Legislative Call to Action
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Bill removes consumer protection and legalizes bad behavior by AMCs.
Now is the time to contact your legislators with comments. They want to hear from you!
HB 1453 – Changing the definition of evaluations – has passed the General Laws Committee and was read in the House of Delegates on February 1, 2018 for the first time.
SB 655 – Capping fees of an AMC to 20% and disclosing the AMC fee to the consumer – is on the agenda for in the General Laws and Technology Committee.
Please contact your representatives and the committee members and suggest all funds collected from the consumer for appraisal services be placed into an escrow account until the appraisal is submitted. Every other aspect of Real Estate must use escrow accounts, appraisals should not be any different.
SB 979 – Changing the definition of appraisal management company – is on the agenda for in the General Laws and Technology Committee.
This bill removes specific language the AMC is to use independent contractors and also removes language stating the lender must pay the AMC. It also adds the definition of appraisal management services and appraisal panel. The main portion of this bill removes consumer protection and legalizes bad behavior by AMCs.
HB 1506 – the same language as SB 979 – has been assigned to subcommittee 2 of the House General Laws Committee. It has not been scheduled as of yet.
Now more than ever, your voice needs to be heard. Contact your representatives and the committee members with your comments on each of these bills. They want to hear from you!
Also, please attend the General Laws and Technology meeting on Monday February 5th and share your comments on SB 655 and SB 979. Information on the meeting place and time can be found here.