TITLE 5
Businesses and Professions

CHAPTER 5-20.9
Real Estate Appraisal Management Company Registration Act [Effective July 1, 2018]

SECTION 5-20.9-14


§ 5-20.9-14. Prohibited practices. [Effective July 1, 2018.].

An appraisal management company registered in this state shall not:

(a) Require an independent fee appraiser to collect the appraisal fee from a borrower, homeowner, or other person;

(b) Require an independent fee appraiser to provide the company with the appraiser's digital signature;

(c) Alter, amend, or change an appraisal report submitted by an independent fee appraiser in any fashion, including removing the appraiser's signature or adding information to or removing information from the report;

(d) Transmit an appraisal to the appraisal management company's client if the appraisal has been altered in any fashion after it was transmitted to the appraisal management company; or

(e) Require an independent fee appraiser to sign any indemnification agreement that would require the independent fee appraiser to defend and hold harmless the appraisal management company or any of its agents, employees, or independent contractors for any liability, damage, losses, or claims arising out of the services performed by the appraisal management company.

History of Section.
(P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.)