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
§543E.20, REAL ESTATE APPRAISAL MANAGEMENT COMPANIES 10
director shall have the authority to adopt such rules as are reasonably necessary to assure
the director’s registration and supervision of appraisal management companies comply with
the minimum requirements of 12 U.S.C. §3352 and related federal laws and regulations, with
respect to any of the following: a.Reviewing and approving or denying an appraisal management company’s application
for initial or renewal registration.
b.Examining the books and records of an appraisal management co
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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
§543E.20, REAL ESTATE APPRAISAL MANAGEMENT COMPANIES 10
director shall have the authority to adopt such rules as are reasonably necessary to assure
the director’s registration and supervision of appraisal management companies comply with
the minimum requirements of 12 U.S.C. §3352 and related federal laws and regulations, with
respect to any of the following:
a. Reviewing and approving or denying an appraisal management company’s application
for initial or renewal registration.
b. Examining the books and records of an appraisal management company operating in
the state and requiring the appraisal management company to submit reports, information,
and documents.
c. Verifying that the appraisers on an appraisal management company’s appraiser panel
who perform appraisal assignments in this state hold valid certificates issued under chapter
543D.
d. Conducting investigations of appraisal management companies to assess potential
violations of applicable appraisal-related laws, regulations, rules, or orders.
e. Disciplining, suspending, terminating, or denying renewal of the registration of an
appraisal management company that violates applicable appraisal-related laws, regulations,
rules, or orders.
f. Notwithstanding section 272C.6, subsection 4, reporting an appraisal management
company’s violation of applicable appraisal-related laws, regulations, rules, or orders, as well
as disciplinary and enforcement investigations and actions and other relevant information
about an appraisal management company’s operations, to the appraisal subcommittee.
g. Imposing requirements on appraisal management companies that are mandated by
federal law and regulations applicable to appraisal management companies that are not
exempt under federal law, including any of the following:
(1) Registration and supervision requirements.
(2) Ownership limitations.
(3) Engagingonlycertifiedappraisersforfederallyrelatedtransactionsinconformitywith
all applicable federally related transaction regulations.
(4) Establishing systems for engaging appraisers who are competent and independent,
and who are suited for the appraisal assignments to which they are assigned based on
education, expertise, and experience.
(5) Directingappraiserstoperformappraisalassignmentsinaccordancewiththeuniform
standards of professional appraisal practice.
(6) Establishing and complying with processes and controls reasonably designed to
ensure appraisal management companies conduct appraisal management services in
accordance with the requirements of section 129E(a)–(i) of the federal Truth in Lending
Act, 15 U.S.C. §1639e(a)–(i), and regulations thereunder including but not limited to the
requirement that appraisers who complete an appraisal in connection with a consumer
credit transaction secured by the principal dwelling of the consumer be compensated with a
customary and reasonable fee.
h. Assessing, collecting, and forwarding to the appraisal subcommittee appraisal
management company national registry fees from appraisal management companies
registeredunderthischapterandfromfederallyregulatedappraisalmanagementcompanies.
3. The director may conduct periodic examinations of applicants or registrants under this
chapter as reasonably necessary to assure compliance with all or specific provisions of this
chapter. All papers, documents, examination reports, and other records relating to such
examinations shall be confidential as provided in section 272C.6, subsection 4, except as
provided in this section.
4. The director may adopt rules governing an appraiser’s use of associate real estate
appraisers while performing appraisal assignments subject to this chapter. Associate
real estate appraisers may provide appraisal services under the supervision of a certified
appraiser as provided in chapter 543D and associated rules, but shall not be on an appraiser
panel of an appraisal management company.
5. The director may require a national criminal history check through the federal bureau
of investigation or, if authorized by federal law or regulation, the nationwide mortgage
licensing system and registry, as defined in section 535D.3, when conducting background
11 REAL ESTATE APPRAISAL MANAGEMENT COMPANIES, §543E.20
investigations under this chapter. Except as inconsistent with the registry, the following
shall apply:
a. The director may require owners and controlling persons who are subject to the
background investigation provisions of sections 543E.6 and 543E.7 to provide a full set of
fingerprints, in a form and manner prescribed by the director. Such fingerprints, if required,
shall be submitted to the federal bureau of investigation through the state criminal history
repository for purposes of the national criminal history check.
b. The director may also request and obtain, notwithstanding section 692.2, subsection 5,
criminal history data for owners and controlling persons who are subject to the background
investigation provisions of sections 543E.6 and 543E.7. A request for criminal history data
shall be submitted to the department of public safety, division of criminal investigation,
pursuant to section 692.2, subsection 1.
c. The director shall inform such owners and controlling persons of the requirement of a
nationalcriminalhistorycheckorrequestforcriminalhistorydataandobtainasignedwaiver
from the applicant, certificate holder, or registrant prior to requesting the check or data.
d. The director may, in addition to any other fees, charge and collect such amounts
as may be incurred by the director, the department of public safety, or the federal bureau
of investigation in obtaining criminal history information. Amounts collected shall be
considered appropriated receipts as defined in section 8.2.
e. Criminalhistorydataandothercriminalhistoryinformationrelatingtoaffectedowners
or controlling persons, or their appraisal management companies obtained by the director
pursuant to this section shall remain confidential. Such information may, however, be used
by the director in a registration denial, enforcement, or disciplinary proceeding.