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Appraisal board seeks clarifying amendments to AMC statute to meet federal rule
Summary
The North Dakota Appraisal Board testified in support of amendments to House Bill 1080 intended to align state appraisal management company (AMC) law with federal Title XI and the AMC rule; the committee closed the hearing and asked staff to prepare consolidated amendment language for review.
Representatives of the North Dakota Appraisal Board told the Senate Industry and Business Committee they seek statutory amendments to bring state law governing appraisal management companies into compliance with Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) and the federal appraisal management company (AMC) rule.
Joe Sheehan, a public member of the North Dakota Real Estate Appraiser Qualifications and Ethics Board, said House Bill 1080 “updates the statutory language with the appraisal…
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