North Dakota Governor Signs AMC Law
AMC Law in North Dakota
North Dakota became the 37th state to enact a comprehensive law requiring the registration and oversight of appraisal management companies on April 12 when House Bill 1389 was signed into law by Gov. Jack Dalrymple.
The law takes effect on Jan. 1, 2014.
Under the new law, entities involved in the residential collateral valuation process must register with the North Dakota Real Estate Appraiser Qualifications and Ethics Board if they oversee a panel of more than 15 independent contract appraisers in North Dakota or 25 or more nationally. Entities that exclusively employ appraisers on an employer-employee basis are exempt from the registration requirements.
The legislation also requires that appraisers be paid reasonable and customary fees within 45 days following the completion of an appraisal or valuation assignment.
AMCs operating in the state when the law takes effect will be allowed to continue business for up to 60 days following the Board’s passage of rules about the registration process.
View the final version of House Bill 1389 below.