Bill > H3904

This bill aims to regulate appraisal management companies (AMCs) in Massachusetts. The key provisions are: 1. It requires AMCs to register with the Board of Real Estate Appraisers and meet certain requirements, such as verifying appraiser credentials, reviewing appraiser work, and maintaining records. 2. It prohibits AMCs from engaging in practices that could improperly influence appraiser independence, such as withholding payments or threatening to withhold future business. 3. It gives the Board authority to investigate, discipline, and impose penalties on AMCs that violate the law. 4. It exempts certain entities from the registration requirement, such as government agencies and depository institutions regulated by federal agencies. 5. It establishes qualifications and responsibilities for the "employee in charge" who oversees appraisal management services at a registered AMC. The goal is to promote ethical and professional standards in the appraisal management industry and ensure appraiser independence in real estate transactions.

Budget and Finance

House Committee on Ways and Means (H)

https://malegislature.gov/Bills/191/H3904