324A.164 Exemptions from application of KRS 324A.150 to 324A.164. Unless otherwise required to be registered as an appraisal management company by state or federal law, KRS 324A.150 to 324A.164 shall not apply to: (1) The federal government, state government, any county or municipal government, or any agency or instrumentality thereof; (2) A person authorized to engage in business as, or as a subsidiary of, a bank, credit union, or savings and loan association under the laws of the United States, the Commonwealth of Kentucky, or any other state; (3) A real estate broker or real estate agent properly licensed or otherwise authorized to do business in the Commonwealth of Kentucky listing or selling real estate; (4) An officer or employee of any entity listed in subsection (1), (2), or (3) of this section when acting within the scope of his or her employment; (5) An entity that is responsible for ensuring that the real estate appraisal activity being performed by an employee is performed in accordance with applicable appraisal standards; (6) An individual who: (a) (b) Is an appraiser; and In the normal course of business enters into an agreement, whether written or otherwise, with another appraiser for the performance of a real estate appraisal activity that the individual cannot complete for any reason, including: 1. Competency; 2. Workload; 3. Schedule; or 4. Geographic location; (7) An individual who: (a) In the normal course of business enters into an agreement, whether written or otherwise, with an appraiser for the performance of real estate appraisal activity; and (b) Under the agreement cosigns the report of the appraiser performing the real estate appraisal upon completion of the real estate appraisal activity; or (8) An appraisal management company that contracts with one (1) or more appraisers for the performance of fewer than ten (10) appraisals in this state in a calendar year. Effective: June 25, 2013 History: Amended 2013 Ky. Acts ch. 46, sec. 6, effective June 25, 2013. -- Created 2011 Ky. Acts ch. 58, sec. 8, effective June 8, 2011.
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