Chapter 47, Article 14 NMSA 1978 may be cited as the “Appraisal Management Company Registration Act”. History: Laws 2009, ch. 214, § 1; 2010, ch. 13, § 1. ANNOTATIONS The 2010 amendment, effective July 1, 2010, at the beginning of the sentence, changed “Sections 1 through 23 of this act” to “Chapter 47, Article 14 […]
Each appraisal management company applying to the board for registration in this state shall designate one controlling person that will be the main contact for all communication between the board and the appraisal management company. History: Laws 2009, ch. 214, § 10. ANNOTATIONS Effective dates. — Laws 2009, ch. 214 contained no effective date provision, […]
In order to serve as a controlling person of an appraisal management company, a person shall: A. certify to the board that the person has never had a certificate or a license issued by the board of this state, or the board of any other state, to act as an appraiser refused, denied, canceled or […]
A. Any employee of the appraisal management company, or any person working on behalf of the appraisal management company, that has the responsibility of selecting independent appraisers for the performance of real estate appraisal services for the appraisal management company or the responsibility of reviewing completed appraisals shall have geographic and product competence and be […]
A. An appraisal management company registered in this state pursuant to the Appraisal Management Company Registration Act shall not enter into contracts or agreements with an independent appraiser for the performance of real estate appraisal services unless that person is licensed or certified in good standing pursuant to the Real Estate Appraisers Act [Chapter 61, […]
Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis on a form prescribed by the board that the appraisal management company has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company […]
Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis that it has a system in place to review the work of all independent appraisers that are performing real estate appraisal services for the appraisal management company on a periodic basis to ensure that the […]
A. Automated valuation models shall adhere to quality control standards designed to: (1) ensure a high level of confidence in the estimates produced by automated valuation models; (2) protect against the manipulation of data; (3) seek to avoid conflicts of interest; (4) require random sample testing and reviews; and (5) account for any other such […]
Each appraisal management company seeking to be registered shall certify to the board on an annual basis that it maintains a detailed record of each service request that it receives and the independent appraiser that performs the real estate appraisal services for the appraisal management company. History: Laws 2009, ch. 214, § 16. ANNOTATIONS Effective […]
A. Appraisals shall be conducted independently and free from inappropriate influence and coercion pursuant to the appraisal independence standards established pursuant to the federal Truth in Lending Act. B. It is unlawful for any employee, director, officer or agent of an appraisal management company registered pursuant to the Appraisal Management Company Registration Act to influence […]
A. The fees paid to an appraiser for completion of the appraisal shall not include a fee for management of the appraisal process or any activity other than the performance of the appraisal. B. An appraisal management company shall separately state the fees paid to an appraiser for appraisal services and the fees charged by […]
An appraisal management company shall not: A. alter, modify or otherwise change a completed appraisal report submitted by an independent appraiser without the appraiser’s written knowledge and consent; or B. use an appraisal report submitted by an independent appraiser for any other transaction. History: Laws 2009, ch. 214, § 19. ANNOTATIONS Effective dates. — Laws […]
As used in the Appraisal Management Company Registration Act: A. “appraisal” means the act or process of developing an opinion of the value of real property in conformance with the uniform standards for professional appraisal practice published by the appraisal foundation; B. “appraisal foundation” means the appraisal foundation incorporated as an Illinois not-for-profit corporation on […]
A. An appraisal management company shall not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an independent appraiser without notifying the appraiser in writing of the reasons for the appraiser being removed from the appraiser panel of the appraisal management company. If the appraiser […]
A. The board may censure an appraisal management company, conditionally or unconditionally suspend or revoke any registration issued under the Appraisal Management Company Registration Act, levy fines or impose civil penalties not to exceed twenty-five thousand dollars ($25,000) per violation if, in the opinion of the board, an appraisal management company is attempting to perform, […]
The board shall conduct adjudicatory proceedings in accordance with the Uniform Licensing Act [61-1-1 to 61-1-31 NMSA 1978]; provided that: A. a written notice shall be satisfied by personal service on the controlling person of the registrant or the registrant’s agent for service of process in this state or by sending the notice by certified […]
The board may adopt rules that are reasonably necessary to implement, administer and enforce the provisions of the Appraisal Management Company Registration Act, including rules for obtaining copies of appraisals and other documents necessary to audit compliance with the Appraisal Management Company Registration Act. History: Laws 2009, ch. 214, § 23. ANNOTATIONS Effective dates. — […]
A. It is unlawful for a person, corporation, partnership, sole proprietorship, subsidiary, limited liability company or any other business entity to, directly or indirectly, engage or attempt to engage in business as an appraisal management company, to, directly or indirectly, engage or attempt to perform appraisal management services or to advertise or hold itself out […]
A. In order to qualify for registration or renewal of registration, an appraisal management company shall maintain a bond underwritten by a corporate surety authorized to transact business in New Mexico, or other equivalent means of security. The board shall set by rule the amount and conditions of the surety bond or other equivalent means […]
A. The board may adopt rules that provide for criminal background checks for all licensees to include: (1) requiring criminal history background checks of applicants for licensure pursuant to the Appraisal Management Company Registration Act; (2) requiring applicants for licensure to be fingerprinted; (3) providing for an applicant who has been denied licensure to inspect […]
