45:14F-41 Annual certification to the board.

15. An appraisal management company seeking to be registered in this State shall certify to the board, annually, that it:

a. requires appraisers completing appraisals, including appraisal reviews, at its request to comply with the Uniform Standards of Professional Appraisal Practice, including the requirements for geographic and product competence;

b. has a system in place to verify that only licensed or certified appraisers are used for appraisals covered under this act, including, but not limited to, those performed for federally related transactions, and appraisals pursuant to the provisions of the "Real Estate Appraisers Act," P.L.1991, c.68 (C.45:14F-1 et seq.);

c. has a system in place to verify that an individual on the appraiser panel has not had a license or certification as an appraiser refused, denied, cancelled, revoked, or surrendered in lieu of a pending revocation;

d. has a system in place to require that appraisals are conducted independently and free from inappropriate influence and coercion as required by the appraisal independence standards established under section 1639e of the federal Truth in Lending Act, Pub.L.90-321 (15 U.S.C. s.1639e), including the requirements for payment of customary and reasonable compensation to fee appraisers when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer; and

e. is in compliance with State laws and regulations.

L.2017, c.72, s.15.