Bill > HB2956

This bill modifies the Oklahoma Appraisal Management Company Regulation Act by clarifying the definition of an "Appraisal Management Company" (AMC), which is a business that manages a network of appraisers for tasks like property valuation, especially for lenders. It refines the requirements for who can own or control an AMC, specifically stating that an AMC cannot be owned by someone whose appraiser credential was revoked or surrendered for substantive reasons, and that owners must be of good moral character and undergo background checks. The bill also adjusts the reporting requirements for AMCs to the Real Estate Appraiser Board, ensuring that the Board can submit necessary information to the Appraisal Subcommittee of the Federal Financial Examinations Council (ASC) for the AMC National Registry, a list of registered AMCs. The changes aim to strengthen oversight and ensure that individuals with a history of disciplinary issues in appraising do not control AMCs. This act is set to become effective on November 1, 2026.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2956&Session=2600