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 […]
Section 47-14-17 – Appraiser independence; prohibitions.
A. Appraisals shall be conducted independently and free from inappropriate influence and coercion pursuant to the appraisal independence standards established pursuant to the federal Truth in Lending Act. B. It is unlawful for any employee, director, officer or agent of an appraisal management company registered pursuant to the Appraisal Management Company Registration Act to influence […]
Section 47-14-18 – Payment; limits; disclosure; nontaxable transaction certificate.
A. The fees paid to an appraiser for completion of the appraisal shall not include a fee for management of the appraisal process or any activity other than the performance of the appraisal. B. An appraisal management company shall separately state the fees paid to an appraiser for appraisal services and the fees charged by […]
Section 47-14-19 – Appraisal reports; alteration; use.
An appraisal management company shall not: A. alter, modify or otherwise change a completed appraisal report submitted by an independent appraiser without the appraiser’s written knowledge and consent; or B. use an appraisal report submitted by an independent appraiser for any other transaction. History: Laws 2009, ch. 214, § 19. ANNOTATIONS Effective dates. — Laws […]
Section 47-14-20 – Adjudication of disputes between an appraisal management company and an independent appraiser.
A. An appraisal management company shall not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an independent appraiser without notifying the appraiser in writing of the reasons for the appraiser being removed from the appraiser panel of the appraisal management company. If the appraiser […]
Section 47-14-21 – Enforcement.
A. The board may censure an appraisal management company, conditionally or unconditionally suspend or revoke any registration issued under the Appraisal Management Company Registration Act, levy fines or impose civil penalties not to exceed twenty-five thousand dollars ($25,000) per violation if, in the opinion of the board, an appraisal management company is attempting to perform, […]
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 47-15-1 – Short title.
This act [47-15-1 to 47-15-8 NMSA 1978] may be cited as the “Mortgage Foreclosure Consultant Fraud Prevention Act”. History: Laws 2010, ch. 58, § 1. ANNOTATIONS Effective dates. — Laws 2010, ch. 58 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 19, 2010, 90 days after […]