Legislative Call to Action

VaCAP Board

VaCAP Board

Coalition of Appraisers in Virginia at Virginia Coalition of Appraiser Professionals
Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.
VaCAP Board

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Bill Removes Consumer Protection and Legalizes Bad Behavior by AMCsBill 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 Monday February 5th 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 Monday February 5th 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.

Image credit flickr - Howard Lake
VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

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16 Responses

  1. Seneca says:

    So, which ones are good and which ones are bad?

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  2. I sent AB views on each. We don’t support continued bad legislation. 655 appears beneficial BUT requires modification imho. 979/1506 just don’t seem as offensive as implied above. More important issues are left unaddressed. Missed opportunities.

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  3. Jack says:

    Is there any way these hearings can be viewed online live? Side note: Thanks Mike for your prior response regarding appraisers accepted lower fees. Very informative.

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  4. Kris says:

    I think it’s important to note that this legislation will effect consumers, AMC’s and appraiser in Virginia. It is important  to watch what other states are doing because many States look at what other States are doing or have done when writing or passing new legislation. Thank for the heads up! 

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  5. Advocate says:

    The bills introduced do not seem to be coming from an appraiser. Most likely REVVA, or perhaps a consumer who has complained about abusive practices by amcs to their delegate. Virginia is one of the aggressive states with amc legislation. It seems each year more and more is happening there.  I really like the escrowing of appraisal funds. Every other aspect of real estate transactions must hold consumer funds in an escrow account.  We all know what happened when TCV  closed; their bonds were cancelled. Appraisers did receive something, but not the full amount owed. Escrowing makes much more sense than having bonds . Hopefully Vacap can get this turned around and input into the bill.

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    • My bet would be on the very big boys; like title companies that own AMCs and companies like First American in promotion of their NEW PACE PRO product compliments of their subsidiary ACI.

      Advocate, WHY would you settle for peanuts and escrowed funds? Do you WANT to give someone else the use of YOUR money for 30-60 days? Do you WANT to now let payment of professional fees become conditional upon the client liking the results?

      AMCS collect the money before they place the order with you. There is NO reason full payment should not be made to you upon acceptance of the order; or at least no later than the date of inspection. You see the property and there are no surprises, you collect the fee. You see the property and now it turns out its complex; you renegotiate and collect the fee, or drop the assignment.

      People, PLEASE stop accepting half assed solutions as “better than nothing”. BTW – how many C&R fee cases has Virginia prosecuted to date and imposed fines on?

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  6. Baggins Baggins says:

    Stop the amc corporate lobbyists? Good luck. They buy who they want. A small group of power hungry individuals hijacked the earnings of a hundred thousand professional laborers. They are not content and want the other half as well. 

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  7. Marion says:

    SB 655 Appraisal management companies; cap on fees, disclosure.

    02/05/18 Senate: Stricken at request of Patron in General Laws and Technology (11-Y 1-N)

    YEAS–Ruff, Barker, Vogel, Black, Reeves, Wexton, DeSteph, McPike, Suetterlein, Dunnavant, Mason–11.

    NAYS–Surovell–1.

    ABSTENTIONS–0.
    LIS > Bill Tracking > > 2018 session

    .

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Legislative Call to Action

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