Adds to existing law to provide that appraisal management companies shall register with the Real Estate Appraiser Board and to provide requirements for registration.

Relatingtoappraisalmanagementcompanies(AMC)'s. Thislegislationcreatesanoversightsystem for AMC's that do business in Idaho. In most residential real estate transactions, the lender must have an independent appraisal of the property to ensure an accurate, objective valuation. An AMC is often the entity that provides this independence, contracting with an appraiser to perform the appraisal. Without this legislation in place by December of 2018, lenders in federally-related residential real estate transactions such as the Veteran's Administration, Fannie Mae and others, will not be able to use most AMC's. This could result in disruption and delays to consumers, realtors, appraisers and lenders in residential real estate loan transactions.