2014 AMC Registration Requirements

At Allstate, we know that part of a lending institution’s due diligence involves confirming that third-party vendors such as Appraisal Management Companies (AMCs), are compliant with federal and state legislation. While more and more states require AMCs to become registered in order to provide valuation services within specific states, we thought it would be helpful to our readers to compile a list of the new states that recently set mandates, upcoming state registrations, and additional state requirements.

Add the following states to your own list for follow up with each Appraisal Firm you work within the designated geographical areas to ensure your organization maintains compliance while working with third-party vendors.

Colorado – December 31, 2013 was the AMC renewal deadline; however, a grace period was extended until January 31, 2014.  (Allstate renewed the CO AMC license prior to the deadline of December 31, 2013.)

Oregon – On January 1, 2014, the law changed regarding payment timelines to an appraiser.  Appraisers must be paid by the AMC within 45 days.

North Dakota – As of January 1, 2014, AMC registration is delayed, as the process has not been finalized.

North Carolina – On January 1, 2014, the Surety Bond requirement went into effect. An AMC must obtain a bond; however, one will not be required until the renewal of their state license in 2014. The AMC registered in North Carolina must post a $25,000 bond.

Michigan — All AMCs completing work in MI must be registered with the state by 04/01/2014.

Delaware – All AMCs completing work in DE must be registered with the state by 07/01/2014.

West Virginia — All AMCs completing work in West Virginia must be registered with the state by 07/01/2014.

Allstate Appraisal is compliant with all current AMC state registration requirements and is prepared to meet the above requirements in 2014.