Sec.20-529e-1. Definitions

(1) “Appraisal Subcommittee or (ASC)” means the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC). The ASC oversees the real estate appraisal process as it relates to federally related transactions as defined in Title XI.3. of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989;

(2) “Commissioner” means the Commissioner of Consumer Protection or the commissioner’s designee;

(3) “Department” means the Department of Consumer Protection;

(4) “National Registry” means a database containing selected information about state certified and licensed appraisers maintained by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (FFIEC) which was created on August 9, 1989, pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (Title XI); and

(5) “USPAP” means the Uniform Standards of Professional Appraisal Practice issued by the Appraisal Standards Board of the Appraisal Foundation pursuant to Title XI of FIRREA.

(Effective November 10, 2015; Amended September 30, 2021)