Section 543E.1 – Short title.
543E.1 Short title. This chapter shall be known and may be cited as the “Iowa Appraisal Management Company Registration and Supervision Act”. 2016 Acts, ch 1124, §1, 32
Section 543E.10 – Fees.
543E.10 Fees. 1. The administrator shall by rule establish fees for registration, renewal, reinstatement, and such additional fees as are reasonably necessary for the administration of this chapter. The fees shall be established in consideration of the costs of administering this chapter and the actual cost of the specific service to be provided or performed. […]
Section 543E.11 – Appraiser, appraisal review, and employee restrictions.
543E.11 Appraiser, appraisal review, and employee restrictions. 1. The following individuals shall not have had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of revocation in any state for a substantive reason, but may have had a license or certificate to act as an appraiser refused, […]
Section 543E.12 – Adherence to standards — mandatory reporting.
543E.12 Adherence to standards — mandatory reporting. 1. An appraisal management company shall direct all appraisers it requests to perform appraisal assignments involving real estate located in this state to comply with the uniform standards of professional appraisal practice, including the competency rule. 2. An appraisal management company shall have an appraisal review system in […]
Section 543E.13 – Recordkeeping — payment.
543E.13 Recordkeeping — payment. 1. An appraisal management company shall maintain a detailed record of each service request the appraisal management company receives involving real estate located in this state and the identity of the appraiser who performs the appraisal assignment. All such records shall be maintained for at least five years after the request […]
Section 543E.14 – Appraiser independence — compensation.
543E.14 Appraiser independence — compensation. 1. An appraisal management company registered under this chapter shall take all reasonable steps to assure that appraisals are conducted independently and free from inappropriate influence or coercion pursuant to the appraisal independence standards established under section 129E of the federal Truth in Lending Act, including the requirements for the […]
Section 543E.15 – Prohibited acts.
543E.15 Prohibited acts. An appraisal management company registered under this chapter, or an employee, owner, director, controlling person, or other agent of an appraisal management company, shall not do any of the following: 1. Require an appraiser to indemnify an appraisal management company or hold an appraisal management company harmless for any liability, damage, losses, […]
Section 543E.16 – Display of registration number.
543E.16 Display of registration number. An appraisal management company registered under this chapter shall be issued a unique registration number and shall include its registration number in any record, such as an engagement letter, order, or agreement, in which the appraisal management company contracts with an appraiser to perform an appraisal assignment involving real estate […]
Section 543E.17 – Grounds for disciplinary action.
543E.17 Grounds for disciplinary action. 1. After notice and hearing, the administrator may revoke, suspend, or refuse to issue, renew, or reinstate a registration; reprimand, censure, or limit the scope of practice of any registrant; impose a civil penalty not to exceed ten thousand dollars per violation; require remedial action; or place any registrant on […]
Section 543E.18 – Unlawful practice — complaints and investigations — remedies and penalties.
543E.18 Unlawful practice — complaints and investigations — remedies and penalties. 1. If, as the result of a complaint or otherwise, the administrator believes that a person has engaged, or is about to engage, in an act or practice that constitutes or will constitute a violation of this chapter, the administrator may make application to […]
Section 543E.19 – Surety bond.
543E.19 Surety bond. 1. The administrator shall require that an appraisal management company be covered by a surety bond in the amount of twenty-five thousand dollars. 2. The surety bond shall be in a form as prescribed by the administrator. The administrator may, pursuant to rule, determine requirements for such surety bonds as are necessary […]
Section 543E.2 – Purpose and scope.
543E.2 Purpose and scope. The purpose of this chapter is to protect the independence and integrity of the appraisal process when an appraisal is provided through an appraisal management company in connection with a consumer credit transaction secured by the principal dwelling of an Iowa consumer or securitization of such a transaction. 2016 Acts, ch […]
Section 543E.20 – Additional administrator authority.
543E.20 Additional administrator authority. 1. The administrator is vested with broad administrative authority to administer, interpret, and enforce this chapter and to promulgate rules implementing this chapter. 2. In addition to the duties and powers conferred upon the administrator in this chapter, the administrator shall have the authority to adopt such rules as are reasonably […]
Section 543E.3 – Definitions.
543E.3 Definitions. Unless the context otherwise requires, the definitions contained in section 543D.2 shall apply to this chapter. In addition, the following definitions shall apply for purposes of this chapter: 1. “Administrator” means the superintendent of the division of banking of the department of commerce or the superintendent’s designee. 2. “Appraisal management company” means a […]
Section 543E.4 – Registration required.
543E.4 Registration required. A person shall not directly or indirectly engage in or attempt to engage in business as an appraisal management company or advertise or hold itself out as engaging in or conducting business as an appraisal management company in this state without first registering with the administrator. 2016 Acts, ch 1124, §4, 32 […]
Section 543E.5 – Exemptions.
543E.5 Exemptions. This chapter shall not apply to any of the following: 1. A person that exclusively employs appraisers on an employer and employee basis for the performance of appraisals. 2. A government body, as defined in section 22.1, subsection 1, that performs appraisals or retains appraisers on behalf of the government body. 3. A […]
Section 543E.6 – Ownership — restrictions and requirements.
543E.6 Ownership — restrictions and requirements. 1. An appraisal management company registered or applying for registration in this state shall not be directly or indirectly owned in whole or in part by a person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of […]
Section 543E.7 – Designation of controlling person.
543E.7 Designation of controlling person. 1. An appraisal management company registered or applying for registration in this state shall designate a controlling person who shall be the main contact for all communications between the administrator and the appraisal management company, and who shall be responsible for assuring the appraisal management company complies with the provisions […]
Section 543E.8 – Registration — application requirements.
543E.8 Registration — application requirements. 1. An application for registration as an appraisal management company shall be submitted on a form prescribed by the administrator. 2. An application shall at a minimum include the following: a. The name, form of business entity, contact information, and official domicile of the applicant. b. The names and contact […]
Section 543E.9 – Registration renewal.
543E.9 Registration renewal. 1. A registration issued under this chapter shall be valid for one year as provided by rule. 2. An application to renew registration shall be submitted in the form and in the manner prescribed by the administrator. The administrator may further require periodic disclosures of changes impacting registration, such as a change […]