The AMC Registry is a national database of Appraisal Management Companies (AMCs) that is maintained by the Appraisal Subcommittee (ASC) to facilitate the sharing of information between states that regulate AMCs. The AMC Registry is also open to the public and may be used by clients and consumers to view certain information about an AMC. The ASC previously adopted rules requiring AMCs to report certain information to the states for inclusion on the AMC Registry. These ASC rules also require states to collect the annual AMC Registry fees from AMCs and transmit those fees to the ASC.
At its recent meeting on September 6, 2019, TALCB proposed a rule to implement procedures for AMCs to report the required information and pay the annual AMC Registry fees.
Under the proposed rule, all AMCs registered with TALCB and any federally regulated AMC operating in Texas will be required to access an online portal, available through the TALCB website, to report the required information and pay the applicable annual AMC Registry fees. Each AMC must answer a series of questions to determine if the AMC is eligible for inclusion on the AMC Registry and report the number of AMC panel members who performed work on a covered transaction during the previous calendar year. If the AMC is eligible for inclusion on the AMC Registry, the portal will calculate and collect the required annual AMC Registry fee.
TALCB will consider adoption of the proposed rule at its next meeting on November 15, 2019. If the rule is adopted, the online portal will open on January 1, 2020, and AMCs must access the portal and submit the required information and the annual AMC Registry fee to TALCB no later than March 31, 2020. AMCs who do not submit the required information and fees to TALCB by March 31, 2020, may be subject to late fees and/or disciplinary action.
TALCB will provide notice and additional information to AMCs about these procedures after the Board meeting on November 15th.