58-4701. Kansas appraisal management company registration act; citation of act. The provisions of K.S.A. 2021 Supp. 58-4701 through 58-4725, and amendments thereto, shall be known and may be cited as the Kansas appraisal management company registration act. History: L. 2012, ch. 93, § 1; July 1.
58-4702. Same; purpose. (a) It is the intent of the legislature to develop a process for real estate appraisal management company registration and regulation in order to protect lenders, financial institutions, clients, consumers and the public from economic and financial harm and the potential for such harm that may result from interference with the independence, […]
58-4703. Same; definitions. As used in this act: (a) “Appraisal” has the meaning specified in K.S.A. 58-4102, and amendments thereto. (b) “Appraisal management company” or “AMC” means an individual, firm, partnership, association, corporation, limited liability company or any other business entity acting as an external third party authorized either by a creditor of a consumer […]
58-4704. Same; application for registration; transmission of information to national registry. (a) The application for the registration shall be on a form approved by the board and shall, at a minimum, include the following information: (1) The legal name and any other trade or business name of the entity seeking registration; (2) the mailing and […]
58-4705. Same; exemptions from registration. (a) The registration provisions of this act shall not apply to an AMC that is a subsidiary owned and controlled by a financial institution regulated by a federal financial institutions regulatory agency. (b) The provisions of this act shall not apply to: (1) A person as defined in K.S.A. 2021 […]
58-4706. Same; registration period. (a) The registration period shall commence on October 1 and end on September 30 of the following year. A registration granted by the board may be renewed annually thereafter. (b) To obtain renewal of a registration, the holder shall make application for renewal on a form provided by the board and […]
58-4707. Same; requirements for nonresident applicants; investigation. (a) Prior to the issuance of a registration to a nonresident applicant, the applicant must agree in writing to abide by all provisions of this act with respect to the applicant’s appraisal management activities within this state and submit to the jurisdiction of the board and the state […]
58-4708. Same; fees; collection and remittance. (a) The board shall establish by rules and regulations the fee to be paid by each AMC seeking registration or renewal of a registration under this act. The amount of the registration and renewal fees shall be sufficient for the administration of this act, but in no case shall […]
58-4709. Same; limitation on ownership interest in an AMC; conditions. (a) No single interest in an AMC applying for, holding or renewing a registration under this act shall be owned by: (1) An individual who has held a credential issued by any appraiser-credentialing jurisdiction to act as an appraiser and such credential: (A) Was refused, […]
58-4710. Same; designation of controlling person for AMC. (a) Each AMC applying to the board for a registration or for a renewal of a registration in this state shall designate one controlling person that shall serve as the main contact for all communication between the board and the AMC. (b) The controlling person designated pursuant […]
58-4711. Same; AMC appraiser requirements. (a) If a license or certification is required to perform an appraisal, prior to placing an assignment with an appraiser on the appraiser panel of an AMC, the AMC shall verify that the appraiser receiving the assignment holds a credential in good standing in this state issued pursuant to this […]
58-4712. Same; appraisal review reporting. Each AMC seeking to be registered or to renew a registration in this state shall certify to the board on an annual basis on a form prescribed by the board that such AMC has a system in place to perform an appraisal review on a number or percentage of the […]
58-4713. Same; record keeping required; inspection of records. (a) Each AMC seeking to be registered or to renew an existing registration in this state shall certify to the board on an annual basis on a form prescribed by the board that such AMC maintains a detailed record of each service request that it receives for […]
58-4714. Same; disclosures. (a) An AMC shall be required to have a system in place to disclose to its client the fees paid: (1) For appraisal management services; and (2) to the appraiser for the completion of an appraisal assignment. (b) No AMC shall prohibit an appraiser that is part of an appraiser panel of […]
58-4715. Same; unlawful acts; registration required. Except as provided by K.S.A. 2021 Supp. 58-4705, and amendments thereto, it shall be unlawful for any person to do any of the following without first obtaining a registration issued by the board pursuant to K.S.A. 2021 Supp. 58-4704, and amendments thereto: (a) Directly or indirectly engage or attempt […]
58-4716. Same; unlawful acts. (a) It shall be unlawful and a violation of this act for any employee, partner, director, officer or agent of an AMC to influence or attempt to influence the development, reporting, result or review of an appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery or in any other manner, including, […]
58-4717. Same; prohibited acts. No AMC shall perform or attempt to perform any of the following acts: (a) Require an appraiser to modify any aspect of an appraisal unless the modification complies with subsection (b) of K.S.A. 2021 Supp. 58-4716, and amendments thereto; (b) require an appraiser to prepare an appraisal if the appraiser, in […]
58-4718. Same; prompt payment. Except in bona fide cases of breach of contract or substandard performance of services, each AMC shall make payment to an appraiser for the completion of an appraisal or valuation assignment within 45 days of the date on which the appraiser transmits or otherwise provides the completed appraisal or valuation study […]
58-4719. Same; modification of appraisal prohibited. (a) No AMC shall alter, modify, or otherwise change or attempt to alter, modify, or otherwise change a completed appraisal submitted by an appraiser. (b) No AMC shall require an appraiser to provide the AMC with the appraiser’s digital signature. No provision of this subsection shall be deemed to […]
58-4720. Same; registration number. (a) The board shall issue a unique registration number to each AMC that is registered in this state. (b) The board shall maintain on its website a list of the AMCs that have registered with the board pursuant to this act and have been issued a registration number pursuant to subsection […]
