§ 20-529a — Certification to commissioner. Audits. Disclosures to client. Appraisal management company not to prohibit inclusion of certain information in appraisal report.

(a) Each appraisal management company, other than a federally regulated appraisal management company, shall certify annually to the commissioner that such appraisal management company maintains a detailed record of each appraisal request or order such appraisal management company receives and of the appraiser who performs such appraisal. (b) Each appraisal management company, other than a federally regulated appraisal management company, may audit the appraisals completed by appraisers on its appraiser panel to ensure that such appraisals are being performed in accordance with the USPAP. (c) Each appraisal management company, other than a federally regulated appraisal management company, shall disclose to a client prior to providing, or along with, the appraisal report (1) the dollar amount of the total compensation to be paid by such company to the appraiser who performed the appraisal; and (2) the dollar amount of the total compensation to be retained by such company from the appraisal fee paid to such company for such appraisal. (d) No appraisal management company, other than a federally regulated appraisal management company, shall prohibit or attempt to prohibit an appraiser from including or referencing in an appraisal report the appraisal fee, the name of the appraisal management company or the client's or lender's name or identity.

Legislative History

(P.A. 10-77, S. 3; P.A. 11-19, S. 1; P.A. 24-142, S. 8.) History: P.A. 11-19 made a technical change in Subsec. (d); P.A. 24-142 amended section by adding provisions re federally regulated appraisal management companies, and made conforming changes in Subsec. (a), effective June 6, 2024.