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by CareyBot

California has become the sixth state to regulate appraisal management companies after Gov. Arnold Schwarzenegger signed into law legislation establishing compliance standards for the firms and requiring them to register with the Office of Real Estate Appraisers.The Appraisal Institute, an industry group representing appraisers, issued a press release lauding California's law, saying it will protect consumers and appraisers while providing "positive effects" to the state's real estate market.Arkansas, Louisiana, Nevada, New Mexico and Utah passed similar bills earlier this year, the group said, and as many as 20 other states are expected to consider such legislation when lawmakers reconvene in January.New rules for appraisals adopted May 1 by Fannie Mae and Freddie Mac have led t...