New State of Michigan Appraisal Management Company Licensing Requirements

New State of Michigan Appraisal Management Company Licensing Requirements

Contact: Melanie Brown 517-373-9280

Agency: 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:

•             Directly or indirectly engage or attempt to engage in business as an AMC.

•             Directly or indirectly perform or attempt to perform appraisal management services.

•             Advertise or hold itself out as engaging in or conducting business as an AMC.

•             Use the term “appraisal management company,” “mortgage technology company,” or any similar term that indicates the person is licensed under the Occupational Code.

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.

For more information about LARA, please visit www.michigan.gov/lara

Follow us on Twitter www.twitter.com/michiganLARA

“Like” us on Facebook or find us on YouTube www.youtube.com/michiganLARA

NOCBOR

4400 W. WALTON BLVD

WATERFORD, MI 48329

248-674-4080