Federal Register: AMC Final Rule
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AMC Regulation Rule Finally Published in the Federal Register
Appraisers and others,
On June 9, 2015, the Federal Register published the new AMC Registration and Regulation Final Rule:
The OCC, Board, FDIC, NCUA, Bureau, and FHFA (collectively, the Agencies) are adopting a final rule to implement the minimum requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) to be applied by participating States in the registration and supervision of appraisal management companies (AMCs).
Thanks to Bill Garber, Appraisal Institute Director of Governmental Affairs, for sending me this info today. I first wrote & sent info about this topic on April 22, so it’s taken 1.5 months for it to show up in the Federal Register, with the Effective Date now known.
If you want to know more about this Rule, or to have a copy of the Rule, please see attached PDF below.
DATES: Effective date. This final rule will become effective on August 10, 2015.
Compliance date: Federally regulated AMCs must comply with the minimum requirements for providing appraisal management services under 12 CFR 34.215(a) no later than 12 months from the effective date of this final rule. The participating State or States in which a State-regulated AMC operates will establish the compliance deadline for State-regulated AMCs.