Sec.20-529e-4. Adherence to standards

Upon applying for a registration with the department and continuing with each renewal thereafter, an appraisal management company shall provide a statement to the department, signed by its designated controlling person, certifying that the appraisal management company verifies that each appraisal assignment is offered to an appraiser who is in good standing per the National Registry. For appraisers acting as independent contractors, the appraisal management company shall:

(1) Ensure the appraisal report is signed by an appraiser included on the appraisal management company’s panel who is an independent contractor of the company at the time the assignment is offered;

(2) Review work of all such appraisers periodically for compliance with the USPAP; and

(3) Maintain a record of each appraisal request. Each such record shall include the:

(A) Name of the appraiser;

(B) Property address;

(C) Borrower’s name, where applicable;

(D) Lender’s name; and

(E) Date of assignment.

(Effective November 10, 2015; Amended August 3, 2020; Amended September 30, 2021)