§ 163 — Appraiser panel; annual size calculation

An appraiser is deemed part of the appraisal management company's appraiser panel as of the earliest date the appraisal management company accepts the appraiser for consideration for future appraisal assignments in covered transactions or engages the appraiser to perform one or more appraisal assignments on behalf of a creditor or secondary mortgage market participant in a covered transaction, including an affiliate of such a creditor or participant. An appraiser is considered to be part of the appraisal management company's appraiser panel if deemed to remain on the panel until: (1) the date on which the appraisal management company sends written notice to the appraiser removing the appraiser from the appraiser panel; (2) the date the appraisal management company receives written notice from the appraiser asking to be removed from the appraiser panel; or (3) the date the appraisal management company receives notice of the death or incapacity of the appraiser. If an appraiser is removed from an appraisal management company's appraiser panel but the appraisal management company subsequently accepts the appraiser for consideration for future assignments or engages the appraiser at any time during the 12 months after the appraiser's removal, the removal would be deemed not to have occurred and the appraiser is deemed to have been part of the appraisal management company's appraiser panel without interruption.

Legislative History

(Source: P.A. 100-604, eff. 7-13-18.)