§ 61-30-5 — Real estate appraisers board created. (Repealed effective

New Mexico § 61-30-5

• Jurisdiction: New Mexico
• Ch. 61: Professional and Occupational Licenses
• Art. 30: Real Estate Appraisers

Text

July 1, 2030.) A. There is created a "real estate appraisers board" consisting of seven members appointed by the governor. The board is administratively attached to the regulation and licensing department. B. There shall be four real estate appraiser members of the board who shall be licensed or certified. Membership in a professional appraisal organization or association shall not be a prerequisite to serve on the board. No more than two real estate appraiser members shall be from any one licensed or certified category. C. Board members shall be appointed to five-year terms and shall serve until a successor is appointed and qualified. Real estate appraiser members may be appointed for no more than two consecutive five-year terms. D. No more than two members shall be from any one county within New Mexico, and at least one real estate appraiser member shall be from each congressional district. E. One member of the board shall represent lenders or their assignees engaged in the business of lending funds secured by mortgages or in the business of appraisal management. Two members shall be appointed to represent the public. The public members shall not have been real estate appraisers or engaged in the business of real estate appraisals or have any financial interest, direct or indirect, in real estate appraisal or any real-estate-related business. F. Vacancies on the board shall be filled by appointment by the governor for the unexpired term within sixty days of the vacancy. G. The board is administratively attached to the regulation and licensing department, and, pursuant to Title 11 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the appraisal subcommittee may monitor the board for the purposes of determining whether the board: (1) has policies, practices, funding, staffing and procedures that are consistent with the requirements of the appraisal subcommittee and pursuant to Title 11 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989; (2) processes complaints and completes investigations in a reasonable time period; (3) appropriately disciplines sanctioned appraisers and appraisal management companies; (4) maintains an effective regulatory program; and (5) reports complaints and disciplinary actions on a timely basis to the national registries on appraisers and appraisal management companies maintained by the appraisal subcommittee. H. The appraisal subcommittee may impose sanctions against the board if it fails to have an effective appraiser regulatory program.

Legislative History

Laws 1990, ch. 75, § 5; 1992, ch. 54, § 3; 1993, ch. 269, § 3; 1999, ch. 283, §