Sec. 08.87.130. Registration required.
(a) A person shall register as a real estate appraisal management company with the board to perform appraisal management services if the person (1) provides an appraisal management service (A) to a creditor or secondary mortgage market participant, including an affiliate; and (B) in connection with valuing a borrower’s principal dwelling as security for a […]
Sec. 08.87.135. Requirements for registration of real estate appraisal management companies.
(a) The board shall register a real estate appraisal management company operating in the state if the company applies on a form approved by the board, pays the fee required under AS 08.01.065, and presents evidence satisfactory to the board that the company (1) has designated a controlling person who will be the main point […]
Sec. 08.87.140. Mandatory reporting.
A real estate appraisal management company or a controlling person, employee, director, officer, or agent of a real estate appraisal management company that has reasonable cause to believe that a real estate appraiser has failed to comply with the Uniform Standards of Professional Appraisal Practice as adopted under 12 U.S.C. 3339 in a manner that […]
Sec. 08.87.145. Statement of fees.
(a) When reporting to a borrower, an appraisal management company shall separately state the fees (1) paid to an appraiser for the completion of an appraisal; and (2) charged to the borrower for appraisal management services by the appraisal management company. (b) An appraisal management company may not include any fees for appraisal services listed […]
Sec. 08.87.150. Retention of records and inspection.
A registered real estate appraisal management company or a real estate appraisal management company that has applied for registration shall allow the board to inspect and shall retain, for not less than the later of either five years after the date a file is submitted to the company or two years after final disposition of […]
Sec. 08.87.155. Reporting requirements for federally regulated real estate appraisal management companies.
(a) A real estate appraisal management company that is owned and controlled by an insured depository institution as defined in 12 U.S.C. 1813 and regulated by the United States Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation, shall annually submit to the board information […]
Sec. 08.87.160. Exemptions.
AS 08.87.130 – 08.87.150, 08.87.215, and 08.87.220 do not apply to a (1) person who is employed by a department or division of an entity that provides appraisal management services only to that entity; (2) real estate appraisal management company that is (A) owned and controlled by an insured depository institution; and (B) regulated by […]