§ 160-aaaa. Definitions. As used in this article, the following terms shall have the following meanings: 1. “Appraisal” or “real estate appraisal” means an analysis, opinion or conclusion relating to the nature, quality, value or utility of specified interests in, or aspects of, identified real estate. An appraisal may be classified by subject matter into […]
§ 160-bbbb. Registration required. It shall be unlawful for a person to, directly or indirectly, engage or attempt to engage in business as an appraisal management company, or to advertise or hold oneself out as engaging in or conducting business as an appraisal management company without first obtaining a certificate of registration issued by the […]
§ 160-cccc. Exemptions. The provisions of this article shall not apply to any person that exclusively employs appraisers for the performance of appraisals or to any appraisal management company that is a wholly-owned subsidiary of a financial institution, which is regulated by the federal financial institution regulatory agency. The registration provisions of this article shall […]
§ 160-dddd. Forms. An applicant for a certificate of registration as an appraisal management company shall submit an application on such forms as prescribed by the department.
§ 160-eeee. Denial of registration. The department may investigate the good character of applicants for a certificate of registration under this article and may deny the issuance of such certificate of registration based upon lack of good moral character which may include, but is not limited to, any of the grounds enumerated in this article. […]
§ 160-ffff. Expiration of license. A certificate of registration granted by the department pursuant to this article shall be valid for a period of two years from the date upon which it is issued.
§ 160-gggg. Fees. 1. The department shall collect a fee of two hundred fifty dollars for a certificate of registration issued or reissued under the provisions of this article. Additionally, the department shall assess twenty-five dollars for each appraiser added to an appraisal management company’s appraiser panel. 2. The department shall collect from each appraisal […]
§ 160-hhhh. Owner requirements. An appraisal management company applying for a certificate of registration shall not be owned in whole or in part, directly or indirectly, by a person who has had a license, registration or certificate to act as a real estate appraiser denied, revoked, or surrendered in lieu of pending discipline in any […]
§ 160-iiii. Controlling persons. 1. Each appraisal management company applying for a certificate of registration shall designate one controlling person who shall be the main contact for all communication between the department and the appraisal management company. Such designated controlling person shall never have had a license or certificate to act as an appraiser denied, […]
§ 160-jjjj. Employee requirements. 1. An appraisal management company that applies for a certificate of registration shall not knowingly employ, utilize, or engage, for any real estate appraisal, valuation service or appraisal review assignment, a person who has had a license or certificate to act as an appraiser in this state or in any other […]
§ 160-kkkk. Restrictions. An appraisal management company that applies for a certificate of registration shall not knowingly: 1. Employ any person in a position in which the person has the responsibility to order appraisals or valuation services or to review completed appraisals who has had a license, registration or certificate to act as an appraiser […]
§ 160-llll. Recordkeeping. Each appraisal management company shall maintain a detailed record of each service request that it receives and the real estate appraiser that performs such appraisal for the appraisal management company. Records shall be maintained for a period of at least five years after such appraisal is completed or two years after final […]
§ 160-mmmm. Appraiser independence; unlawful acts. Each appraisal management company shall ensure that real estate appraisals are conducted independently and free from inappropriate influence and coercion. Notwithstanding any other provision of this article, it shall be unlawful for any employee, director, officer, or agent of an appraisal management company registered in this state pursuant to […]
§ 160-nnnn. Mandatory reporting. An appraisal management company that has a reasonable basis to believe an appraiser within the appraisal management company’s appraisal panel is failing to comply with the uniform standards of professional appraisal practice, is violating applicable laws, or is otherwise engaging in unethical or unprofessional conduct shall immediately refer such matter to […]
§ 160-oooo. Unprofessional conduct. 1. Appraisal management companies shall not engage in unprofessional conduct including, but not limited to the following: (a) Requiring an appraiser to modify any aspect of an appraisal report or valuation service report, unless such modifications are appropriate according to USPAP; (b) Requiring an appraiser to prepare an appraisal report or […]
§ 160-pppp. Alteration of appraisal reports. An appraisal management company shall not alter, modify, or otherwise change a completed appraisal or valuation service report submitted by an appraiser by removing such appraiser’s signature or seal or by adding information to, or removing information from such report with intent to change the valuation conclusion. An appraisal […]
§ 160-qqqq. Enforcement. The department may revoke or suspend the license of an appraisal management company, or in lieu thereof may impose a fine, per violation, not to exceed twenty-five thousand dollars if the department finds that the licensee has made a material misstatement in the application for such license, or if such licensee has […]
§ 160-rrrr. Disciplinary hearings. The department shall, before revoking or suspending any license or imposing any fine or reprimand on the holder thereof, and at least twenty days prior to the date set for the hearing, notify, in writing, the holder of such license of any charges made and shall afford such licensee an opportunity […]
§ 160-ssss. Power to suspend a license. In cases where the health, safety, or welfare of the public is endangered, the department shall have the authority to immediately suspend a license pending a hearing before an administrative law judge.
§ 160-tttt. Investigation. The department shall have the power to enforce the provisions of this article and upon complaint of any person, or on its own initiative, to investigate any violation thereof or to investigate the business, business practices and business methods of an appraisal management company, if in the opinion of the department such […]
