264 CMR, § 13.05 - Renewal Procedure, National Registry Fee, and Calculation of Appraiser Panel Size

(1) All appraisal management company registrations shall expire on the date that is one year after the original registration with the Board and shall be known as the "registration expiration date."

(2) An AMC must renew its Board-issued registration by submitting to the Board a completed renewal form prescribed by the Board with the required renewal fees, including the national AMC registry fee for an AMC, no earlier than 60 days before the registration expiration date.

(3) Each AMC and AMC that operates as a subsidiary of a federally regulated financial institution shall pay to the Board an annual national AMC registry fee calculated as $25 multiplied by the number of appraisers on the AMC's appraiser panel who performed appraisals in connection with a covered transaction in Massachusetts for the 12-month period ending on the registration expiration date.

(4) For purposes of determining whether, within the twelve-month period ending on the registration expiration date, an appraisal management company oversees an appraiser panel of 16 or more state-certified or state-licensed appraisers in one state or 25 or more state-certified or state-licensed appraisers in two or more states under 264 CMR 13.05, the following rules shall be applied:

a. An appraiser is deemed part of the AMC's appraiser panel if the AMC has engaged the appraiser to perform one or more appraisals on behalf of a creditor for a covered transaction or secondary market participant in connection with covered transactions at any time during the twelve-month period ending on the registration expiration date.

b An appraiser who is deemed part of the AMC's appraiser panel pursuant to 264 CMR 13.05(4)(a) is deemed to remain on the panel until the date on which the AMC:

1. Sends written notice to the appraiser removing the appraiser from the appraiser panel, with an explanation of its action; or

2. Receives written notice from the appraiser asking to be removed from the appraiser panel or notice of the death or incapacity of the appraiser.

3. If an appraiser is removed from an AMC's appraiser panel pursuant to 264 CMR 13.05(4)(b)(ii), but the AMC subsequently accepts the appraiser for consideration for future assignments or engages the appraiser at any time during the 12 months after the AMC's removal, the removal will be deemed not to have occurred, and the appraiser will be deemed to have been part of the AMC's appraiser panel without interruption.

Notes

264 CMR, § 13.05

Adopted by Mass Register Issue 1510, eff. 12/8/2023.