Appraisal management companies that operate in the state of Idaho will soon have a wide-ranging set of regulations they are required to adhere to, thanks to new legislation that Gov. Butch Otter signed into law last week.
The news comes courtesy of the Appraisal Institute, which notified its members of the new Idaho AMC laws this week.
“Under the provisions of SB 1318, AMCs operating in Idaho will be required to pay appraisers for their services within 45 days after the date the appraiser provides the appraisal to the AMC,” the Appraisal Institute stated in its note to members.
According to the note, AMCs also will be required to use Idaho state-certified appraisers to perform appraisal reviews, and if the review requires a review appraiser to provide an opinion of value, the review appraiser must be licensed in Idaho.
Additionally, AMCs operating in Idaho also will be prohibited from employing or contracting with any appraisers who have had their license refused, denied, canceled, revoked or surrendered in lieu of revocation — unless the license was subsequently reinstated, the Appraisal Institute noted.