VaCAP has learned the Georgia Real Estate Appraisal Board is considering rescinding rule 539-1-.23. This rule is the customary and reasonable fee requirement to appraisers from appraisal management companies. The matter will be decided at a 9:30 AM Sunday July17, 2022 meeting. From the Georgia Real Estate Commission and Appraisal Board:
Purpose: In light of the recent decision and order In the Matter of Louisiana Real Estate Appraisers Board Before the Federal Trade Commission of the United States and to avoid even the appearance of anticompetitive conduct or the unreasonable restraint of price competition for appraisal services in Georgia, the proposed rule amendments rescind RULE 539-1-.23 (i). The Board recognizes that the statutory authority for the rule remains as a foundation if future action is deemed necessary.
Main Features: The proposed rule amendments rescind all sections of the existing rule that address appraisal management companies paying “customary and reasonable fees” to appraisers.
VaCAP supports the payment of customary and reasonable fees to all appraisers. Many appraisers and appraisal organizations fought hard to insure our law makers were well informed about abuses from appraisal management companies. Our lawmakers agreed with us and 15 U.S. Code § 1639e – Appraisal independence requirements was adopted into Federal Law.
Every Appraiser needs to be aware of this and support our fellow appraisers in Georgia. If Georgia is successful in rescinding customary and reasonable fees, will your state be next? VaCAP asks that each of you to forward this to every contact you have, post it on social media and provide a public comment to the Georgia Real Estate Appraisal Board.
Written comments should be received by July 5, 2022 and addressed to:
Frank Lynn Dempsey
Georgia Real Estate Appraisers Board,
Suite 1000 International Tower,
229 Peachtree Street, N. E.
Atlanta, Georgia 30303
Georgia Proposed Notice of Intent.
Proposed NOTICE OF INTENT 539-1-.23 Appraisal Management Companies C R 05 12 2022Federal Law
15 USC 1639e_ Appraisal independence requirements
No AMC is paying a C&R fee anyway. With Fannie Mae moving towards hybrids, desktop appraisals, and waivers they just want to eliminate the profession. Funny that Fannie Mae is allowed a monopoly.
There’s something wrong with this whole thing
The meeting is set for a Sunday morning at 9:30!!
Something stinks about this.
I had exactly same though Pat. Why on Sunday?
OMG Pat – you’re correct (Sunday)!
On such an important matter concerning the protection of the general public in conjunction
with the lowering of appraisal standards in general, (you get what you pay for) is just incredulous!
reminds me of the “document dumps” always on a Friday afternoon before a 3-day weekend holiday from the White House or the “Congressional Bills” getting passed through Congress in the “middle of the night.”
Little to no transparency..