§ 62-39-423. Unique Registration Number — Publication of List of Registrations — Disclosure of Registration Number
The commission shall issue a unique registration number to each appraisal management company. The commission shall publish a list of the appraisal management companies that have registered pursuant to this part and have been issued a registration number. An appraisal management company shall be required to disclose the registration number on each engagement letter utilized […]
§ 62-39-424. Removal of an Appraiser From Appraiser Panel
An appraisal management company may not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an appraiser without: Notifying the appraiser in writing of the reasons why the appraiser is being removed from the appraiser panel of the appraisal management company; If the appraiser is […]
§ 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 […]
§ 62-39-411. Appraisal Management Company Restrictions
An appraisal management company that applies to the commission for registration to do business in this state as an appraisal management company or a financial institution qualified under § 62-39-404(1) shall not: Employ any person directly involved in appraisal management services who has had a license or certificate to act as an appraiser in Tennessee […]
§ 62-39-412. Assignments — Disclosures
Prior to placing an assignment, for real estate appraisal services within this state, with an appraiser on the appraiser panel of an appraisal management company, the appraisal management company shall have a system in place to verify that the appraiser receiving the assignment holds a credential in good standing in this state. Letters of engagement […]
§ 62-39-413. License Requirement for Employees and Independent Contractors — Declining Letters of Engagement
Any employee or independent contractor of the appraisal management company who performs an appraisal review service on an appraisal done on real property located within Tennessee must be an individual who holds a license as defined in § 62-39-102 or certification as defined in § 62-39-102. Letters of engagement shall include instructions to the appraiser […]
§ 62-39-414. Biennial Certification of System and Process of Verification of Licensure of Individual Being Added to Appraiser Panel
Each appraisal management company seeking to be registered shall certify to the commission on a biennial basis on a form prescribed by the commission that the appraisal management company has a system and process in place to verify that an individual being added to the appraiser panel for appraisal services within Tennessee of the appraisal […]
§ 62-39-415. Biennial Certification of System and Process of Verification of Licensure of Individual to Whom Appraisal Management Company Is Making Assignments
Each appraisal management company seeking to be registered shall certify to the commission on a biennial basis on a form prescribed by the commission that the appraisal management company has a system in place to verify that an individual to whom the appraisal management company is making assignments for the completion of appraisals has not […]
§ 62-39-406. Length of Validity of Registration
Registration shall be valid for two (2) years from its issuance.
§ 62-39-407. Completion of Irrevocable Uniform Consent to Service of Process
Each entity applying for a registration as an appraisal management company in Tennessee shall complete an irrevocable uniform consent to service of process, as prescribed by the commission.