The Board proposes the promulgation of this rule to create a rule for the federally regulated appraisal management company annual report and notification.

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Florida Real Estate Appraisal Board

RULE NO.:RULE TITLE:

61J1-2.0026Federally Regulated Appraisal Management Company Annual Report and Notification.

PURPOSE AND EFFECT: The Board proposes the promulgation of this rule to create a rule for the federally regulated appraisal management company annual report and notification.

SUMMARY: A rule will be created for the federally regulated appraisal management company annual report and notification.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: During discussion of the economic impact of this rule at its meeting, the Board, based upon the expertise and experience of its members, determined that a Statement of Estimated Regulatory Costs (SERC) was not necessary and that the rule will not require ratification by the Legislature. No person or interested party submitted additional information regarding the economic impact at that time.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 475.614, 475.621, 475.6235 FS.

LAW IMPLEMENTED: 475.621 FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Allison McDonald, Executive Director, Florida Real Estate Appraisal Board, 400 West Robinson Street, #N801, Orlando, FL 32801.

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

61J1-2.0026 Federally Regulated Appraisal Management Company Annual Report and Notification.

(1) The purpose of the Annual Report is to calculate and collect, if appropriate, the Appraisal Management Company National Registry fee.

(2) In accordance with the provisions contained in 12 U.S.C. 3338, on an annual basis, each authorized representative or controlling person of a Federally Regulated Appraisal Management Company (AMC) registered with the State shall submit an Annual Report and Notification to the Department on FREAB Form 6, Federally Regulated Appraisal Management Company - Annual Report and Notification Form (effective 8/2019), hereby adopted and incorporated by reference, which can be obtained from http://www.flrules.org/Gateway/reference.asp?No=Ref-_____or http://myfloridalicense.com/dbpr/re/documents/FREAB6.pdf.

(3) The Annual Report shall include:

(a) identifying information for the AMC;

(b) the number of appraisers who have performed an appraisal for the AMC in connection with a covered transaction in the State during the previous year, or from the commencement of business for AMCs not in existence for the entire previous year.

(4) The annual basis shall be the period from October 1 to September 30 of each calendar year.

(5) Beginning in November 2019, the Annual Report and Notification and AMC National Registry fee shall be due by November 30 of each calendar year.

(6) An AMC who does not timely submit an Annual Report and/or the AMC National Registry Fees shall not appear on the AMC National Registry as eligible to operate in Florida.

Rulemaking Authority 475.614, 475.621, 475.6235 FS. Law Implemented 475.621 FS. History‒New _____________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Florida Real Estate Appraisal Board

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Florida Real Estate Appraisal Board

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: August 5, 2019

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: September 9, 2019