Title 54, PROFESSIONS, VOCATIONS, AND BUSINESSES

54-4105. EXCEPTIONS. (1) The provisions of this chapter do not restrict the right to use the term "appraiser," provided that such term is not used in a manner that creates the impression of certification by the state of Idaho to perform real estate appraisals other than ad valore…

54-4105A. APPRAISAL REVIEW. Any person who performs an appraisal review shall be licensed or certified by the board or by another state, provided that if a value opinion is provided, the person must be licensed by the board. A person performing a review that does not fall under t…

54-4106. REAL ESTATE APPRAISERS -- REAL ESTATE APPRAISER BOARD -- POWERS AND DUTIES -- COMPENSATION. (1) There is hereby created in the division of occupational and professional licenses a real estate appraiser board, hereinafter referred to as the board, which shall administer t…

54-4107. DISCIPLINARY PROCEEDINGS. The board may refuse to issue, refuse to renew or may suspend, revoke or otherwise sanction any license or certificate issued under this chapter for any of the following: (1) Procuring licensure or certification pursuant to this chapter by knowi…

54-4109. RETENTION OF RECORDS. (1) A state licensed or certified real estate appraiser shall retain, for at least five (5) years, originals or true copies of all written contracts engaging his services for real estate appraisal work, and all reports and supporting data assembled …

54-4110. QUALIFICATIONS FOR LICENSURE OR CERTIFICATION -- EXAMINATIONS. (1) Any person who desires to obtain licensure or certification as a real estate appraiser shall make written application to the board on such forms as it may prescribe. Each applicant shall satisfy the follo…

54-4111. USE OF DESIGNATION -- CORPORATION, PARTNERSHIPS. The term "state licensed or certified real estate appraiser" shall only be used to refer to individuals who hold licenses or certificates under this chapter and may not be used following or immediately in connection with t…

54-4112. REGULAR EXAMINATIONS. The board shall hold each year at least one (1) examination for licensure or certification to practice real estate appraisal, if there be any such applicants. The examinations shall be conducted by the real estate appraiser board under fair and whol…

54-4113. FEES -- ISSUANCE OF LICENSES OR CERTIFICATES. (1) Every person applying for examination or reexamination under this chapter shall pay a fee equal to that charged by the national examining entity. If the result of the examination of any applicant shall be satisfactory to …

54-4114. TERM OF LICENSE OR CERTIFICATE -- RENEWAL AND REINSTATEMENT. All licenses issued under the provisions of this chapter shall be subject to biennial renewal and shall expire unless renewed in the manner prescribed by the board regarding applications for renewal, continuing…

54-4115. NONRESIDENT LICENSURE OR CERTIFICATION AND TEMPORARY PRACTICE. (1) Nonresident licensure or certification. If the board determines that another state has substantially equivalent requirements for appraiser licensure or certification, an applicant from such other state ma…

54-4116. RENEWAL LICENSES OR CERTIFICATES. To obtain a renewal license or certificate to practice as a state licensed or certified real estate appraiser, the holder of the current license or certificate shall make application and pay the prescribed fee to the board. Further, the …

54-4119. PENALTY FOR VIOLATION. Any person who acts as or holds himself out to be, a state licensed or certified residential or state certified general real estate appraiser within the meaning of this chapter without first obtaining a license or certificate as provided herein, ma…

54-4120. SHORT TITLE. Sections 54-4120 through 54-4134, Idaho Code, shall be known and may be cited as the "Idaho Appraisal Management Company Registration and Regulation Act."

54-4121. SCOPE. This act shall apply to appraisal management companies providing appraisal management services in connection with consumer credit transactions secured by a consumer's principal dwelling or securitizations of those transactions.

54-4122. DEFINITIONS. As used in this act: (1) "Affiliate" means any company that controls, is controlled by or is under common control with another company. (2) "AMC national registry" means the registry of state-registered appraisal management companies and federally regulated …

54-4123. APPRAISAL PANEL -- ANNUAL SIZE CALCULATION. For purposes of determining whether, within a calendar year, an AMC oversees an appraisal panel of more than fifteen (15) state certified or state licensed appraisers in one (1) state or twenty-five (25) or more state certified…

54-4124. REGISTRATION REQUIRED. (1) Effective July 1, 2017, it is a violation of this act for a person to directly or indirectly engage or attempt to engage in business as an appraisal management company, to directly or indirectly engage or attempt to perform appraisal management…

54-4125. EXEMPTIONS. The provisions of this act shall not apply to: (1) A person that exclusively employs appraisers on an employer and employee basis for the performance of appraisals in this state; (2) A federally regulated AMC; (3) A department or unit within a financial insti…

54-4126. OWNERSHIP REQUIREMENTS -- CONTROLLING PERSONS. (1) No AMC shall be registered in this state if the AMC is owned in whole or in part, directly or indirectly, by any person who has had an appraiser license or certificate refused, denied, canceled, surrendered in lieu of re…

54-4127. LIMITATIONS ON AGREEMENTS. (1) An appraisal management company applying to the board for a registration in this state shall not knowingly or through lack of diligence for the purpose of performing appraisals or appraisal management services: (a) Employ any person who has…

54-4128. APPRAISER ENGAGEMENT. (1) Before or at the time of placing an assignment with an appraiser on the appraiser panel of an appraisal management company, the appraisal management company shall verify that the appraiser receiving the assignment meets the competency rule of th…

54-4129. APPRAISAL REVIEW. Any employee of, or independent contractor to, the appraisal management company that performs an appraisal review shall be licensed or certified in this state or another state; provided that if a value opinion is provided, the person must be licensed in…

54-4130. APPRAISER COMPENSATION. Except in cases of breach of contract or substandard performance of services, an appraisal management company shall pay an appraiser for the completion of an appraisal or valuation assignment not later than forty-five (45) days after the date the …

54-4131. APPRAISER INDEPENDENCE. (1) It shall be a violation of this act for any employee, director, officer or agent of an appraisal management company registered in this state to engage in any act or practice that violates appraisal independence as described in or pursuant to t…

54-4132. ADDITIONAL POWERS OF THE BOARD. In addition to the powers conferred elsewhere in this chapter, the board shall have the power under this act, in relation to appraisal management companies, to: (1) Authorize by written agreement the division of occupational and profession…

54-4133. ENFORCEMENT. The board may, after notice and hearing, censure an appraisal management company, conditionally or unconditionally suspend, revoke or deny the issuance or renewal of any registration or any license issued under this act for violations of this act, appraisal-…

54-4134. FEDERAL REGISTRY REQUIREMENTS. (1) The board shall collect from each AMC registered or seeking to be registered in this state the information that the appraisal subcommittee requires to be submitted to it by the state pursuant to regulations or guidance promulgated by th…