§ 40-60-390 — Requirements for employees and independent contractors of appraisal management companies.

(A) An employee of the appraisal management company who is responsible for performing appraisal reviews of certified or licensed appraisers, who are independent contractors, must demonstrate knowledge of the Uniform Standards of Professional Appraisal Practice as determined by the board. (B) An appraisal management company that applies to the board for a registration to do business in this State as an appraisal management company shall not knowingly: (1) employ a person who has had a certificate or license to act as an appraiser in this State or in another state refused, denied, canceled, revoked, or surrendered in lieu of a pending revocation in a position in which the person has the responsibility to order appraisals or to review completed appraisals; (2) enter into an independent contractor arrangement for appraisal services, whether in verbal, written, or other form, with a person who has had a certificate or license to act as an appraiser in this State or in another state refused, denied, canceled, revoked, or surrendered in lieu of a pending revocation; or (3) enter into a contract, agreement, or other business relationship, whether in verbal, written, or another form, with an entity for appraisal services that employs, has entered into an independent contract arrangement, or has entered into a contract, agreement, or other business relationship, whether in verbal, written, or other form, with a person who has ever had a certificate or license to act as an appraiser in this State or in another state refused, denied, canceled, revoked, or surrendered in lieu of a pending revocation.

Legislative History

HISTORY: 2017 Act No. 32 (S.279), SECTION 1, eff May 10, 2017. Editor's Note 2017 Act No. 32, SECTION 5, provides as follows: "SECTION 5. This act takes effect upon approval by the Governor. In the event that a registration process is unavailable upon the effective date of this act, an appraisal management company already conducting business in this State may continue to conduct business until one hundred twenty days after a registration process becomes available."