MI HB4975

Requires appraisal management companies to obtain a license from the Department of Licensing and Regulatory Affairs; licensees must include owner and controlling person information, maintain a principal place of business address, and designate a legal representative or certified appraiser as primary contact.

Prohibits appraisal management companies from altering completed appraisal reports, failing to pay independent appraisers within 60 days, or employing appraisers with refused, denied, canceled, or revoked licenses in any state.

Establishes that employees or agents attempting to influence appraisals through withholding payment, threatening to remove business, conditioning fees on predetermined valuations, or providing anticipated property values are subject to disciplinary penalties including fines up to $10,000, license suspension, or revocation.

Requires annual certifications that appraisal management companies have systems to verify appraisers are licensed, review appraiser work for compliance with professional standards, maintain 5-year service request records, and verify biannually that panel members' licenses remain valid.

Grants appraisers the right to written notice and opportunity to respond before removal from an appraiser panel for misconduct, and allows appraisers to file complaints with the Department for review of removal decisions; act becomes effective April 1, 2014.