Bill > H4331

This bill aims to regulate appraisal management companies (AMCs) in Massachusetts. The key provisions include: 1. Establishing a board of real estate appraisers to oversee the registration and regulation of AMCs operating in the state. 2. Defining AMCs and their services, and requiring AMCs to register with the board before engaging in business in the state. 3. Setting requirements for AMC registration, including background checks, surety bonds, and designating a controlling person and an employee in charge. 4. Prohibiting certain practices by AMCs that could influence or attempt to influence the independence and objectivity of real estate appraisers. 5. Granting the board authority to investigate, discipline, and impose penalties on AMCs for violations of the law. 6. Requiring AMCs to maintain detailed records of their appraisal services and allowing the board to access these records for compliance and enforcement purposes. The bill aims to promote transparency and accountability in the appraisal management industry in Massachusetts, with the goal of protecting consumers and ensuring the integrity of real estate appraisals.

Budget and Finance

https://malegislature.gov/Bills/190/H4331