Final Rule to Implement Collection and Transmission of Annual Appraisal Management Company (AMC) Registry Fees

OMB 3139-0008

OMB 3139-0008

State Recordkeeping Requirements States that elect to register and supervise AMCs are required to collect and transmit annual AMC registry fees to the ASC. Section 1102.402 established the annual AMC registry fee for States that elected to register and supervise AMCs as follows: (1) in the case of an AMC that has been in existence for more than a year, $25 multiplied by the number of appraisers who have performed an appraisal for the AMC on a covered transaction in such State during the previous year; and (2) in the case of an AMC that has not been in existence for more than a year, $25 multiplied by the number of appraisers who have performed an appraisal for the AMC on a covered transaction in such State since the AMC commenced doing business. Performance of an appraisal means the appraisal service requested of an appraiser by the AMC was provided to the AMC. Section 1102.403 requires AMC registry fees to be collected and transmitted to the ASC on an annual basis by States that elect to register and supervise AMCs. Only those AMCs whose registry fees have been transmitted to the ASC are eligible to be on the AMC Registry for the 12-month period following the payment of the fee. Section 1102.403 clarifies that States may align a one-year period with any 12-month period, which may, or may not, be based on the calendar year. The registration cycle is left to the individual States to determine. State Reporting Burden Section 1103 of Title XI, Functions of Appraisal Subcommittee, was amended by the Dodd-Frank Act to require the ASC to maintain a registry of AMCs that are either: (1) registered with and subject to supervision by a State; or (2) Federally regulated AMCs.

The latest form for Final Rule to Implement Collection and Transmission of Annual Appraisal Management Company (AMC) Registry Fees expires 2023-10-31 and can be found here.


© 2024 OMB.report | Privacy Policy