Title 17 — Professions, Occupations, and Businesses
83 chapters · 2,038 sections in this title.
Ark. Code Ann. § 17-14-101 Title
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Section 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq. shall be known and may be cited as the “Arkansas Appraiser Licensing and Certification Act”.
Ark. Code Ann. § 17-14-102 Necessity for registration, license, or certificate
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(a) (1) The Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., is created in response to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and specifies three (3) classes of app…
Ark. Code Ann. § 17-14-103 Definitions
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(1) As used in the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq.:(1) “Appraisal”:(A) As a noun, means the act or process of estimating value or an estimate of value; and(B) As an adjective, means of or pertai…
Ark. Code Ann. § 17-14-104 Exceptions to registration, licensing, or certification
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(a) (1) (A) Except when an interstate transaction or a federally related transaction is involved, the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., does not apply to a real estate broker or sales person lice…
Ark. Code Ann. § 17-14-105 Rights and privileges of appraisers
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(a) A state-registered appraiser or state-licensed appraiser as defined in § 17-14-103 may appraise real property for compensation if the use of a state-certified appraiser is not required under the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-…
Ark. Code Ann. § 17-14-106 Absence of liability
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(a) Financial institutions or affiliates hiring the services of appraisers registered, licensed, or certified by the State Board of Appraisers, Abstracters, and Home Inspectors in nonfederally related transactions, including transactions below the federally established threshold,…
Ark. Code Ann. § 17-14-201 Composition — Membership — Chair
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(a) There is created the State Board of Appraisers, Abstracters, and Home Inspectors, to be composed of eleven (11) members as follows:(1) Five (5) practicing certified or licensed appraisers as follows:(A) At least four (4) of the appraiser members of the board shall be state-ce…
Ark. Code Ann. § 17-14-202 Powers and duties — Reporting standards — Qualification standards
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(a) The State Board of Appraisers, Abstracters, and Home Inspectors may establish, maintain, report, and periodically update meaningful qualification standards for state-licensed, registered apprentice, and state-certified appraisers practicing in the State of Arkansas, including…
Ark. Code Ann. § 17-14-203 Powers and duties — In general
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(1) In accordance with these general powers and duties, the State Board of Appraisers, Abstracters, and Home Inspectors shall:(1) Perform all duties and functions necessary to carry out this chapter;(2) (A) Receive applications for registering, licensing, and certification.(B) Th…
Ark. Code Ann. § 17-14-204 Meetings, quorum, and voting
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(a) The State Board of Appraisers, Abstracters, and Home Inspectors shall meet not less frequently than twice each calendar year to conduct its business. (b) Places of future meetings shall be decided by the vote of members at meetings. (c) Written notice shall be given to each m…
Ark. Code Ann. § 17-14-205 Hearings — Review — Access to records
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(a) In fulfilling its duties under the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., the State Board of Appraisers, Abstracters, and Home Inspectors shall comply with the Arkansas Administrative Procedure Ac…
Ark. Code Ann. § 17-14-206 Complaints and disciplinary procedures
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(a) Upon its own motion or upon written complaint of any person and after notice and hearing as prescribed by the Arkansas Administrative Procedure Act, § 25-15-201 et seq., the State Board of Appraisers, Abstracters, and Home Inspectors may suspend or revoke the registration, li…
Ark. Code Ann. § 17-14-301 Business entities — Eligibility for licensing
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A registration, license, or certificate shall not be issued under the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., to a firm, corporation, partnership, group, or other business entity.
Ark. Code Ann. § 17-14-302 License required — Membership in other organizations
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(a) On or after December 31, 2001, it shall be a Class B misdemeanor for any individual to perform an appraisal or provide appraisal services as defined in the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., w…
Ark. Code Ann. § 17-14-303 Unlicensed persons — Federally and nonfederally related transactions
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(a) It is a Class B misdemeanor for any person who is not licensed, registered, or certified under the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., to perform appraisal services as defined in the Arkansas A…
Ark. Code Ann. § 17-14-304 Use of terms
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(a) The terms “certified real property appraiser”, “certified real estate appraiser”, and “certified appraiser” shall only be used to refer to individuals who hold a current certificate and shall not be used in connection with or as part of the name or signature of an individual,…
Ark. Code Ann. § 17-14-305 Compliance with uniform standards and code of ethics — Licensing and certification documents
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(a) Each state-registered appraiser, each state-licensed appraiser, each registered apprentice appraiser, and each state-certified appraiser shall comply with the Uniform Standards of Professional Appraisal Practice and code of ethics adopted by the State Board of Appraisers, Abs…
Ark. Code Ann. § 17-14-306 Additional licenses — Nonresidents
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(a) (1) Every applicant for registration, licensure, or certification under the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., who is not a resident of this state shall submit with the application for registr…
Ark. Code Ann. § 17-14-307 Minimum qualifying requirements for registered appraiser
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(1) In order to qualify as a state-registered appraiser, an applicant must:(1) Make application to the State Board of Appraisers, Abstracters, and Home Inspectors on approved forms which shall include an affidavit that states that the appraiser has read and understands:(A) The cu…
Ark. Code Ann. § 17-14-308 Violation of law — Civil penalties, injunctions, and venue
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(a) (1) It is unlawful for a person not registered, licensed, or certified under the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., to perform an act or advertise to perform an act for which registration, lic…
Ark. Code Ann. § 17-14-401 Short title
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This subchapter shall be known and may be cited as the “Appraisal Management Company Registration Act”.
