Idaho Enacts Comprehensive AMC Law
March 30, 2016 12:30 PM
Idaho became the 39th state to enact a comprehensive appraisal management company registration and oversight law when Gov. Butch Otter signed SB 1318 on March 23. The law takes effect July 1, 2017.
SB 1318 is heavily modeled on the federal “Minimum Requirements for Appraisal Management Companies,” which was published by the federal bank regulatory agencies on April 30, 2015.
Under the provisions of SB 1318, AMCs operating in Idaho will be required to pay appraisers for their services within 45 days after the date the appraiser provides the appraisal to the AMC. AMCs also will be required to utilize state-certified appraisers to perform appraisal reviews, and if the review requires a review appraiser to provide an opinion of value, the review appraiser must be licensed in Idaho. AMCs operating within the state also will be prohibited from employing or contracting with any appraisers who have had their license refused, denied, canceled, revoked or surrendered in lieu of revocation — unless the license was subsequently reinstated. These same limitations apply to entities, such as appraisal firms, that contract with an AMC.
Legislation to enact similar AMC requirements currently is pending in Iowa, Massachusetts, New Jersey and South Carolina.
View a copy of SB 1318.
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The Appraisal Institute is a global professional association of real estate appraisers, with nearly 20,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.