As used in the Oklahoma Appraisal Management Company Regulation Act:

1. "Affiliate" has the meaning provided in 12 U.S.C. 1841;

2. "AMC National Registry" means the registry of state-registered appraisal management companies ("AMCs") and federally-regulated AMCs maintained by the Appraisal Subcommittee;

3. "Appraisal" means the practice of developing and reporting an opinion of the value of real property in conformance with the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of The Appraisal Foundation;

4. "Appraisal management company" or "AMC" means a person that provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates; provides services in connection with valuing a consumer's principal dwelling as security for a consumer credit transaction or incorporating such transactions into securitizations; and within a given 12-month period oversees an appraiser panel of more than 15 state certified or state licensed appraisers in Oklahoma or 25 or more state-certified or state licensed appraisers in two or more states. An AMC does not include a department or division of an entity that provides appraisal management services only to that entity;

5. "Appraisal management services" means, directly or indirectly, to perform or attempt to perform any one or more of the following functions on behalf of a lender, financial institution, client, or any other person:

a.administer an appraiser panel,

b.recruit, qualify, verify licensing or certification, and negotiate fees and service level expectations with persons who are part of an appraiser panel,

c.receive an order for an appraisal from one entity, and deliver the order for the appraisal to an appraiser that is part of an appraiser panel for completion,

d.track and determine the status of orders for appraisals,

e.conduct quality control of a completed appraisal prior to the delivery of the appraisal to the person that ordered the appraisal, or

f.provide a completed appraisal performed by an appraiser to one or more clients;

6. "Appraiser" means a person who holds a credential or a valid temporary practice permit issued by the Oklahoma Real Estate Appraiser Board pursuant to the Oklahoma Certified Real Estate Appraisers Act as a State Certified General, State Certified Residential, State Licensed, or Trainee Appraiser entitling that person to perform an appraisal of real property in the State of Oklahoma consistent with the scope of practice identified in the Real Property Appraiser Qualification Criteria promulgated by the Appraiser Qualifications Board of The Appraisal Foundation;

7. "Appraiser panel" means a network, list or roster of licensed or certified appraisers approved by an AMC to perform appraisals as independent contractors for the AMC. Appraisers on an "appraiser panel" include appraisers accepted by the AMC for consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions and appraisers engaged by the AMC to perform one or more appraisals in covered transactions or for secondary mortgage market participants in connection with covered transactions. An appraiser is an independent contractor for purposes of this subpart if the appraiser is treated as an independent contractor by the AMC for purposes of federal income taxation;

8. "Appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal assignment related to the appraiser's data collection, analysis, opinions, conclusions, estimate of value, or compliance with the Uniform Standards of Professional Appraisal Practice. This term does not include:

a.a general examination for grammatical, typographical or other similar errors, or

b.a general examination for completeness including regulatory and/or client requirements as specified in the agreement process that does not communicate an opinion;

9. "Appraisal Subcommittee" means the Appraisal Subcommittee of the Federal Financial Examinations Council;

10. "Board" means the Oklahoma Real Estate Appraiser Board;

11. "Competent appraiser" means an appraiser that satisfies each provision of the Competency Rule of the Uniform Standards of Professional Appraisal Practice for a specific appraisal assignment that the appraiser has received, or may receive, from an AMC;

12. "Consumer Credit" means credit offered or extended to a consumer primarily for personal, family or household purposes;

13. "Covered Transaction" means any consumer credit transaction secured by the consumer's principal dwelling;

14. "Credential" means a certificate issued by the Board pursuant to the provisions of the Oklahoma Certified Real Estate Appraisers Act authorizing an individual to act as a Trainee Appraiser, State Licensed Appraiser, Certified Residential Appraiser or State Certified General Appraiser in the State of Oklahoma;

15. "Controlling person" means:

a.an owner, officer, manager, or director of a corporation, partnership, firm, association, limited liability company, or other business entity seeking to offer appraisal management services in this state,

b.an individual employed, appointed, or authorized by an AMC that has the authority to enter into a contractual relationship with other persons for the performance of appraisal management services and has the authority to enter into agreements with appraisers for the performance of appraisals, or

c.an individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an AMC;

16. "Federally Regulated AMC" means an AMC that is owned and controlled by an insured depository institution as defined in 12 U.S.C. 1813 and regulated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation or the National Credit Union Administration pursuant to sections 1112, 1113 and 1114 of Title XI 12 U.S.C. 3341-3343;

17. "Person" means an individual, firm, partnership, association, corporation, or any other entity;

18. "Truth in Lending Act" or "TILA" means Title I of the Consumer Credit Protection Act (15 U.S.C.A., Section 1601 et seq.), and regulations thereunder; and

19. "Uniform Standards of Professional Appraisal Practice" or "USPAP" means the edition of the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Standards Board of The Appraisal Foundation in force as of the date that a report of an appraisal was signed or communicated.

Added by Laws 2010, c. 364, § 3, eff. Jan. 1, 2011. Amended by Laws 2016, c. 195, § 1, eff. Nov. 1, 2016; Laws 2019, c. 90, § 3, eff. Nov. 1, 2019.