TITLE 5
Businesses and Professions

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

SECTION 5-20.9-3


§ 5-20.9-3. Registration required for appraisal management companies. [Effective July 1, 2018.].

(a) It shall be unlawful for any person or entity to act as a real estate appraisal management company, or to directly or indirectly engage in the business of real estate appraisal management in this state, or to advertise or hold himself, herself, or itself out as engaging in the business of real estate appraisal management in this state, without first registering with the department under the provisions of this chapter.

(b) A partnership, limited liability partnership, limited liability company, or corporation that acts as an appraisal management company shall register with the department and shall renew the registrations of its members, officers, and directors for each registration period.

(c) However, this chapter shall not be applicable to:

(1) An agency of the federal government or any state or municipal government;

(2) An appraisal management company that is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution regulatory agency, provided the appraisal management company is in compliance with § 1124 of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989, 12 U.S.C. § 3353, and any rules promulgated pursuant to the authority granted in said § 1124;

(3) Any domestic corporation, partnership, sole proprietorship, subsidiary, unit, or other domestic business entity that exclusively employs persons in employer-employee relationships to perform residential real estate appraisal services in accordance with USPAP in the normal course of its business;

(4) Any individual, corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity who or that in the normal course of business enters into an agreement, whether written or otherwise, with an independent fee appraiser for the performance of residential real estate appraisal services shall, upon the completion of the appraisal, cosign the report with the independent fee appraiser with whom it or the individual subcontracted for the performance of the residential real estate appraisal service.

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