Licensing and Regulatory Affairs
Effective April 1, 2014, it is mandatory for Appraisal Management Companies (AMCs) to be licensed in Michigan. House Bill 4975 of 2011 was signed into law on December 27, 2012. The signed bill became Public Act 505 of 2012.
This legislation was created to license and regulate Appraisal Management Companies that provide appraisal management services. "Appraisal management services" means to perform any of the following functions for a client or clients:
-Administering a network of independent contract appraisers to perform real estate appraisal services.
-Receiving requests for real estate appraisal services and, for a fee paid by the client, entering into agreements with 1 or more independent appraisers to perform the real estate appraisal services described in the request.
-Acting as a third-party broker or intermediary between persons requesting real estate appraisal services and independent appraisers who agree to provide those services.
The AMC application is now available under the Forms and Publications link on the www.michigan.gov/amc website.