54-4123. APPRAISAL PANEL — ANNUAL SIZE CALCULATION. For purposes of determining whether, within a calendar year, an AMC oversees an appraisal panel of more than fifteen (15) state certified or state licensed appraisers in one (1) state or twenty-five (25) or more state certified or state licensed appraisers in two (2) or more states:

(1) An appraiser is deemed part of the AMC’s appraiser panel as of the earliest date on which the AMC:

(a) Accepts the appraiser for the AMC’s consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions; or

(b) Engages the appraiser to perform one (1) or more appraisals on behalf of a creditor for a covered transaction or secondary mortgage market participation in connection with covered transactions.

(2) An appraiser who is deemed part of the AMC’s appraiser panel pursuant to subsection (1) of this section is deemed to remain on the panel until the date on which the AMC:

(a) Sends written notice to the appraiser removing the appraiser from the appraiser panel with an explanation of its action; or

(b) Receives written notice from the appraiser asking to be removed from the appraiser panel or notice of the death or incapacity of the appraiser.

(3) If an appraiser is removed from an AMC’s appraiser panel pursuant to subsection (2) of this section, but the AMC subsequently accepts the appraiser for consideration for future assignments or engages the appraiser at any time during the twelve (12) months after the appraiser is removed, the removal will be deemed not to have occurred, and the appraiser will be deemed to have been part of the AMC’s appraiser panel without interruption.

(4) The period for purposes of counting appraisers on an AMC’s appraiser panel is the calendar year.

History:

[54-4123, added 2016, ch. 131, sec. 1, p. 389.]