MI HB5481

Establishes licensing requirements for appraisal management companies in Michigan, requiring them to obtain a department license to operate and perform appraisal management services in the state.

Exempts federally regulated appraisal management companies (owned and controlled by insured depository institutions) from state licensing, except for reporting requirements to the Federal Financial Institutions Examination Council.

Requires appraisal management company applicants and their controlling persons to pass background investigations, certify they have not had appraiser licenses revoked for substantive cause, and disclose ownership and control information to the department.

Mandates that appraisal management companies only contract with licensed appraisers, pay independent appraisers within 30 days, maintain detailed service request records for 5 years, and conduct annual reviews of appraiser qualifications and compliance with professional standards.

Requires appraisal management companies to provide appraisers at least 10 business days' written notice before removing them from the panel and allow appraisers to respond; permits appraisers to file complaints with the department challenging removals based on alleged misconduct.