New law affects appraisal management company licensure fees

A few tweaks have been made to laws governing appraisal management companies’ licensure fees.

Under a new law that takes effect Aug. 1, 2020, it adds that an applicant for an appraisal management company license will be required to provide necessary information to the Commerce Department to collect and transmit National Registry Fees.

Additionally, the law requires the department to collect and transmit from appraisal management companies any fees and information required by the National Registry’s Appraisal Subcommittee.

Rep. John Huot (DFL-Rosemount) and Sen. Karin Housley (R-St. Marys Point) sponsor the law.

HF3341/SF3435*/CH94

SF3435* / HF3341 / CH94