§ 32-3671 – Agreements with independent appraisers; limitations
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
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
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
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
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
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
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 […]
§ 32-3662 – Registration
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 […]
§ 32-3678 – Censure, suspension or revocation; civil penalty
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, […]
§ 32-3663 – Exemptions
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 […]