As of June 19, 2009, appraisal management companies operating in New Mexico will have to register with the New Mexico Regulation and Licensing Department. New Mexico has become the third state to enact requirements that appraisal management companies operating in the state are registered with, and regulated by, a state agency.
The Appraisal Management Company Registration Act, which Gov. Bill Richardson signed into law last week, is based heavily upon model legislation that was drafted by the Appraisal Institute and its government affairs partners – the American Society of Appraisers, American Society of Farm Managers and Rural Appraisers, and National Association of Independent Fee Appraisers, which have pledged their assistance to RLD in drafting the regulations and guidance that will be necessary to implement the registration and regulation program.
In a letter that was sent to Richardson urging him to sign the bill, the appraisal groups pointed out that AMCs operating in New Mexico are not required to register with any government agency, and are not subject to any state or federal regulation. “While the enactment of S.B. 456 into law will not solve all of the problems with AMCs, it is an excellent first step,” they wrote. “The enactment of S.B. 456 will provide a level of transparency into the operation of AMCs, and will give parties that feel that they have been harmed by an AMC a process with the Regulation and Licensing Department through which they can adjudicate their disputes,” they added.
Bill Garber, Appraisal Institute Director of Government and External Relations stated, “The Rio Grande Chapter of the Appraisal Institute is to be congratulated and applauded. Their tireless work on this bill from the day that it was introduced was instrumental in ensuring that Governor Richardson signed the bill into law.”
New Mexico joins Arkansas and Utah in passing AMC laws. Similar legislation is currently pending in California, Florida, Hawaii, Louisiana, Missouri and North Carolina.