Title XIII, COMMERCE (Ch. 505 - 554I)

1. An appraisal management company shall maintain a detailed record of each service request the appraisal management company receives involving real estate located in this state and the identity of the appraiser who performs the appraisal assignment. All such records shall be mai…

1. An appraisal management company registered under this chapter shall take all reasonable steps to assure that appraisals are conducted independently and free from inappropriate influence or coercion pursuant to the appraisal independence standards established under section 129E…

An appraisal management company registered under this chapter , or an employee, owner, director, controlling person, or other agent of an appraisal management company, shall not do any of the following: 1. Require an appraiser to indemnify an appraisal management company or hold …

An appraisal management company registered under this chapter shall be issued a unique registration number and shall include its registration number in any record, such as an engagement letter, order, or agreement, in which the appraisal management company contracts with an appra…

1. After notice and hearing, the director may revoke, suspend, or refuse to issue, renew, or reinstate a registration; reprimand, censure, or limit the scope of practice of any registrant; impose a civil penalty not to exceed ten thousand dollars per violation; require remedial a…

1. If, as the result of a complaint or otherwise, the director believes that a person has engaged, or is about to engage, in an act or practice that constitutes or will constitute a violation of this chapter , the director may make application to the district court for an order e…

1. The director shall require that an appraisal management company be covered by a surety bond in the amount of twenty-five thousand dollars. 2. The surety bond shall be in a form as prescribed by the director. The director may, pursuant to rule, determine requirements for such s…

The purpose of this chapter is to protect the independence and integrity of the appraisal process when an appraisal is provided through an appraisal management company in connection with a consumer credit transaction secured by the principal dwelling of an Iowa consumer or securi…

1. The director is vested with broad administrative authority to administer, interpret, and enforce this chapter and to promulgate rules implementing this chapter . 2. In addition to the duties and powers conferred upon the director in this chapter , the director shall have the a…

Unless the context otherwise requires, the definitions contained in section 543D.2 shall apply to this chapter . In addition, the following definitions shall apply for purposes of this chapter : 1. “Appraisal management company” means a person that oversees an appraiser panel of …

A person shall not directly or indirectly engage in or attempt to engage in business as an appraisal management company or advertise or hold itself out as engaging in or conducting business as an appraisal management company in this state without first registering with the direct…

This chapter shall not apply to any of the following: 1. A person that exclusively employs appraisers on an employer and employee basis for the performance of appraisals. 2. A government body, as defined in section 22.1, subsection 1 , that performs appraisals or retains appraise…

1. An appraisal management company registered or applying for registration in this state shall not be directly or indirectly owned in whole or in part by a person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lie…

1. An appraisal management company registered or applying for registration in this state shall designate a controlling person who shall be the main contact for all communications between the director and the appraisal management company, and who shall be responsible for assuring …

1. An application for registration as an appraisal management company shall be submitted on a form prescribed by the director. 2. An application shall at a minimum include the following: a. The name, form of business entity, contact information, and official domicile of the appli…

1. A registration issued under this chapter shall be valid for one year as provided by rule. 2. An application to renew registration shall be submitted in the form and in the manner prescribed by the director. The director may further require periodic disclosures of changes impac…