§ 62-39-426. Adjudicatory Proceedings
The conduct of adjudicatory proceedings in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for violations of this part is vested in the commission; provided: Before censuring any registrant, or suspending or revoking any registration, the commission shall notify the registrant in writing of any charges made at least twenty […]
§ 62-39-427. Power and Authority of Commission
In addition to all other powers and authority provided by this chapter or other applicable law, the commission shall have the power to: Conduct investigations of an AMC to assess potential violations of applicable appraisal-related laws, regulations, or orders; Discipline, suspend, terminate, or deny renewal of the registration of an AMC that violates applicable appraisal-related […]
§ 62-39-428. Requirements for Certain Amcs
All AMCs operating in this state that are not owned and controlled by an insured depository institution and are not regulated by a federal financial institution’s regulatory agency shall: Register with and be subject to supervision by the commission, unless otherwise exempt; For appraisals in this state, engage only state-certified or state-licensed appraisers holding a […]
§ 62-39-425. Grounds for Censure, Suspension or Revocation of Registration
The commission may censure an appraisal management company, conditionally or unconditionally suspend or revoke any registration issued under this part or impose administrative fines not to exceed the maximum allowable amount defined by the state of Tennessee, if an appraisal management company is: Knowingly committing any act in violation of this part; Violating any rule […]
§ 62-39-416. Biennial Certification of System for Periodic Appraisal Review
Each registered appraisal management company shall certify to the commission on a biennial basis that it has a system in place to perform an appraisal review on a periodic basis of the work of all appraisers who are performing appraisals in Tennessee for the appraisal management company to validate that the appraisals are being conducted […]
§ 62-39-417. Biennial Certification of Maintenance of Detailed Records
Each appraisal management company registered or seeking to be registered must certify to the commission biennially that it maintains a detailed record of each service request for appraisal services within this state that it receives and of each appraiser who performs an appraisal for the appraisal management company in this state. The commission may examine […]
§ 62-39-418. Appraiser Allowed to Record Fee Appraiser Paid for Appraisal — Separate Statement to Client
An appraisal management company shall not prohibit an appraiser who is part of an appraiser panel from recording the fee that the appraiser was paid by the appraisal management company for the performance of the appraisal within the appraisal report that is submitted by the appraiser to the appraisal management company. An appraisal management company […]
§ 62-39-419. Improper Influence — Proper Requests for Information
No employee, director, officer, or agent of an appraisal management company shall influence or attempt to influence the development, reporting, or review of an appraisal through coercion, extortion, collusion, inducement, intimidation, bribery or in any other manner, including but not limited to: Withholding or threatening to withhold timely payment for an appraisal, except in cases […]
§ 62-39-420. Prohibited Requirements
An appraisal management company shall not: Require an appraiser to modify any aspect of an appraisal report unless the modification complies with § 62-39-419; Require an appraiser to prepare an appraisal if the appraiser, in the appraiser’s own independent professional judgment, believes the appraiser does not have the necessary expertise for the assignment or for […]
§ 62-39-421. Payment Deadlines to Appraisers
Each appraisal management company shall, except in cases of breach of contract or substandard performance of services, make payment to an appraiser for the completion of an appraisal or valuation assignment within sixty (60) days, unless a mutually agreed upon alternate payment schedule exists, from when the appraiser transmits or otherwise provides the completed appraisal […]