6 Federal Agencies Issue Proposed Rule on Minimum Requirements for Appraisal Management Companies

FDIC Press Release – March 24, 2014

Agencies Issue Proposed Rule on Minimum Requirements for Appraisal Management Companies

WASHINGTON— Six agencies today issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary between appraisers and lenders and provides appraisal management services.
In accordance with section 1124 of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989, as added by section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the minimum requirements in the proposed rule would apply to states that elect to establish an appraiser certifying and licensing agency with the authority to register and supervise AMCs.
Read More… http://www.fdic.gov/news/news/press/2014/pr14021.html

Copy of the Proposed Rules:

http://www.fdic.gov/news/news/press/2014/pr14021a.pdf

Appraisal Management Companies – Get Your Surety Bonds from Surety Solutions LLC  http://www.suretysolutionsllc.com when you get your AMC licenses from me.   Here are the states and the amount of surety bonds that you will need: click on AMC Licenses Matrix of Costs Chart https://thomas-law.com/appraisal-management-company-licenses

The Dodd-Frank Act requires that Appraisal Management Companies be licensed in all 50 states by January 1, 2015.  38 states have passed licensing laws of which 33 are already being issued and 5 will start issuing AMC licenses by July 1, 2014.  That leaves 12 states that must pass legislation and start issuing AMC licenses by January 1, 2014.  Thomas Law Firm can help you get all your Appraisal Management Company licenses in place.  Call Herb Thomas at 214-692-7611 or email him at [email protected] for a Quote.