details and the website if you would like. Wasatch Front AMC.

 

[kimcha]

So are you, my fellow Utah appraisers, asking for disclosure of AMC fees? Including that information in your reports, as required? Asking if the AMC and ordering folks if they are licensed in Utah? If not, why? If you are, what kind of replies are you getting from AMC's. So far, the AMC's I deal with have just said they will get someone else. When is the state going to enforce the rule?

 

[NORTON]

i would make a call on speaker phone from the State Board's conference room....with a local elected offical in the room....let them chime in when the phone monkey say's he will get somebody else....let them know u are dealing with the great state of Utah....and if they expect to do business in your state....they better start FOLLOWING THE LAW! and u can make the call after you have seen the property so if delays occur, its on their end! the state board would enjoy to hear the order has been cancelled due to you doing your job...keep us posted.

 

[mattfrentheway]

Hey Ron, good to see you on here!

The rule went into effect in August. The state now has it up on the website here: http://realestate.utah.gov/appraisal/admin_rules.html

It is rule R162-150-3

The website says it went into effect Nov. 12, but that was the entire rule. The AMC fee disclosure part actually was in effect in August. The board had a meeting in November to discuss the BPO part of the rule, and it was passed at that meeting to approve it as well.

Allen Larsen and I were there at the meeting, and Allen has been going to the meetings the past few times. If you want to stay more up to date on what is going on, we have formed an appraisal organization in Utah to protect our profession, go to these board meetings to represent the appraisers, and disseminate new info asap to all of us. We have over 100 members currently and we just started in June (there are around 700 to 800 appraiser in Utah currently I think). Anyway this is kind of a plug, but I feel it is to the benefit to all of us Utah appraisers.

If you are interested about the organization (United Appraisers of Utah) you can PM me and I will get you the info. I don't think they will let me publicly post it on this forum.

In the meanwhile here is some canned comments I have been putting in my reports to comply. Hopefully they will help you out.

If they won't disclose here is what I say:
UTAH STATE LAW, HB 152, APPRAISAL MANAGEMENT COMPANY REGULATIONS REQUIRE THAT THE MANAGEMENT COMPANY BE REGISTERED IN THE STATE OF UTAH AND THAT THEY INFORM THEIR CLIENT OF THE FEE SPLIT BETWEEN THE APPRAISER AND THE MANGEMENT COMPANY BEFORE ACCEPTING PAYMENT SEE UTAH ANNOTATED 61-2e-304. ADDITIONALLY, THE STATE REQUIRES THE APPRAISAL MANAGEMENT COMPANY TO DISCLOSE TO THE APPRAISER WHAT THIS FEE SPLIT IS, AND THAT THE APPRAISER INCLUDED THIS INFORMATION IN THE APPRAISAL.
R162-150-3. UNPROFESSIONAL CONDUCT CAN BE FOUND AT http://realestate.utah.gov/appraisal/admin_rules.html

THE FEE THE APPRAISER'S CLIENT IS CHARGING ITS CLIENT WAS NOT DISCLOSED TO THIS APPRAISER, AND THEREFORE THIS APPRAISER WAS UNABLE TO COMPLY WITH THIS RULE. THE FEE THE APPRAISER'S CLIENT WILL BE PAYING TO THIS APPRAISER IS $325.00. If these regulations are not being complied with please contact this appraiser at 435-657-9630 and the Utah Division of Real Estate at 801-530-6747.

If they do disclose, here is what I say:
UTAH STATE LAW, HB 152, APPRAISAL MANAGEMENT COMPANY REGULATIONS REQUIRE THAT THE MANAGEMENT COMPANY BE REGISTERED IN THE STATE OF UTAH AND THAT THEY INFORM THEIR CLIENT OF THE FEE SPLIT BETWEEN THE APPRAISER AND THE MANGEMENT COMPANY BEFORE ACCEPTING PAYMENT SEE UTAH ANNOTATED 61-2e-304. ADDITIONALLY, THE STATE REQUIRES THE APPRAISAL MANAGEMENT COMPANY TO DISCLOSE TO THE APPRAISER WHAT THIS FEE SPLIT IS, AND THAT THE APPRAISER INCLUDED THIS INFORMATION IN THE APPRAISAL. If this regulation is not being complied with please contact this appraiser at 435-657-9630 and the Utah Division of Real Estate at 801-530-6747.
R162-150-3. UNPROFESSIONAL CONDUCT CAN BE FOUND AT http://realestate.utah.gov/appraisal/admin_rules.html

THE FEE THE APPRAISER'S CLIENT WILL BE PAYING TO THIS APPRAISER IS $325.00 AND THE FEE THE APPRAISER'S CLIENT IS CHARGING ITS CLIENT IS $.