Section 307 – Prohibited acts — Exclusions.
Effective 5/9/2017 61-2e-307. Prohibited acts — Exclusions. (1) An appraisal management company required to be registered under this chapter and a controlling person, employee, or agent of the appraisal management company may not: (a) engage in an act of coercion, extortion, intimidation, or bribery for any purpose related to an appraisal; (b) compensate an appraiser […]
Section 401 – Division authority — Immunity — Transmission of reports to Appraisal Subcommittee.
Effective 5/4/2022 61-2e-401. Division authority — Immunity — Transmission of reports to Appraisal Subcommittee. (1) (a) In addition to a power or duty expressly provided in this chapter, the division may: (i) examine any book or record of an appraisal management company registered or required to be registered under this chapter and require the appraisal […]
Section 402 – Enforcement — Immunity for board.
Effective 5/5/2021 61-2e-402. Enforcement — Immunity for board. (1) (a) The board may order disciplinary action, with the concurrence of the division, against: (i) an entity registered under this chapter; (ii) an entity required to be registered under this chapter; or (iii) a controlling person of an entity described in this Subsection (1)(a). (b) The […]
Section 302 – Adherence to standards.
Effective 5/8/2018 61-2e-302. Adherence to standards. (1) An appraisal management company required to be registered under this chapter shall have a system in place to: (a) ensure that the appraisal management company only selects for a real estate appraisal activity an appraiser who: (i) is independent of the transaction; and (ii) has the requisite education, […]
Section 303 – Recordkeeping.
Effective 5/12/2015 61-2e-303. Recordkeeping. (1) An appraisal management company required to be registered under this chapter shall: (a) maintain a detailed record of the following for the same time period an appraiser is required to maintain an appraisal record for the same real estate appraisal activity: (i) a real estate appraisal activity request that the […]
Section 304 – Required disclosure — Customary and reasonable compensation.
Effective 5/10/2016 61-2e-304. Required disclosure — Customary and reasonable compensation. (1) Before an appraisal management company may receive money from a client for a real estate appraisal activity requested by the client, the appraisal management company shall disclose to the client the total compensation that the appraisal management company pays to the appraiser who performs […]
Section 305 – Employee requirements.
Effective 5/10/2016 61-2e-305. Employee requirements. (1) Subsection (2) applies to an individual who: (a) (i) is an employee of an appraisal management company; or (ii) works on behalf of an appraisal management company; and (b) (i) selects an appraiser for the performance of a real estate appraisal activity for the appraisal management company; or (ii) […]
Section 306 – Removal of appraiser from appraisal panel.
Effective 5/12/2020 61-2e-306. Removal of appraiser from appraisal panel. (1) An appraisal management company may not remove the appraiser from the appraisal management company’s appraiser panel, or otherwise refuse to assign a request for a real estate appraisal activity to the appraiser without: (a) notifying the appraiser in writing of: (i) the reason why the […]
Section 202 – Initial registration process.
Effective 5/8/2018 61-2e-202. Initial registration process. (1) (a) To register under this chapter as an appraisal management company, an entity shall: (i) file with the division a registration application in a form prescribed by the division; (ii) pay to the division a fee determined in accordance with Section 63J-1-504; (iii) if the entity is not […]
Section 203 – Criminal background check — Conditional registration — Changes in ownership or controlling person.
Effective 5/8/2018 61-2e-203. Criminal background check — Conditional registration — Changes in ownership or controlling person. (1) The division shall request the Department of Public Safety to complete a Federal Bureau of Investigation criminal background check for an individual described in Subsection 61-2e-202(2)(e) or (g) through the national criminal history system or any successor system. […]