Good News For a Change?
New York appraiser Bill Smolen is working on a draft of his second annual state by state list of mostly positive changes (hence, the above name) in AMC or appraiser related legislation. Appraisers or others interested in adding to this list can mail Bill ator us at. Here is a sample of his list; we will provide the entire list in the next two newsletters and will email the complete (updated) list to anybody requesting it.
Alabama – Appraisers have to be paid within 45 days.
Arizona – Requires appraisers to indicate in their reports the amount of their fee for any AMC appraisals. Appraisers have to be paid within 45 days. Also, prohibits any party who hires or engages an appraiser from requiring appraisers to sign an indemnification agreement.
Colorado – Requires appraisers to indicate in their reports the amount of their fee for any AMC appraisals.
Delaware – Appraisers have to be paid within 45 days. Also, AMCs cannot prohibit appraisers from reporting the fee paid to the appraiser within the report.
Georgia – Appraisers have to be paid within 14 days by AMCs.
Illinois – Prohibits AMC from requiring an appraiser to sign any sort of indemnification agreement that would require the appraiser to defend and hold harmless the AMC or any party hiring the appraiser.
Kansas – Appraisers have to be paid within 45 days.
Kentucky – Set up an "appraisal management company recovery fund," to which AMCs have to contribute, with the fund going to provide restitution to appraisers who suffer pecuniary losses.
Louisiana – Granted the right to their state appraisal board to determine whether or not an AMC operating in the state has paid an appraiser a Reasonable and Customary fee. Also, had conducted a survey of Reasonable & Customary Fees, the results of which should benefit their appraisers.
Maryland – Appraisers have to be paid within 60 days.
Mississippi – Appraisers have to be paid within 60 days. State Appraisal Board to audit AMC’s for Customary and Reasonable fees.