News from the Alaska State Legislature, the Office of Senator Meyer
For Immediate Release: July 24, 2018

New Law Protects Alaska’s Real Estate Market

Meyer_stamp.jpgSenator Kevin Meyer
  ~ Send Email
  ~ Web Site

ANCHORAGE – Today, a bill ensuring that companies in the business of helping Alaskans appraise real estate can continue to operate was signed into law. 

SB 155, sponsored by Sen. Kevin Meyer (R-Anchorage), puts Alaska in compliance with federal law by requiring the regulation of Appraisal Management Companies (AMC) by the Board of Certified Real Estate Appraisers. These regulations include establishing minimum standards, mandatory reporting, retention of records and inspection, prohibited practices, and disciplinary proceedings. The law also institutes registry fees, which are required by federal law and passed on to the federal government.

An AMC is an independent entity through which mortgage lenders order residential real estate valuation services for properties they are considering extending loans to homebuyers. AMCs fulfill an administrative function in the appraisal process. They select an appraiser and deliver the appraisal report to the lender. Individual appraisers who work for AMCs provide the actual property valuation services.

“SB 155 aims to promote public trust and consumer protection and establish oversight and enforcement where there is none today,” said Sen. Meyer. “Without this legislation, AMCs will no longer be allowed to operate in Alaska, which will have an adverse economic impact on Alaskans by stalling or ceasing certain lending institutions from issuing residential mortgages to Alaskans.”

AMCs existed before the 2008 global financial crisis, and today they play an increasingly important role as a third-party service provider in the consumer mortgage process. AMCs have become popular with lenders across the country to ensure federal and state regulatory compliance and independence between lenders and appraisers.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires that states enact comprehensive AMC oversight and registration programs by August 10, 2018.

Alaska is one of only four states, plus the District of Columbia, that does not have comprehensive laws regulating AMCs. The other states are in the process of passing laws during this legislative cycle. Without the law, Alaskans will not be able to receive Fannie Mae and Freddie Mac backed mortgages.

For more information, contact Senate Majority Press Secretary Daniel McDonald at (907) 269-0147.


icon-facebook.png Share Share this on Twitter Tweet

News & Videos more >

Senator Peter Micciche

Schools Gain New Tool to Fill Vacancies

Today Governor signed a bill allowing school districts to temporarily fill vacancies with qualified retired teachers.  Full Story >>

Senator Cathy Giessel

Senators Respond to Salmon Initiative Decision

Today the Alaska Supreme Court ruled that major portions of Ballot Measure #1 may appear on November’s general election ballot, despite striking down other un-constitutional...  Full Story >>

Senator David Wilson

New Alaska Law Improves Behavioral Healthcare, Saves Money

ANCHORAGE – Today, a bill to increase Alaskans’ access to affordable behavioral healthcare and save state dollars was signed into law.  Full Story >>

Senator Kevin Meyer

New Law Protects Alaska’s Real Estate Market

ANCHORAGE – Today, a bill ensuring that companies in the business of helping Alaskans appraise real estate can continue to operate was signed into law.  Full Story >>

Senator Peter Micciche

Bill Ensuring Clean Air in the Workplace Becomes Law

ANCHORAGE – A bill to protect Alaskans from the adverse health effects of secondhand smoke in the workplace was signed into law this week by Gov. Bill Walker....  Full Story >>

Senator Bert Stedman

Sen. Stedman Sends Criminal Referral for Leak of Confidential Audit

ANCHORAGE – Today, Sen. Bert Stedman (R-Sitka), chairman of the Legislative Budget & Audit Committee, sent the Department of Law a criminal referral for the unauthorized leak of a...  Full Story >>

Senator Bert Stedman

Sen. Stedman Accepts Appointment to National Petroleum Council

ANCHORAGE – Sen. Bert Stedman (R-Sitka) today announced he will serve on the National Petroleum Council (NPC) following his appointment to the board by the Secretary of the Department...  Full Story >>

Senator Peter Micciche

Bill to Reduce Regulatory Burden on Working Alaskans Becomes Law

ANCHORAGE – A bill to reduce the state’s regulatory burden on barbers, hairdressers, hair braiders and those with student loans was signed into law today by Gov. Bill Walker....  Full Story >>

Senator Pete Kelly

Senate Adjourns Sine Die

JUNEAU – The Alaska Senate today adjourned the second session of the 30th Alaska Legislature, sine die.  Full Story >>

Senator Pete Kelly

Legislature Restores Private Property Rights in Dalton Highway Corrido

JUNEAU – The Alaska Legislature today passed a bill to restore access rights to private homesteaded property owners in the James Dalton Highway corridor.  Full Story >>

Find your Senator full map