Commerce and Trade
Department of Professional and Occupational Regulation
Real Estate Appraiser Board
Updates to conform to AMC Final Rule
Purpose of legislation
Amends/adds definitions of Appraisal Management Company (AMC), Appraisal Management Services, and Appraiser Panel to conform Virginia’s statutes to the federal regulations, and aligns AMC ownership provisions with the federal Final Rule.
|Legislation mandating a change||Chap 229 (2018) Chap 230 (2018)|
|VAC chapters to be amended|
|Associated Regulatory Actions||No regulatory action has been filed.|
In order to comply with the federal Final Rule, the Board has since learned it will also need to amend its regulations to collect a mandatory AMC National Registry fee. As a result, the Board has opted to pend the necessary regulatory changes in order to consult further with federal regulators regarding comprehensive implementation.