45:14F-47 Notification to board relative to material violation.
21. a. An appraisal management company shall inform the board when the appraisal management company has a reasonable basis to believe that an appraiser has committed a material violation of:
(1) the Uniform Standards of Professional Appraisal Practice;
(2) applicable laws; or
(3) ethical or professional conduct.
b. An appraisal management company shall provide the board with all information in the possession of the appraisal management company in support of any information compiled against an appraiser under this section, including any evidence to support the determination that an appraisal management company has probable cause of a material violation as defined in subsection a. of this section.
For the purposes of this section, a material violation is one that is likely to affect the value assigned to a consumer's principal dwelling.
L.2017, c.72, s.21.
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