Saturday, February 27, 2010

Florida Senate - Second Bill Introduced to Regulate Appraisal Management Companies

Back in November we were excited to announce Representative Matt Hudson's introduction of HB 303, Regulation of Real Estate Appraisers & Appraisal Management Companies. In the first week of February, we posted about S1552 - Appraisers & Appraisal Management Companies, filed by Senator Mike Fasano.

Today, we can report a SECOND bill to regulate Appraisal Management Companies has been filed in the Florida Senate!

On February 18, 2010, Senator Lee Constantine filed S2210 - Appraisers and Appraisal Management Companies.

Requires the Florida Real Estate Appraisal Board to adopt certain rules. Requires application, registration, and renewal fees for appraisal management companies. Requires such companies to register with the DBPR. Requires nonresident appraisal management companies to consent to commencement of actions in this state. Establishes additional acts for which appraisers are subject to disciplinary action, etc. EFFECTIVE DATE: 07/01/2010.
Read the whole thing.

How about sending an email or fax to Senator Constantine to let him know of your appreciation. Either that or give his office a phone call to let him know how important this bill is for the appraisal profession, the real estate market and consumer protection in Florida.

Senator Constantine has been a great friend of Florida Real Estate Appraisers. He sponsored both of the most recent bills to amend Chapter 475 Part II (2003 and 2006). Both were passed and signed into law.

Here's the contact information:

District Office:

378 Centerpointe Circle, Suite 1268
Altamonte Springs, FL 32701-3442
(407) 331-9675

Tallahassee Office:

418 Senate Office Building
404 South Monroe Street
Tallahassee, FL 32399-1100
Phone (850) 487-5050

5 comments:

Anonymous said...

Why do appraisers care if AMCs are regulated?

Does state regulation call for a separation of fees on the HUD-1? NO

Does state regulation prohibit AMCs from being paid out of the appraisers pocket? NO

Does state regulation prohit AMCs from jacking up appraisal fees by 50%? NO

Does state regulation require AMCs to take experience into account when hiring an appraiser? NO

Does state regulation require AMCs to give appraiser adequate time to prepare a report? NO

Does state regulation allow for states to reclaim lost taxes to out of state AMCs? YES

Appraisers don't waste your time trying to support something that does nothing to protect you or the consumer.

Frank said...

Welcome to Appraiser Active, Anonymous!

Why should appraisers care if AMCs are regulated? Because AMCs hold themselves out as providers of valuation services. Because AMCs have an influence over the actions of appraisers, and because AMCs are currently unaccountable for their actions to anyone.

Many of your other points may have some validity, but the full extent of the effect of proposed legislation will not be determined until it is passed, signed into law by the Governor, and the Florida Real Estate Appraisal Board has the opportunity to adopt rules to implement the law.

The proposed legislation has nothing to do with taxes.

Consumers will have more protection if the proposal is passed into law. At the very least, consumers will be prevented from paying for appraisals brokered through companies owned by disciplined appraisers or folks with a criminal record.

Appraisers will also benefit from the provision that will allow them to bring suit against an AMC in Florida for unpaid services. Appraisers will no longer have to chase down an AMC to the state they operate from.

Feel free to keep grinding your axe here. There will be no censoring of ideas.

Anonymous said...

Let's just hope Florida can copy New Mexico's new AMC regulation. Maybe then things could get back to normal.

New Mexico's appraisers will now be able to welcome July with no clients but some degree of hope.

Steve said...

This Bill is not complete and nothing will change how the AMCs operate. This Bill only brings in revenue for the state and requires the AMCs to keep records. Why, when they have no responsibility for the appraisal work performed! The Banks are at a greater risk today than ever and government is doing nothing but putting together another document that has no substance. Here we go again.

Steve Grose said...

This Bill is not complete and nothing will change how the AMCs operate. This Bill only brings in revenue for the state and requires the AMCs to keep records. Why, when they have no responsibility for the appraisal work performed! The Banks are at a greater risk today than ever and government is doing nothing but putting together another document that has no substance. Here we go again.