Appraisal Management Company
The Kansas AMC (Appraisal Management Company) legislation was passed by the 2012 Kansas Legislature and became law on July 1, 2012. Any AMC conducting business in the state of Kansas must register with the Kansas Real Estate Appraisal Board (KREAB) by October 1, 2012.
An Appraisal Management Company (AMC) is any individual, firm, partnership, association, corporation, limited liability company, or any other business entity that:
(1) acts as an external third party authorized:
- by creditor of a consumer credit transaction that is secured by a consumer’s principal dwelling, or
- by an underwriter of or other principal in the secondary mortgage markets,
(2) that performs appraisal management services, and
(3) that oversees an appraiser panel of
- more than 15 appraisers who are certified or licensed in Kansas, or
- a total of 25 or more appraisers who are certified or licensed in Kansas and any other jurisdiction.
Appraisal management services is performing or attempting to perform, directly or indirectly, any one or more of the following functions on behalf of a lender, financial institution, client, or any other person:
- administering an appraisal panel of independent contract appraisers (not employees)
- recruiting, qualifying, verifying licensing or certification and negotiating fees and service level expectations with any person who is part of an appraiser panel
- receiving an order for an appraisal from one entity and delivering the order for the appraisal to an appraiser that is part of an appraiser panel for completion,
- tracking and determining the status of orders for appraisals,
- conducting quality control of a completed appraisal prior to the delivery of the appraisal to the person that ordered the appraisal, or
- submitting a completed appraisal performed by an appraiser to one or more clients.
If your business meets any of this criteria and will be doing business in Kansas, you must submit the AMC Registration Application and the Controlling Person-Owner form along with all applicable fees. Click here to view/download the forms. View the AMC statutes and regulations under the Resources tab of this website.
AMC Renewal Information
Appraisal Management Company registration expires on September 30 of each year and renewal applications are due no later than that date to avoid a late fee. AMC’s not renewed by September 30 will expire; late renewals are accepted through December 31 of each year. If the registration is not renewed within 90 days of expiration, the registration is cancelled, and the AMC must reapply entirely.
The renewal fee is $1100 plus $25 national registry fee per Kansas panel appraisers used in the preceding registration period (July 1 of previous year through August 1 of current year). The late fee is $100 is applicable for all renewals received after September 30.
The renewal cycle opens approximately sixty (60) days prior to expiration. Renewal reminder emails are sent when the renewal becomes available and include instructions for renewal and the prescribed renewal form, which may be submitted by mail or via email.