32-3661. Definitions In this article, unless the context otherwise requires: 1. " Appraisal" means the act or process of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice published by the appraisal foundation, or any other definition used in state or federal laws. 2. " […]
32-3662. Registration A. A person shall not directly or indirectly engage or attempt to engage in business as an appraisal management company, directly or indirectly perform or attempt to perform appraisal management services or advertise or hold itself out as engaging in or conducting business as an appraisal management company without first obtaining a registration […]
32-3663. Exemptions This article does not apply to: 1. A department or unit within a financial institution that is subject to direct regulation by an agency of the United States government or of this state and that receives requests for the performance of real estate appraisals from the financial institution and then assigns such requests […]
32-3664. Registration forms An applicant for initial and renewal registration as an appraisal management company shall submit to the deputy director an application on a form prescribed by the deputy director.
32-3665. Expiration of registration An initial registration granted by the department pursuant to this article is valid for one year after the date on which it is issued. Registration renewals are valid for two years.
32-3666. Consent to service of process Each entity applying for registration as an appraisal management company shall complete and execute an irrevocable consent to service of process form as prescribed by the deputy director.
32-3667. Fee; bond A. The deputy director shall establish the fee for appraisal management company registration by rule. B. The appraisal management company shall show proof of a surety bond of at least $20, 000 but not more than $50, 000.
32-3668. Owner requirements A. An appraisal management company applying for registration may not be owned by a person or have any principal of the company who has had any financial, real estate or mortgage lending industry license or certificate refused, denied, canceled, revoked or voluntarily surrendered in this state or in any other state. This […]
32-3669. Controlling person requirements A. Each appraisal management company applying to the deputy director for registration in this state shall designate one controlling person who will be the main contact for all communication between the deputy director and the appraisal management company. B. To serve as a controlling person of an appraisal management company, a […]
32-3670. Employee requirements Any employee of an appraisal management company, or any person working on behalf of an appraisal management company, who has the responsibility of selecting independent appraisers for the performance of real property appraisal services for the appraisal management company or providing appraisal review services on a completed appraisal, shall be appropriately trained […]
32-3671. Agreements with independent appraisers; limitations An appraisal management company registered in this state pursuant to this article may not enter into contracts or agreements with an independent appraiser for the performance of real property appraisal services in this state unless that person is licensed or certified in good standing with the deputy director.
32-3672. Certification on registration renewal Each appraisal management company seeking registration renewal in this state shall certify to the deputy director on a form prescribed by the deputy director that the appraisal management company has complied with all of the following: 1. Has a system and process in place to verify that a person being […]
32-3673. Disclosure of fees A. The appraisal management company shall not prohibit the appraiser from reporting in the appraisal report the fee paid to the appraiser. B. The appraiser shall disclose the fee paid for an appraisal report ordered by an appraisal management company in the scope of work section in the appraisal report.
32-3674. Appraiser independence; prohibitions A. Any employee, director, officer or agent of an appraisal management company registered pursuant to this article shall not influence or attempt to influence the development, reporting or review of an appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery or any other manner, including: 1. Withholding or threatening to withhold […]
32-3675. Payment Except in cases of breach of contract or substandard performance of services, each appraisal management company shall make payment to an independent appraiser for the completion of an appraisal or valuation assignment within forty-five days after the date on which the independent appraiser transmits or otherwise provides the completed appraisal or valuation study […]
32-3676. Appraisal reports; alteration; use An appraisal management company shall not: 1. Alter, modify, revise or otherwise change a completed appraisal report submitted by an independent appraiser, including removing the signature of the appraiser. 2. Use an appraisal report submitted by an independent appraiser for any purpose other than the intended use stated in the […]
32-3677. Review of disputes A. An appraisal management company shall not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real property 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 […]
32-3678. Censure, suspension or revocation; civil penalty The deputy director may censure an appraisal management company, conditionally or unconditionally suspend or revoke any registration issued under this article or impose civil penalties not to exceed $15, 000 per violation if, in the opinion of the deputy director, an appraisal management company is attempting to perform, […]
32-3679. Disciplinary hearings A. The deputy director or an administrative law judge may conduct disciplinary proceedings in accordance with title 41, chapter 6, article 10. B. Before censuring any registrant, or suspending or revoking any registration, the deputy director shall notify the registrant in writing of any charges made at least forty-five days before the […]
32-3680. Rulemaking authority The deputy director shall adopt rules that are reasonably necessary to implement, administer and enforce this article, including rules for obtaining copies of appraisals and other documents necessary to audit compliance with this article and rules requiring a surety bond to be posted with each application.
