Action | Initial Appraisal Management Company Regulations |
Stage | Proposed |
Comment Period | Ended on 3/28/2014 |
AMC's are engaging in manipulative practices - I received a request, yessterday for an assignment in a rural area, with 1 hour to respond, fee was less than half for acreage; I clicked to accept with conditions, intending to add an increased fee, I was presented with their disclaimers seeking a hold harmless agreement. This is an example of the manner in which many of these organizations operate. In addition to supporting this legislation, I also support a requirement that AMC's list their total fee to the consumer, just as we list the fee paid. Also, I object to the notion that an AMC who "reviews, even for a technical analysis" is not an AMC but rather a portal. That is a convenient way to circumvent proposed legislation. I applaud the legislature for taking up this issue to protect the consumer.