(1) A corporation, partnership, bank, savings and loan association, savings bank, credit union, or other business entity may provide appraisal services if the appraisal is prepared by a certified general appraiser, a certified residential appraiser, or a licensed appraiser. An individual who is not a certified general appraiser, a certified residential appraiser, or a licensed appraiser may assist in the preparation of an appraisal if:
(a) The assistant is under the direct supervision of a certified or licensed appraiser; and
(b) The final appraisal document is approved and signed by an individual who is a certified or licensed appraiser.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 685, � 1, effective October 1.
Editor's note: This section is similar to former � 12-61-721 as it existed prior to 2019.
12-10-622. Provisions found not to comply with federal law null and void - severability. (1) If any provision of this part 6 is found by a court of competent jurisdiction or by the appropriate federal agency not to comply with the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended, Pub.L. 101-73, the provision is null and void, but the remaining provisions of this part 6 are valid unless the remaining provisions alone are incomplete and are incapable of being executed in accordance with the legislative intent of this part 6.
(2) If the regulation of appraisal management companies is repealed from Title XI of the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended, Pub.L. 101-73, the board's jurisdiction over these entities is also repealed. Before the repeal, the division shall review the regulation of appraisal management companies as provided in section 24-34-104. If the board's jurisdiction is repealed, the director shall notify the revisor of statutes of the date of the repeal.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 685, � 1, effective October 1.
Editor's note: (1) This section is similar to former � 12-61-722 as it existed prior to 2019.
(2) As of publication date, the revisor of statutes has not received the notice referred to in subsection (2).
12-10-623. Scope of article - regulated financial institutions - de minimis exemption. (1) (a) This article 10 does not apply to an appraisal relating to any real-estate-related transaction or loan made or to be made by a financial institution or its affiliate if the real-estate-related transaction or loan is excepted from appraisal regulations established by the primary federal regulator of the financial institution and the appraisal is performed by:
(I) An officer, director, regularly salaried employee, or agent of the financial institution or its affiliate; or
(II) A real estate broker licensed under this article 10 with whom the institution or affiliate has contracted for performance of the appraisal.
(b) The appraisal must not be represented or deemed to be an appraisal except to the financial institution, the agencies regulating the financial institution, and any secondary markets that purchase real estate secured loans. The appraisal must contain a written notice that the preparer is not licensed or certified as an appraiser under this part 6. Nothing in this subsection (1) exempts a person licensed or certified as an appraiser under this part 6 from regulation as provided in this part 6.
(2) Nothing in this article 10 limits the ability of any federal or state regulator of a financial institution to require the financial institution to obtain appraisals as specified by the regulator.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 685, � 1, effective October 1. L. 2020: (1)(a)(I) amended, (SB 20-047), ch. 17, p. 72, � 2, effective September 14.
Editor's note: This section is similar to former � 12-61-723 as it existed prior to 2019.