Title 5, Title 5 and Professions

An appraisal management company registered in this state shall not: (a) Require an independent fee appraiser to collect the appraisal fee from a borrower, homeowner, or other person; (b) Require an independent fee appraiser to provide the company with the appraiser’s digital sign…

(a) An appraisal management company may not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an independent appraiser without: (1) Notifying the appraiser in writing of the reasons why the appraiser is bein…

(a) If the department has reasonable grounds to believe that an appraisal management company has violated the provisions of this chapter or that facts exist that would be the basis for an order against an appraisal management company, the department may at any time investigate or…

(a) If the director has reason to believe that any person, firm, corporation, or association is conducting any activities requiring registration under this chapter without obtaining registration or, after the denial, suspension, or revocation of a registration conducts any activi…

(a) Before refusing to issue a registration or suspending or revoking a registration, the director shall notify the applicant or registrant of his or her intended action and the grounds for the action. The applicant or registrant may, within twenty (20) days, file with the direct…

The department shall create and adopt rules that promote and effectuate the purposes of this chapter.

(a) All definitions set forth in § 5-20.7-2 are herein incorporated by reference. (b) As used in this chapter, the following terms shall have the following meanings unless the context clearly specifies otherwise: (1) “Appraisal” means an analysis, opinion, or conclusion relating …

(a) It shall be unlawful for any person or entity to act as a real estate appraisal management company, or to directly or indirectly engage in the business of real estate appraisal management in this state, or to advertise or hold himself, herself, or itself out as engaging in th…

(a) Appraisal management companies shall provide the following information upon registration: (1) Name and contact information of the entity seeking registration; (2) Name and contact information of the controlling person for the entity; (3) If the entity is not a corporation dom…

Every applicant for registration under this chapter who or that is not a resident of this state shall submit with the application an irrevocable consent that service of process in any action against the applicant arising out of the applicant’s activities as an appraisal managemen…

(a) Each appraisal management company shall maintain for five (5) years all business records, either in electronic or paper format, relating to each request for an appraisal service that the appraisal management company has received and to the appraiser who performs the appraisal…

(a) An applicant for registration as an appraisal management company shall submit to the department an application on forms prescribed by the department and pay the required fee(s). (b) The fees for initial registration, renewal, and late renewals shall be determined by the direc…

A registration granted by the department pursuant to this chapter shall be valid for one year from the date on which it is issued.

(a) The department may deny, censure, suspend, or revoke a registration of an appraisal management company issued under this chapter, levy fines or impose civil penalties not to exceed five thousand dollars ($5,000) per violation, if in the opinion of the department, an appraisal…