On March 25, the Colorado governor signed SB 46, which amends the definition of an appraisal management companies (AMC) in sections of the Colorado Revised Statutes to align with the definition in federal law. The act, with the exception of section 3, takes effect immediately.
On March 19, the Arkansas governor signed SB 393, which amends the registration requirements for AMCs. Under the act, appraisers must hold a license in good standing in the state. Additionally, AMCs are required to (i) implement systems to verify independent appraisals; (ii) establish processes and controls to ensure engaged appraisers are qualified and independent of the transaction; and (iii) conduct appraisal management services in accordance with specified federal regulations in existence on January 1, 2019. The act takes effect 90 days after adjournment of the legislature.
Finally, on March 14, the North Dakota governor signed SB 2075, which amends the state’s code related to AMCs. The amendments clarify that “an individual who has had an appraiser license or certification in this state or in any other state refused, denied, canceled, revoked, or surrendered” may not own an AMC. The restriction also applies to entities owned by such individuals. The act takes effect on August 1.
This content originally appeared in Buckley’s Infobytes blog, a collection of news and alerts covering the financial services industry. To read more or have the Infobytes weekly newsletter delivered to your inbox, please visit infobytesblog.com.