18VAC130-30 Appraisal Management Company Regulations

NOTICES OF INTENDED REGULATORY ACTION

Vol. 29 Iss. 7 - December 03, 2012

TITLE 18. PROFESSIONAL AND OCCUPATIONAL LICENSING

REAL ESTATE APPRAISER BOARD

Chapter 30

Notice of Intended Regulatory Action

Notice is hereby given in accordance with § 2.2-4007.01 of the Code of Virginia that the Real Estate Appraiser Board intends to consider promulgating 18VAC130-30, Appraisal Management Company Regulations. The purpose of the proposed action is to establish definitions, qualifications, fees, and standards of practice and conduct for appraisal management companies. The new regulation is required to implement Chapter 405 of the 2012 Acts of Assembly, which resulted from HB 210.

The agency is seeking comments on this regulatory action including, but not limited to (i) ideas to be considered in the development of this proposal, (ii) the costs and benefits of the alternatives stated in the Agency Background Document or other alternatives, and (iii) potential impacts of the regulation. The agency is also seeking information on impacts on small businesses as defined in § 2.2-4007.1 of the Code of Virginia. Information may include (i) projected reporting, recordkeeping, and other administrative costs; (ii) the probable effect of the regulation on affected small businesses; and (iii) the description of less intrusive or costly alternatives for achieving the purpose of the regulation.

Anyone wishing to submit comments may do so via the Regulatory Town Hall website (http://www.townhall.virginia.gov) or by mail, email, or fax to Christine Martine, Executive Director, Virginia Real Estate Appraiser Board, 9960 Mayland Drive, Suite 400, Richmond, VA 23233, 804-367-8552, [e-mail], fax [phone]. Written comments must include the name and address of the commenter. In order to be considered, comments must be received by midnight on the last day of the public comment period.

The agency intends to hold a public hearing on the proposed action after publication in the Virginia Register. Notice of the hearing also will be posted on the Virginia Regulatory Town Hall website (http://www.townhall.virginia.gov) and on the Commonwealth Calendar website (http://www.virginia.gov/cmsportal3/cgi-bin/calendar.cgi). Both oral and written comments may be submitted at that time.

The agency is using the participatory approach in the development of the proposal. Pursuant to Public Participation Guidelines, 18VAC130-11, a panel will not be used.

Statutory Authority: §§ 54.1-201 and 54.1-2013 of the Code of Virginia.

Public Comment Deadline: January 2, 2013.

Agency Contact: Christine Martine, Executive Director, Real Estate Appraiser Board, 9960 Mayland Drive, Suite 400, Richmond, VA 23233, telephone [phone], FAX [phone], or email [e-mail].

VA.R. Doc. No. R13-3435; Filed November 2, 2012, 9:17 a.m.