339.2661 Definitions. Sec. 2661. As used in this act: (a) “Appraisal” means that term as defined in section 2601. (b) “Appraisal management company” means a person that provides appraisal management services. (c) “Appraisal management services” means to perform any of the following functions for a client or clients: (i) Recruiting, selecting, and retaining appraisers. (ii) […]
339.2663 Conduct requiring license; exceptions. Sec. 2663. (1) Except as provided in subsection (2), a person shall not do any of the following in this state without a license issued by the department under this article: (a) Directly or indirectly engage or attempt to engage in business as an appraisal management company. (b) Directly or […]
339.2665 Licensure as appraisal management company; application; form; information; fee; national registry information and fees. Sec. 2665. (1) A person seeking licensure as an appraisal management company under this article shall submit to the department a license application, in the form prescribed by the department, that includes all of the following information: (a) The applicant’s […]
339.2667 Conditions to licensure; bond. Sec. 2667. (1) The department shall not grant a license to a person applying for a license as an appraisal management company under this article unless all of the following are met: (a) Any person that is a direct or indirect owner of the applicant has not had an appraiser […]
339.2669 Licensure; issuance; prohibitions; certificate; term; expiration. Sec. 2669. (1) The department shall not issue a license under this article to a person applying for licensure as an appraisal management company if the person does not meet the requirements of sections 2665 and 2667. (2) If the department issues a license as an appraisal management […]
339.2670 List of licensees and federally regulated appraisal management companies; remittance of fees. Sec. 2670. Not less than monthly, the department shall compile a list of appraisal management company licensees and federally regulated appraisal management companies under this article, provide it to the appraisal subcommittee of the Federal Financial Institutions Examination Council as required by […]
339.2671 Ensuring employees trained or holding license as certified appraiser; definitions; conduct subject to penalties. Sec. 2671. (1) An appraisal management company shall ensure that any employee of the appraisal management company, or any other individual working on behalf of the appraisal management company, who is responsible for selecting independent appraisers for the performance of […]
339.2673 Ensuring certain system and process in place; annual certification by appraisal management company. Sec. 2673. (1) An appraisal management company licensed under this article shall certify to the department on an annual basis, on a form prescribed by the department, that it has a system and process in place to do both of the […]
339.2675 Conduct subject to penalties; exceptions. Sec. 2675. (1) Except as provided in subsection (2), an employee, director, officer, or agent of an appraisal management company licensed under this article that influences or attempts to influence the development, reporting, or review of an appraisal through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, or bribery or […]
339.2677 Removal of independent appraiser from appraiser panel; requirements; complaint; determination by department. Sec. 2677. (1) 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 doing all of the following: (a) Not less than 10 […]
