Wisconsin AMC Regulation

Many of you may already know this, some of you may not.  Wisconsin recently passed Act 113, as required by the federal Dodd-Frank Act.  The state will now begin policing the actions of AMCs operating within the state.  This will begin effect on July 1, 2018.

A couple of highlights from this Act include:

  1. DSPS will need to institute an application process (and fee) for AMCs.
  2. AMCs will have to compensate appraisers at a rate that is reasonable and customary for appraisal services performed in the relevant market area, in accordance with federal rules.
  3. AMCs must pay appraisers for completed services within 30 days after the appraiser’s report has been delivered to the client.
  4. AMCs cannot prohibit an appraiser from showing the fee paid to the appraiser in their report.
  5. AMCs cannot remove an appraiser from their panel of approved appraisers without 1st notifying the appraiser in writing of the reason, and giving the appraiser an opportunity to defend him-or-herself.

I encourage every Wisconsin licensed or certified appraiser to read the full text of the law which can be found at the Legislature’s website at: http://www.legis.wisconsin.gov.

 

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