25-34.1-11-1. “Appraisal”
Sec. 1. As used in this chapter, “appraisal” has the meaning set forth in IC 24-5-23.5-1. As added by P.L.77-2010, SEC.2.
25-34.1-11-10. Issuance of a Certificate of Registration
Sec. 10. (a) The board shall issue a certificate of registration to an appraisal management company that: (1) has furnished the information required by section 9(a) of this chapter in the manner prescribed by the board; and (2) paid the fee required under section 9(b) of this chapter. (b) Subject to IC 25-1-2-6(e), a certificate […]
25-34.1-11-11. Restrictions on Appraisal Management Companies
Sec. 11. (a) A person may not own an interest in an appraisal management company if the person has had the person’s license or certificate to act as a real estate appraiser in Indiana or any other state revoked and the license or certificate has not been reinstated. (b) An appraisal management company may only […]
25-34.1-11-12. Appraisal Reviews
Sec. 12. (a) As used in this section, “appraisal review” means the USPAP Standard 3 process of developing and communicating an opinion about the quality of an independent real estate appraiser’s work that is performed as part of an appraisal assignment made by an appraisal management company. However, the term does not include: (1) an […]
25-34.1-11-13. Service Requests; Record Requirements
Sec. 13. (a) An appraisal management company performing appraisal management services shall maintain a record of each service request for an appraisal that the appraisal management company receives. The following must be included in a record maintained under this subsection: (1) The person making the service request. (2) The date on which the service request […]
25-34.1-11-13.3. Engaging a Real Estate Appraiser to Perform Appraisal; Proposed Contract Required; Contents; Acceptance
Sec. 13.3. (a) Before an appraisal management company may engage a real estate appraiser to perform an appraisal under this chapter, the appraisal management company shall provide the real estate appraiser with a proposed contract to perform the appraisal. The proposed contract must include the following: (1) The order for appraisal. (2) Information delineating the […]
25-34.1-11-13.5. “Peers”; “Scope of Work”; Deadline for Appraisal Management Company to Pay Real Estate Appraiser; Exceptions; Inclusion of Real Estate Appraiser’s Fee in Appraisal Report
Sec. 13.5. (a) As used in this section, “peers”, with respect to a real estate appraiser who performs an appraisal assignment for an appraisal management company, means other real estate appraisers who have expertise and competency in a similar type of assignment. (b) As used in this section, “scope of work”, with respect to an […]
25-34.1-11-14. Registration Forms
Sec. 14. The board shall prescribe forms for the registration of appraisal management companies under this chapter. As added by P.L.77-2010, SEC.2.
25-34.1-11-15. Registration Fee
Sec. 15. (a) The board shall establish the registration fee to be paid by an appraisal management company seeking registration under this chapter. The amount of the registration fee must be the lesser of: (1) the amount determined by the board to be sufficient for the administration of appraisal management registrations under this chapter when […]
25-34.1-11-15.5. Annual Amc Registry Fee; Determination of Fee Amount; Annual Transmission of Fees to Appraisal Subcommittee; Commission’s Authority to Adopt Rules
Sec. 15.5. (a) This section applies to an appraisal management company that qualifies as an appraisal management company under 12 U.S.C. 3350(11). (b) As used in this section, “Appraisal Subcommittee” refers to the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. (c) As used in this section, “covered transaction” has the meaning set forth […]
25-34.1-11-16. Appraisals; Standards Compliance
Sec. 16. An appraisal management company is responsible for ensuring an appraisal complies with standards established: (1) in the USPAP; and (2) by the board. As added by P.L.77-2010, SEC.2.
25-34.1-11-17. Disciplinary Sanctions
Sec. 17. (a) An appraisal management company that violates this chapter is subject to disciplinary sanctions under IC 25-1-11-12. (b) The board may impose a civil penalty of not more than ten thousand dollars ($10,000) for each violation of this chapter. (c) A civil penalty collected under this section must be deposited in the investigative […]
25-34.1-11-18. Penalty for Failure to Register
Sec. 18. (a) A person who performs appraisal management services without a certificate of registration under this chapter commits a Class A infraction. (b) The attorney general, the board, or the prosecuting attorney of any county in which a violation occurs may maintain an action in the name of the state to enjoin a person […]
25-34.1-11-19. Authority to Adopt Rules
Sec. 19. The board may adopt rules under IC 4-22-2 that the board considers necessary or advisable for the administration of this chapter. As added by P.L.77-2010, SEC.2.
25-34.1-11-2. “Appraisal Management Company”
Sec. 2. As used in this chapter, “appraisal management company” means a person that, for compensation, acts as a third party intermediary by contracting with independent real estate appraisers to perform appraisals for other persons. As added by P.L.77-2010, SEC.2.
25-34.1-11-3. “Appraisal Management Services”
Sec. 3. (a) As used in this chapter, “appraisal management services” means any of the following functions: (1) To recruit, qualify, verify licensing or certification, or negotiate fees and service level expectations with independent real estate appraisers on behalf of a person seeking an appraisal. (2) To receive an order for an appraisal from a […]
25-34.1-11-4. “Board”
Sec. 4. As used in this chapter, “board” refers to the real estate appraiser licensure and certification board established by IC 25-34.1-8-1. As added by P.L.77-2010, SEC.2.
25-34.1-11-5. “Person”
Sec. 5. (a) As used in this chapter, “person” means an individual engaged in a trade or business, an association, a partnership, a limited partnership, a limited liability company, a corporation, or a similar entity. (b) The term does not include an employee. As added by P.L.77-2010, SEC.2.
25-34.1-11-6. “Real Estate Appraiser”
Sec. 6. As used in this chapter, “real estate appraiser” means a person who: (1) prepares an appraisal for a real estate transaction in Indiana; and (2) meets one (1) or more of the following: (A) Is licensed as a real estate broker under IC 25-34.1 and performs real estate appraisals within the scope of […]
25-34.1-11-7. “Uspap”
Sec. 7. “USPAP” refers to the Uniform Standards of Professional Appraisal Practice, as published by the Appraisal Standards Board of the Appraisal Foundation, under the authority of Title XI of the federal Financial Institutions Reform, Recovery, and Enforcement Act (12 U.S.C. 3331-3351). As added by P.L.77-2010, SEC.2. Amended by P.L.15-2018, SEC.1.