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 47-14-2 – Definitions.
As used in the Appraisal Management Company Registration Act: A. “appraisal” means the act or process of developing an opinion of the value of real property in conformance with the uniform standards for professional appraisal practice published by the appraisal foundation; B. “appraisal foundation” means the appraisal foundation incorporated as an Illinois not-for-profit corporation on […]
Section 47-14-3 – Registration required.
A. It is unlawful for a person, corporation, partnership, sole proprietorship, subsidiary, limited liability company or any other business entity to, directly or indirectly, engage or attempt to engage in business as an appraisal management company, to, directly or indirectly, engage or attempt to perform appraisal management services or to advertise or hold itself out […]
Section 47-14-3.1 – Bonding requirements.
A. In order to qualify for registration or renewal of registration, an appraisal management company shall maintain a bond underwritten by a corporate surety authorized to transact business in New Mexico, or other equivalent means of security. The board shall set by rule the amount and conditions of the surety bond or other equivalent means […]
Section 47-14-3.2 – Criminal background checks.
A. The board may adopt rules that provide for criminal background checks for all licensees to include: (1) requiring criminal history background checks of applicants for licensure pursuant to the Appraisal Management Company Registration Act; (2) requiring applicants for licensure to be fingerprinted; (3) providing for an applicant who has been denied licensure to inspect […]
Section 47-14-4 – Exemptions.
The Appraisal Management Company Registration Act is not applicable to: A. a corporation, partnership, sole proprietorship, subsidiary, limited liability company or other business entity that employs persons on an employer and employee basis exclusively for the performance of real estate appraisal services in the normal course of its business and the entity is responsible for […]