Legislation would regulate appraisal marketing companies
BPC Staff Feb 17, 2016 | 10:39 pm
1 min read time
164 wordsAll Latest News, Government Policy and Law, Real Estate and DevelopmentA study bill has been introduced in the Iowa House of Representatives that would regulate what are called appraisal management companies and bring them under the purview of the Iowa Division of Banking. A provision of the Dodd-Frank Consumer Protection and Wall Street Reform Act that was passed in the wake of the financial crisis called for the regulation of companies that contract out appraisals on residential properties. The firms do not conduct the appraisals, but provide administrative services and hire appraisers as independent contractors. Companies that provide appraisals and employ certified or registered appraisers are not affected by the regulation. The federal rules call on states to establish a regulatory process that follows federal guidelines. House Study Bill 596 establishes that framework. The bill also would transfer the state Real Estate Appraiser Examining Board under the Division of Banking. The board would oversee appraisal management companies. Its decisions could be appealed to the superintendent of banking. The study bill is in the House Commerce Committee.
Trending News
