Bill > H577

This bill establishes regulations for appraisal management companies (AMCs) in Massachusetts. Key provisions include: - Requiring AMCs to register with the state's Board of Real Estate Appraisers, which will oversee and regulate the industry. AMCs must meet certain requirements to register, including designating a controlling person and an "employee in charge" who is a certified appraiser. - Prohibiting AMCs from engaging in various practices that could influence or interfere with the independence and objectivity of real estate appraisers, such as offering financial incentives, threatening retaliation, or altering appraisal reports without the appraiser's consent. - Granting the Board authority to investigate AMCs, conduct examinations, and take enforcement actions such as imposing fines or suspending/revoking registrations for violations of the law. - Requiring AMCs to maintain detailed records of appraisal orders and services, and to have systems in place to verify appraiser qualifications and review the quality of appraisals. The bill aims to establish standards and oversight for AMCs in order to protect the integrity of the real estate appraisal process in Massachusetts.

Business and Industry

https://malegislature.gov/Bills/190/H577