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Virginia General Assembly approves amendments regarding Appraiser Board’s oversight of AMCs
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New amendments have been made to Virginia H.B. 762, which has been approved by the Virginia General Assembly and awaits the signature of the governor.
The bill includes changes in language that provide Virginia’s Real Estate Appraiser Board with more flexibility to effectuate provisions of the state’s law pertaining to its handling of appraisal management companies (AMCs) and require that AMCs operating in the state obtain a license from the Real Estate Appraiser Board in order to conduct business. The bill also increases the required bond amount and letter of credit amount for each applicant for licensure from $25,000 to $100,000.
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