Massachusetts General Laws ch. 112 sec. 277 – Appraisal management companies; registration required
Section 277. (a) No person shall directly or indirectly: (i) engage or attempt to engage in business as an appraisal management company; or (ii) engage in or attempt to perform appraisal management services or to advertise or hold the individual or entity out as engaging in or conducting business as an appraisal management company without first being registered by the board under sections 276 to 289, inclusive, regardless of the person’s use of the term ”appraisal management company”, ”mortgage technology company” or any other name.
Terms Used In Massachusetts General Laws ch. 112 sec. 277
- Appraisal: A determination of property value.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) Sections 276 to 289, inclusive, shall not apply to:
(i) an agency of the federal government or any state or municipal government;
(ii) an appraisal management company that is owned and controlled by an insured depository institution as defined in 12 U.S.C. § 1813 and regulated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System or the Federal Deposit Insurance Corporation; or
(iii) a licensed real estate broker or salesperson performing activities in accordance with subsection B of section 174; provided, however, that this exemption shall not apply to a real estate broker who receives compensation of any kind in connection with the referral or placement of an appraisal assignment.
(c) An appraiser shall not perform appraisal services for real property located in the commonwealth for an appraisal management company that is not registered under sections 276 to 289, inclusive, unless exempt from licensing under subsection (b). An appraiser who relies upon the written assurance of an appraisal management company regarding its registration status shall not be subject to disciplinary action by the board.