The Appraisal Subcommittee of the Federal Financial Institutions Examination Council (ASC) recently published its final rule regarding the collection and transmission of annual AMC registry fees within the Federal Register.
According to the article’s summary, the ASC is adopting this final rule to implement the collection and transmission of annual AMC registry fees that are outlined in the Dodd-Frank Act. These fees are to be applied by state appraiser certifying and licensing agencies in states that have elected to register and supervise AMCs (pursuant to 12 U.S.C. 3353 and the regulations promulgated thereunder).
The final rule establishes the annual AMC registry fee in section 1109 of Title XI, and implements the collection and transmission of these fees – as required by section 1109. In addition, the final rule sets forth the ASC’s interpretation of the phrase “working for or contracting with” in order to calculate the annual registry fee.
This final rule will become effective on November 24, 2017.
For more information, check out the ASC’s article in the Federal Register.