§ 16-5B-08. Competency requirements

   (a) In general. -- An appraisal management company shall require that an appraiser confirm in writing or via electronic means that an appraiser receiving the assignment is a competent appraiser for the performance of the appraisal being assigned.

(b) Liability. -- An appraisal management company that has complied with subsection (a) of this section in relation to an assignment may not be held liable for a violation of this subtitle in relation to that assignment if the Commission subsequently determines that the appraiser completing the assignment violated the competency rule of the Uniform Standards of Professional Appraisal Practice.

(c) In-State property appraisals. -- An employee of or independent contractor to the appraisal management company that performs an appraisal review on a property located in the State shall be an appraiser licensed or certified in the State.

(d) Federally related transactions. -- An appraisal management company may not enter into any agreements with an appraiser for the performance of appraisals in conjunction with federally related transactions unless it verifies that the appraiser is licensed or certified to perform the appraisal under this subtitle.

HISTORY: 2011, chs. 269, 270.