§ 32-3667 – Fee; bond
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
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
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
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
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 […]
§ 32-3661 – Definitions
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. " […]