Licensing and Regulatory Affairs
May 28, 2014 - On December 27, 2012, Gov. Rick Snyder signed into law House Bill 4975 of 2011 which became PA 505 of 2012, effective April 1, 2014. This new law makes it mandatory for appraisal management companies (AMC) to be licensed in Michigan for the first time.
Section 2663 of the Occupational Code, MCL 339.2663, provides that a person shall not do any of the following in this state without an AMC license:
Currently, the Corporations, Securities and Commercial Licensing Bureau (CSCL) in the Department of Licensing and Regulatory Affairs is reviewing applications and issuing licenses to applicants who meet the AMC licensing requirements, as defined in section 2665 of the Occupational Code, MCL 339.2665.
As of May 27, 2014, CSCL has received 106 applications for licensure and has issued 56 licenses. If an incomplete application was received, a deficiency notice was sent to the applicant. Since this law went into effect, there have been no complaints and there are no open investigations regarding AMCs.
An application for licensure may be downloaded from the www.michigan.gov/amc website by clicking on “Forms and Publications” on the right-hand side. The fee for a three-year license is $2,000.00.