Loading chat...
NY A10831
Bill
Status
5/22/2018
Primary Sponsor
Kenneth Zebrowski
Click for details
AI Summary
-
Requires appraisal management companies (AMCs) to obtain a certificate of registration from the New York Department of State; unlicensed operation is a misdemeanor.
-
Establishes registration fees of $250 for initial certificates, $25 per appraiser added to the panel, $10 for address changes, and $350 for late renewal applications.
-
Prohibits AMCs from being owned by or employing persons with denied, revoked, or surrendered appraiser licenses, and requires a designated controlling person of good moral character.
-
Mandates appraiser independence by prohibiting AMCs from coercing appraisers, conditioning fees on property values, providing target values, or requesting predetermined appraisals; violations subject to fines up to $25,000 per violation.
-
Requires AMCs to maintain five-year records of appraisals, pay appraisers within 30 days, use only licensed/certified appraisers, and report appraiser violations to the Department of State.
Legislative Description
Relates to the registration of real estate appraisal management companies or an individual or business entity that provides appraisal management services to creditors or to secondary mortgage market participants including affiliates by the department of state.
Last Action
substituted by s9080
6/20/2018