Section 47-14-22 – Disciplinary hearings.
The board shall conduct adjudicatory proceedings in accordance with the Uniform Licensing Act [61-1-1 to 61-1-31 NMSA 1978]; provided that: A. a written notice shall be satisfied by personal service on the controlling person of the registrant or the registrant’s agent for service of process in this state or by sending the notice by certified […]
Section 47-14-23 – Rulemaking authority.
The board may adopt rules that are reasonably necessary to implement, administer and enforce the provisions of the Appraisal Management Company Registration Act, including rules for obtaining copies of appraisals and other documents necessary to audit compliance with the Appraisal Management Company Registration Act. History: Laws 2009, ch. 214, § 23. ANNOTATIONS Effective dates. — […]
Section 47-14-10 – Controlling person.
Each appraisal management company applying to the board for registration in this state shall designate one controlling person that will be the main contact for all communication between the board and the appraisal management company. History: Laws 2009, ch. 214, § 10. ANNOTATIONS Effective dates. — Laws 2009, ch. 214 contained no effective date provision, […]
Section 47-14-11 – Controlling person requirements.
In order to serve as a controlling person of an appraisal management company, a person shall: A. certify to the board that the person has never had a certificate or a license issued by the board of this state, or the board of any other state, to act as an appraiser refused, denied, canceled or […]
Section 47-14-12 – Employee requirements.
A. Any employee of the appraisal management company, or any person working on behalf of the appraisal management company, that has the responsibility of selecting independent appraisers for the performance of real estate appraisal services for the appraisal management company or the responsibility of reviewing completed appraisals shall have geographic and product competence and be […]
Section 47-14-13 – Requirements; liability.
A. An appraisal management company registered in this state pursuant to the Appraisal Management Company Registration Act shall not enter into contracts or agreements with an independent appraiser for the performance of real estate appraisal services unless that person is licensed or certified in good standing pursuant to the Real Estate Appraisers Act [Chapter 61, […]
Section 47-14-14 – Pre-engagement certification.
Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis on a form prescribed by the board that the appraisal management company has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company […]
Section 47-14-15 – Adherence to standards.
Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis that it has a system in place to review the work of all independent appraisers that are performing real estate appraisal services for the appraisal management company on a periodic basis to ensure that the […]
Section 47-14-15.1 – Automated valuation models used to estimate collateral value for mortgage lending purposes.
A. Automated valuation models shall adhere to quality control standards designed to: (1) ensure a high level of confidence in the estimates produced by automated valuation models; (2) protect against the manipulation of data; (3) seek to avoid conflicts of interest; (4) require random sample testing and reviews; and (5) account for any other such […]
Section 47-14-16 – Recordkeeping.
Each appraisal management company seeking to be registered shall certify to the board on an annual basis that it maintains a detailed record of each service request that it receives and the independent appraiser that performs the real estate appraisal services for the appraisal management company. History: Laws 2009, ch. 214, § 16. ANNOTATIONS Effective […]