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:
- DSPS will need to institute an application process (and fee) for AMCs.
- 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.
- AMCs must pay appraisers for completed services within 30 days after the appraiser’s report has been delivered to the client.
- AMCs cannot prohibit an appraiser from showing the fee paid to the appraiser in their report.
- 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.