A total of 18 states now have laws on the books governing the operation of appraisal management companies, and eight more states are considering similar legislation, the Appraisal Institute reports.

Georgia, Tennessee and Oklahoma are the latest states to pass laws requiring AMCs to register with and be overseen by state appraiser boards.

A total of 18 states now have laws on the books governing the operation of appraisal management companies, and eight more states are considering similar legislation, the Appraisal Institute reports.

Georgia, Tennessee and Oklahoma are the latest states to pass laws requiring AMCs to register with and be overseen by state appraiser boards.

Companies in those states will be barred from attempting to influence appraisals through coercion, extortion or collusion by withholding or threatening to withhold timely payment or future business from an appraiser, the Appraisal Institute said.

Although Georgia’s law goes into effect Sept. 1, Oklahoma’s and Tennessee’s laws don’t become effective until next year.

Lawmakers in Arizona, Arkansas, California, Connecticut, Florida, Indiana, Louisiana, Minnesota, Nevada, New Mexico, Oregon, Utah, Vermont, Virginia and Washington have also passed legislation governing AMCs.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top