§ 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 […]
§ 62-39-422. Alterations, Modifications and Changes to Completed Appraisals Prohibited — Providing Appraiser’s Digital Signature or Seal
An appraisal management company may not alter, modify, or otherwise change a completed appraisal report submitted by an appraiser by: Permanently removing the appraiser’s signature or seal; or Adding information to, or removing information from, the appraisal report with an intent to change the valuation conclusion. No registered appraisal management company may require an appraiser […]
§ 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.
§ 62-39-408. Registration Fees — Surety Bond
The commission shall establish by rule and regulation the fee to be paid by each appraisal management company seeking registration under this part, such that the sum of the fees paid by all appraisal management companies seeking registration under this section shall be sufficient for the administration of this part. The commission shall charge and […]
§ 62-39-409. Appraisal Management Company Ownership Restrictions
An appraisal management company applying for a registration in this state shall not be owned, in whole or in part, directly or indirectly, by: Any person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of revocation in any state for a substantive cause, […]
§ 62-39-410. Designated Controlling Person
Each appraisal management company applying to the commission for a registration in this state shall designate one (1) controlling person who will be the main contact for all communication between the commission and the appraisal management company. The designated controlling person pursuant to subsection (a) shall: Have never had a license or certificate to act […]
§ 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 […]