Sec. 2. (a) A licensee or a person required to be licensed under this article shall not knowingly bribe, coerce, or intimidate another person to corrupt or improperly influence the independent judgment of a real estate appraiser with respect to the value of real estate offered as security for a residential mortgage loan.
(b) Except as provided in subsection (c):
(1) a licensee;
(2) a person required to be licensed under this article; or
(3) a member of the immediate family of a licensee;
may not own or control a majority interest in an appraisal company.
(c) This subsection applies to a person or combination of persons described in subsection (b) who own or control a majority interest in an appraisal company on June 30, 2007. The prohibition set forth in subsection (b) does not apply to a person or combination of persons described in this subsection, subject to the following:
(1) The interest in the appraisal company owned or controlled by the person or combination of persons shall not be increased after June 30, 2007.
(2) The interest of a licensee shall not be transferred to a member of the licensee's immediate family.
(3) If the commissioner determines that any person or combination of persons described in subsection (b) has violated this chapter, the commissioner may order one (1) or more of the persons to divest their interest in the appraisal company. The commissioner may exercise the remedy provided by this subdivision in addition to, or as a substitute for, any other remedy available to the commissioner under this article.
As added by P.L.175-2019, SEC.2.
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