Ark. Code Ann. § 17-14-402 Definitions
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(1) As used in this subchapter:(1) “Affiliate” means any company that controls, is controlled by, or is under common control with another company;(2) (A) “Appraisal management company” means a person that:(i) Provides appraisal management services to creditors or to secondary mor…
Ark. Code Ann. § 17-14-403 Registration of appraisal management companies required
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A person shall not act as an appraisal management company or perform appraisal management services in this state unless registered by the State Board of Appraisers, Abstracters, and Home Inspectors.
Ark. Code Ann. § 17-14-404 Rulemaking authority
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(1) The State Board of Appraisers, Abstracters, and Home Inspectors may adopt rules to implement, administer, and enforce this subchapter, including without limitation to prescribe:(1) Forms and procedures for submitting information to the board;(2) Standards of practice for a pe…
Ark. Code Ann. § 17-14-405 Requirements for registration
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(a) (1) Before acting or offering to act as an appraisal management company in this state, a person shall make written application on the forms provided on the official website of the State Board of Appraisers, Abstracters, and Home Inspectors to the board for registration accomp…
Ark. Code Ann. § 17-14-406 Fees and renewals
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(a) (1) The State Board of Appraisers, Abstracters, and Home Inspectors shall establish by rule an application fee for an initial application or an application for renewal not to exceed one thousand five hundred dollars ($1,500) to be paid by each appraisal management company see…
Ark. Code Ann. § 17-14-407 Registrant responsibilities and duties
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(a) A registrant that is an organization shall:(1) Maintain a registered agent for service of process under the Model Registered Agents Act, § 4-20-101 et seq.; and(2) Provide to the State Board of Appraisers, Abstracters, and Home Inspectors the information required by § 4-20-10…
Ark. Code Ann. § 17-14-408 Prohibited activities
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(a) An employee, director, officer, or agent of an appraisal management company or any other third party acting as a joint venture partner with or independent contractor for an appraisal management company shall not improperly influence or attempt to improperly influence the deve…
Ark. Code Ann. § 17-14-409 Registry of applicants and roster
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(a) (1) The Director of the State Board of Appraisers, Abstracters, and Home Inspectors shall keep a register of all applicants for registration.(2) The register shall indicate:(A) The date of application;(B) The applicant's name;(C) The applicant's business address; and(D) Wheth…
Ark. Code Ann. § 17-14-410 Disciplinary authority, enforcement, and hearings
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(a) The State Board of Appraisers, Abstracters, and Home Inspectors may deny, suspend, revoke, or refuse to issue or renew the registration of an appraisal management company under this subchapter or may restrict or limit the activities of an appraisal management company or a per…
Ark. Code Ann. § 17-14-411 Injunctive relief — Criminal penalty
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(a) The State Board of Appraisers, Abstracters, and Home Inspectors may appear in its own name in a circuit court of competent jurisdiction to obtain injunctive relief to prevent a person from violating this subchapter. (b) The circuit court may grant a temporary or permanent inj…
Ark. Code Ann. § 17-14-412 Applicability
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(1) This subchapter does not apply to:(1) An agency of the federal, state, county, or municipal government;(2) A person authorized to engage in business as a bank, farm credit system, savings institution, or credit union under the laws of the United States, the State of Arkansas,…
Ark. Code Ann. § 17-14-413 Compensation of appraisers
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(a) An appraisal management company shall:(1) Except in cases of breach of contract or substandard performance of services, pay an appraiser for the completion of an appraisal or valuation assignment not later than the sixtieth day after the date the appraiser provides the initia…
Ark. Code Ann. § 17-14-414 Appraisal review
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Any employee of an appraisal management company or an independent contractor of the appraisal management company who performs a Uniform Standards of Professional Appraisal Practice Standard 3 appraisal review of an appraisal report on a property located in this state shall be an …