Michigan Department of Licensing and Regulatory Affairs

Today at 2:39 PM
Below you will find a press release issued by the Department regarding Appraisal Management Company licensing,
we are aware there may be some concerns about the timeframe of license issuance and the continuation of work by
appraisers. The State is not currently seeking enforcement action against any AMCs or an appraiser working for an
AMC. If, after reading the press release, you have specific questions you may contact the Corporations, Securities &
Commercial Licensing Bureau, Licensing Division at 517-241-9288 or emailbcslic@michigan.gov.
Thank you for your commitment to making Michigan work!

New State of Michigan Appraisal Management Company
Licensing Requirements

Contact: Melanie Brown 517-373-9280
Agency: Licensing and Regulatory Affairs

May 28, 2014 - On December 27, 2012, Gov. Rick Snyder signed
into law House Bill 4975 of 2011 which became PA 505 of 2012,
effective April 1, 2014. This new law makes it mandatory for
appraisal management companies (AMC) to be licensed in
Michigan for the first time.
Section 2663 of the Occupational Code, MCL 339.2663, provides
that a person shall not do any of the following in this state without
an AMC license:
Directly or indirectly engage or attempt to engage in business as
an AMC.
Directly or indirectly perform or attempt to perform appraisal
management services.
Advertise or hold itself out as engaging in or conducting business
as an AMC.
Use the term appraisal management company, mortgage
technology company, or any similar term that indicates the
person is licensed under the Occupational Code.
Currently, the Corporations, Securities and Commercial Licensing
Bureau (CSCL) in the Department of Licensing and Regulatory
Affairs is reviewing applications and issuing licenses to applicants
who meet the AMC licensing requirements, as defined in section
2665 of the Occupational Code, MCL 339.2665.
As of May 27, 2014, CSCL has received 106 applications for
licensure and has issued 56 licenses. If an incomplete
application was received, a deficiency notice was sent to the
applicant. Since this law went into effect, there have been no
complaints and there are no open investigations regarding AMCs.
An application for licensure may be downloaded from
the www.michigan.gov/amcwebsite by clicking on Forms and
Publications on the right-hand side. The fee for a three-year
license is $2,000.00.
For more information about LARA, please visit www.michigan.gov/lara
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