On December 28, 2018 New York Senate Bill S9080, an Act to amend the registration of real estate appraisal management companies (AMC), was signed by Governor Cuomo. As of today, New York has not published the rule defining the statute.
The full text of the bill can be read here: https://legislation.nysenate.gov/pdf/bills/2017/S9080
Ambiguous language in item 160-jjjj (3) has raised concerns among Lenders, AMCs, NY Licensed Real Estate Brokers, Agents and Home Inspectors as it appears to restrict free trade and would have an adverse effect on the NY real estate market and consumers.
Pro Teck, along with REVAA (The Real Estate Valuation Advocacy Association) have reached out to the New York Department of State, Assemblyman Ken Zebrowski (the sponsor of the bill), the NYMBA, NYBA and NYSAR in anticipation of the Act becoming effective on April 27, 2019. All parties are looking to delay enforcement of the law so that needed clarification and/or amendments can be written to avoid the potential negative impact this would have on the NY State real estate market and consumers.
If you would like further clarification please contact your Account Manager at Pro Teck, we would be happy to set up a call. And as always, we will continue to be compliant in every state.