Bill No.:                     HB0026                                 Drafter:  LGC

LSO No.:                   13LSO-0003                         Effective Date:  7/1/2013

Enrolled Act No.:    HEA0091

Chapter No.:                        CH0180

Prime Sponsor:       Joint Corporations, Elections and Political Subdivisions Interim Committee

Catch Title:              Appraisal management company regulation.

Subject:                     Providing for registration of appraisal management companies.

Summary/Major Elements:

· The Dodd-Frank Act requires state appraiser licensing and certification boards to regulate and monitor appraisal management companies by April 1, 2014.  This act requires appraisal management companies (AMCs) to be registered in order to conduct business in the State of Wyoming.

· The definition of an AMC is limited to firms that request appraisal services from independent appraisers, and does not include in-house appraisal firms, offices or departments or attorneys, certified public accountants, financial advisors, insurance agents, real estate brokers and agents or other professionals who request an appraisal of the client’s property on behalf of the client.

· This act requires that members of an appraiser panel and controlling person of the appraisal management company hold a certification in good standing and never have had a license or certification as an appraiser surrendered, denied, refused, cancelled or revoked by any state.

· The act requires AMCs to have a $25,000 surety bond or irrevocable letter of credit.

· The act provides requirements that ensure that appraisers are free from coercion or inappropriate influence from AMCs.

· The act provides for grounds for disciplinary actions against AMCs, including a $2,500 administrative fine.

· The act increases the membership on the certified appraisal board to six members with the addition of an AMC representative.