The rules established by the Louisiana Real Estate Appraisal Board, the regulatory body that oversees property appraisals in the state, violate federal antitrust laws and stifle competition for appraisal services due to strict requirements to adhere to a “customary and reasonable” appraisal fee schedule, according to the Federal Trade Commission.
On Wednesday, the FTC filed a complaint against the Louisiana Real Estate Appraisal Board, accusing the group of “unreasonably restraining price competition for appraisal services in Louisiana” by stipulating that appraisal management companies must follow the state’s established polices for the fees that AMC’s (Asset Management Company) pay to appraisers.
According to the FTC, Louisiana’s rules go well beyond the rules established in the Dodd-Frank Wall Street Reform and Consumer Protection Act, which require appraisal management companies to pay “a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised.”
The FTC alleges that the Louisiana Real Estate Appraisal Board required appraisal fees to be equal to or greater than the median fees identified in survey reports commissioned and published by the board.
According to the FTC, the Louisiana board exceeded its authority by investigating and sanctioning companies that paid fees below those specified levels.
Full Content: Sat Press News
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Dismisses Antitrust Lawsuit Against Ivy League Over Athletic Scholarships
Oct 11, 2024 by
CPI
FTC and DOJ Revamp Merger Guidelines to Identify Illegal Transactions More Efficiently
Oct 11, 2024 by
CPI
US Consumer Watchdog Eyes Expansion of ‘Junk Fee’ Crackdown Ahead of 2024 Election
Oct 10, 2024 by
CPI
Brazil Proposes Reform to Competition Law Targeting Big Tech
Oct 10, 2024 by
CPI
Meta Enhances User Data Control, Resolving German Antitrust Dispute
Oct 10, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Refusal to Deal
Sep 27, 2024 by
CPI
Antitrust’s Refusal-to-Deal Doctrine: The Emperor Has No Clothes
Sep 27, 2024 by
Erik Hovenkamp
Why All Antitrust Claims are Refusal to Deal Claims and What that Means for Policy
Sep 27, 2024 by
Ramsi Woodcock
The Aspen Misadventure
Sep 27, 2024 by
Roger Blair & Holly P. Stidham
Refusal to Deal in Antitrust Law: Evolving Jurisprudence and Business Justifications in the Align Technology Case
Sep 27, 2024 by
Timothy Hsieh