WASHINGTON, D.C. (March 31, 2009) – In response to Utah Governor Jon Huntsman, Jr. signing House Bill 152 – the Appraisal Management Company Registration and Regulation Act – into law last week, the nation’s four largest appraisal organizations have written to the Utah governor to thank and applaud him for his actions. By signing H.B. 152 into law, Utah became the first state in the nation to enact requirements that appraisal management companies (AMCs) be registered with, and regulated by, a state agency.
"We thank the governor and lawmakers in Utah for their thoughtful consideration of this extremely important legislation," said Bill Garber, Director of Government and External Relations for the Appraisal Institute. "The members of our organizations in Utah look forward to working with the governor and the Division of Real Estate in any way that they can as meaningful regulations and procedures to implement this new law are put into place."
Of specific concern to appraisers has been the lack of regulatory oversight governing AMCs, which are business entities that administer networks of independent appraisers to fulfill real estate appraisal assignments on behalf of lenders. The enactment of this law 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 Division of Real Estate through which they can adjudicate their disputes.
Rick Lifferth, MAI, SRA, a member of the Appraisal Institute and President of Lifferth Appraisal Company, Inc. a real estate appraisal firm located in Layton added, "Prior to the enactment of this law, appraisal management companies have been the only entity in the real estate valuation process not required to be registered with, or licensed by, any state agency. This new law will bring these entities under the watchful eye of the Division of Real Estate. We thank Governor Huntsman for his recognition of the need to implement a reasonable regulatory framework for AMCs."
Garber also noted the work of the Utah Association of Appraisers (UAA), a broad based coalition representing all segments of the Utah real estate valuation industry. "The amount of time and effort that the Utah Association of Appraisers invested to get this bill to Governor Huntsman’s desk cannot be overestimated. We congratulate the UAA and recognize the tremendous organizational effort prior to, and during, the legislative session that led to the enactment of this law."
The letter to Governor Huntsman was signed by the Appraisal Institute, the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers, and the National Association of Independent Fee Appraisers. Together, these organizations represent more than 35,000 appraisers across the country
For more information on this and other related regulatory appraisal issues, contact Scott DiBiasio, Manager of State & Industry Affairs, at (202) 298-5593 or via e-mail email@example.com.
The Appraisal Institute is a global membership association of professional real estate appraisers, with 25,000 members and 91 chapters 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. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. For more information regarding the Appraisal Institute, please visit www.appraisalinstitute.org.