Cap on AMC Fees
Cap on AMC fees & Compensation Disclosure…
VaCAP was informed of Senate Bill 655 introduced on January 10, 2018 in the General Assembly by Senator McPike. The bill limits the amount an AMC can charge a consumer for their services at 20% and also requires the AMC to disclose the amount charged for their services.
We do not know who is behind this bill, but we thank Senator McPike for introducing it. We will share more information as we obtain it.
See the bill here or below.
BILL to amend the Code of Virginia by adding a section numbered 54.1-2022.2, relating to appraisal management companies; cap on fees; disclosure.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 54.1-2022.2 as follows:
§ 54.1-2022.2. Appraisal management company compensation; disclosure.
- A. The amount added by an appraisal management company to the cost of an appraisal conducted by an independent appraiser contracted by the appraisal management company shall be limited to 20 percent.
- B. The appraisal management company shall fully disclose to the client the actual fee that is charged for the services provided by the appraisal management company