In June of 2015, six federal financial regulatory agencies issued a final rule that implemented the minimum requirements for state registrations and supervision of appraisal management companies, this rule became effective on August 10, 2015. All states needed to be in compliance with federal AMC rules by August 10th, 2019. 26 States applied for and were granted a 12-month extension to August 10, 2020 to be in compliance. Massachusetts was one of those states granted the extension.
Massachusetts, the state with the first public beach, first subway system and first public park is officially the last to pass AMC laws, with a few days to spare! Now all states, including New York, New Jersey and the District of Columbia have passed AMC laws.
Pro Teck tracks and is compliant with all regulation impacting the residential real estate valuation industry. If you have any questions about state AMC regulations or anything else impacting the industry, please do not hesitate to call.