Sec.20-529e-6. Required disclosure

(a) An appraisal management company shall, at the time an assignment is offered, disclose to the appraiser:

(1) The total amount that the appraiser may expect to earn from the assignment, disclosed as a dollar amount;

(2) The property address, or equivalent information that would allow the appraiser to determine whether the appraiser has been involved with any service regarding the subject property within the three years preceding the date on which the assignment is offered;

(3) The assignment conditions and scope of work requirements in sufficient detail to allow the appraiser to determine whether the appraiser is competent to complete the assignment; and

(4) Any known deadlines within which the assignment shall be completed.

(b) An appraisal management company shall, at or before the time the appraiser accepts an assignment, obtain the appraiser's acknowledgment as to the appraisal management company’s competency requirements as defined by the USPAP.

(c) An appraisal management company may, before requiring the appraiser to submit a completed report, disclose to the appraiser:

(1) The total fee that will be collected by the appraisal management company for the assignment; and

(2) The total amount that the appraisal management company will retain from the fee charged, disclosed as a dollar amount.

(d) The appraisal management company’s Connecticut registration number shall be included on all correspondence with appraisers who are certified in Connecticut.

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