Section 34-27A-50 Registration required. (a) It is unlawful for any person or entity to engage in or attempt to engage in business as an appraisal management company, perform appraisal management services, or advertise or hold itself out as engaging in or conducting business as an appraisal management company without first being registered by the board […]
Section 34-27A-51 Application; certificate of registration. (a) Application for registration under this article shall be made in writing to the board on forms prescribed by the board and shall include all of the following: (1) The name of the applicant. (2) The business, physical, and email address of the applicant. (3) A telephone number and […]
Section 34-27A-52 Limitations on ownership and employment. (a) An appraisal management company applying for registration in this state may not be owned, in whole or in part, directly or indirectly, by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any state. For […]
Section 34-27A-53 Principal contact. An appraisal management company applying for registration in this state shall designate one principal contact for all communication between the board and the appraisal management company. (Act 2011-701, p. 2161, §3.)
Section 34-27A-54 Adoption of rules; revision of requirements. The board may adopt rules not inconsistent with this article which are reasonably necessary to implement, administer, and enforce this article. The requirements for an appraisal management company may be revised as necessary to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, […]
Section 34-27A-55 Fees; surety bond; renewal of registration. (a) The board shall establish by rule fees to be charged to an appraisal management company in an amount sufficient to sustain administration of this article. The board may also establish late filing fees and other fees deemed necessary by the board for the proper administration of […]
Section 34-27A-56 Registration numbers. (a) The board shall issue a unique registration number to each appraisal management company and shall annually publish a list of registered appraisal management companies and their corresponding registration numbers. (b) Each appraisal management company shall include its registration number on all engagement letters for appraisals in Alabama. (Act 2011-701, p. […]
Section 34-27A-57 Duties of appraisal management company. An appraisal management company shall do all of the following: (1) Annually certify to the board, on a form prescribed by the board, that the appraisal management company verifies that any person added to the appraiser panel of the appraisal management company, for the purpose of completing appraisals […]
Section 34-27A-58 Confirmation of competency; when payments due. (a) Before placing an assignment with an appraiser, an appraisal management company shall require that the appraiser confirm in writing or via electronic means that the appraiser receiving the assignment is a competent appraiser for the performance of the appraisal being assigned. (b) An appraisal management company […]
Section 34-27A-59 Removal of appraiser from appraiser panel. An appraisal management company may not remove an appraiser from an appraiser panel without: (1) Providing written notice to the appraiser of the reasons for removal. (2) Providing written notice of the nature of any alleged illegal conduct or violation of Uniform Standards of Professional Appraisal Practice […]
Section 34-27A-60 Unlawful influencing of appraisal. (a) It is unlawful for any employee, director, officer, or agent of an appraisal management company to influence or attempt to influence the development, reporting, or review of an appraisal through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery, or in any other manner including, but not limited to, […]
Section 34-27A-61 Penalties. The board may censure, conditionally or unconditionally suspend registration, revoke registration, levy fines, or impose civil penalties not exceeding twenty-five thousand dollars ($25,000) against any appraisal management company that the board determines is attempting to or has performed any of the following: (1) An act in violation of this article. (2) A […]
Section 34-27A-62 Adjudicatory proceedings for violations. (a) The board shall conduct adjudicatory proceedings for any violation of this article in accordance with the Administrative Procedure Act. Adjudicatory proceedings shall include, but not be limited to, all of the following due process protections: (1) Before censuring, suspending, or revoking registration under this article, the board shall […]
Section 34-27A-63 Applicability. This article does not apply to: (1) A financial institution that is regulated by a federal financial institution regulatory agency or a department, division, or unit thereof. An appraisal management company that is a wholly owned subsidiary of a financial institution may not be considered a department, division, or unit within a […]
