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Notice of Effective Date for New Rules for
Tennessee Real Estate Appraiser Commission
Pursuant to Tenn. Code Ann. § 4-3-1306(d), you are receiving this notice because you have elected to receive notification by e-mail of certain changes or potential changes to the law applicable to your profession.
The Tennessee Real Estate Appraiser Commission approved proposed rules at their regularly scheduled meeting conducted on July 11, 2017. These rules were filed with the Secretary of State on March 21, 2018 and will become effective on June 19, 2018. These rules have been filed as Proposed Rules and will be promulgated without a hearing ninety (90) days from the filing date unless a petition is received by at least ten (10) persons who will be affected by the rule, or submitted by a municipality which will be affected by the amendments, or an association of ten (10) or more members, or any standing committee of the General Assembly.
The proposed rules amend the current rules to implement changes to comply with federal requirements regarding Appraisal Management Companies (“AMC”). Specifically, the amendments include:
(1) An AMC must disclose if any person owning the entity has had a license or certificate to act as an appraiser refused, revoked or surrendered.
(2) An AMC must disclose certain convictions for any person that owns 10% or more of the AMC.
(3) Adding a definition of “good moral character.”
(4) Adding a specific civil penalty range for violations of T.C.A. § 62-39-427.
A full copy of these rules can be viewed online at http://publications.tnsosfiles.com/rules_filings/03-19-18.pdf
If you have any questions or concerns about these proposed rules, please contact Sarah Mathews, Assistant General Counsel, at (615) 741-3072 or electronically at Sarah.Mathews@tn.gov.
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