S. 9080 Summary

• Requires real estate appraisal management companies (AMCs) to register with the New York Department of State and obtain a certificate of registration valid for two years before operating in the state.

• Establishes registration fees of $250 for initial or reissued certificates, plus $25 per appraiser added to a company's panel, and requires AMCs to pay national registry fees determined by the appraisal subcommittee.

• Prohibits certain individuals from owning or controlling AMCs, including those with denied, revoked, or surrendered appraiser licenses, and requires background investigations of owners holding 10% or more of the company.

• Mandates strict appraiser independence rules forbidding AMCs from pressuring appraisers to reach specific values, conditioning payment on favorable appraisal outcomes, or withholding payment without just cause; requires payment within 30 days of appraisal completion.

• Establishes enforcement mechanisms allowing the Department to revoke or suspend licenses, impose fines up to $25,000 per violation, and investigate violations; makes operating as an AMC without registration a misdemeanor.