Tuesday, March 10, 2009

Utah Legislature passes bill to regulate Appraisal Management Companies

The Utah Legislature recently passed a bill that would regulate Appraisal Management Companies. The measure requires AMC's to register with the Division of Real Estate of Commerce before they can legally operate within the state of Utah. The bill also lists several prohibited activities that the AMC may not engage in. This includes withholding payment as a means of coercing the appraiser to reach a pre-determined value.

Read all about it along with a link to the legislation at Appraisal Insights.

We posted about the efforts to regulate Appraisal Management Companies in Utah when the bill passed their House of Representatives.