Tennessee AMC Law

[brett spaulding]

Just wondering what your thoughts and opinions are on HB 3191 (now law). I think it finally gives appraisers some "bite". Especially provisions 22-26.
here is the link for the pdf:
http://state.tn.us/sos/acts/106/pub/pc0963.pdf

 

[brett spaulding]

25 views and no comments or opinions? Why not?

 

[Pilgrum]

Ok. I'll comment.
This looks good and nearly mirrors Nevada's Regulation.
I do wonder if these state laws and regulations will become a moot point after financial reform kicks in. Will Federal Law trump State Law?

 

[AnonApprsr]

Out of staters don't know what the law says, tell us and we'll comment.

 

[brett spaulding]

Thank you for your comments. I have only read the summaries of the federal finacial reform bill. But what I see, as it relates to us, is more stringent documentation to kill "liar loans", prevents mortage brokers from being rewarded for steering borrowers to high interest loans and free credit reports when they are turned doen for a loan. Now, federal law trumps state law, but, I didn't see anything in the federal reform summaries that govern AMC's. If it does, please point me to it as I think it should be included (but then nobody asked me Anyway, as to Anon Apprsr, thanks for visiting and posting. HB 3191, for example, requires a $20,000 bond to register as an AMC, prohibits undue influence on appraisers (I thought HVCC already stated that), requires payment to appraisers in no more than 60 days, and the appraiser can file a complaint with the appraiser commission against the AMC. For the entire bill click on the click on the link in my original post or just Google TN AMC Law. Thanks again for your comments.

 

[brett spaulding]

Made a mistake in my last post. The Financial Regulatory Reform Bill (according to Appraiser News Online) requires:
1. AMC's to register with states.
2. Enhance appraiser competency provisions including clarification regarding consideration of professional appraisal designations.
3. Provide financial resources for oversight and enforcement of appraisal rules.
4. Separate AMC and apparisal fees on the HUD-1 statement.
Hooray for us!!!!!!!!!!