REVAA No Fan of the New NY AMC Law
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The NY State Coalition of Appraisers wants you to to know that there is a new AMC law coming into effect at the end of the month and REVAA doesn’t like it.
Last December New York State Governor Andrew Cuomo signed Senate Bill S9080 into law, effective at the end of this month.
REVAA‘s biggest concern is that it requires all valuations to be performed by appraisers AND invoices must be attached to the report so the consumer knows what the appraiser was paid.
This is groundbreaking for our industry. Let’s hope that the word spreads and the consumer is finally protected!
There are lots of goodies here – just a couple of samples:
- Act without just cause to withhold or threaten to withhold timely payment for an appraisal report or for other valuation services rendered with such appraisal report or services provided in accordance with the contract between parties;
(c) Requiring an appraiser to prepare an appraisal report or valuation service under a time frame that such appraiser believes, in their professional judgment, does not afford such appraiser the ability to meet all the relevant legal and professional obligations including USPAP requirements. Notwithstanding the foregoing provisions of this paragraph, all appraisal reports should be completed within a reasonable timeframe and appraisers may not unnecessarily delay completing appraisal assignments;
(d) Prohibiting or inhibiting communication between the appraiser and the lender, a real estate licensee, or any other person from whom such appraiser, in their professional judgment is relevant;
(e) Requiring the appraiser to do anything that does not comply with USPAP…