New York enacts program for comprehensive AMC registration and oversight.

New York Gov. Andrew Cuomo on Dec. 28 signed S. 9080, legislation that enacts a comprehensive appraisal management company registration and oversight program that's intended to bring the state into compliance with portions of the Dodd-Frank Act and the federal minimum requirements for AMCs promulgated by the federal bank regulatory agencies.

AMCs operating in New York will be prohibited from imposing unreasonable turnaround times and will be required to pay appraisers within 30 days of the date the appraisal is transmitted to the AMC. They also will be required to compensate appraisers in accordance with the reasonable and customary fee provisions contained in the...