NYS AMC Law Guidance
New York State legislation regulating Appraisal Management Companies (AMC’s) went into effect on Saturday, April 27.
The New York Department of State has issued a guidance document that provides clarification on implementation of new law including:
- What are AMC’s?
- What services do they provide?
- How AMC’s work and who they can hire?
The new law contains language that was being interpreted by lending institutions and AMC’s to restrict their ability to hire real estate professionals to perform tasks indirectly connected with valuing a consumer’s principal dwelling including Broker Price Opinions (BPO’s). NYSAR engaged the DOS over the last two weeks and advocated for clarification and continued permissibility of licensed real estate professionals to perform certain property valuation tasks.
This guidance document provides a list, although not exhaustive, of when AMC’s are permitted to hire non-licensed or non-certified appraisers under the new law including activities by real estate brokers and salespersons.
If you have questions regarding the new AMC legislation, please email them to the Department at: firstname.lastname@example.org or contact (518) 474-4429. Call Center Representatives are available from 8:30 a.m. to 4:30 p.m. Monday through Friday except on legal holidays.
Alternatively, NYSAR members may also call the NYSAR Legal Hotline at (518) 436-9727 from 9 a.m. to 4 p.m., Monday through Friday, excluding holidays and during NYSAR official functions.