RSA 310-B:12-n · Appraisal Management Company; Unlawful Acts

310-B:12-n Appraisal Management Company; Unlawful Acts. –

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I.

It shall be a violation of this chapter for any employee, partner, director, officer, or agent of an appraisal management company to:

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(a)

Influence or attempt to influence the development, reporting, result, or review of an appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery or in any other manner, including but not limited to:

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(1)

Withholding or threatening to withhold timely payment or partial payment for an appraisal with the exception of a substandard or noncompliant appraisal;

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(2)

Withholding or threatening to withhold future business from an appraiser, or demoting, terminating or threatening to demote or terminate an appraiser;

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(3)

Promising or implying that an appraiser may be given opportunities for future business, promotions, or increased compensation;

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(4)

Conditioning an assignment of an appraisal or the payment of an appraisal fee or salary or bonus on the opinion, conclusion, or valuation to be reached, or on a preliminary estimate or opinion requested from an appraiser;

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(5)

Requesting that an appraiser provide an estimated, predetermined, or desired valuation in an appraisal, or provide estimated values or comparable sales at any time prior to the appraiser's completion of an appraisal;

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(6)

Providing to an appraiser an anticipated, estimated, encouraged, or desired value for a subject property or a proposed or target amount to be loaned to the borrower, except that a copy of the sales contract for purchase transactions may be provided; and

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(7)

Requiring an appraiser to prepare an appraisal report if the appraiser has indicated to the appraisal management company that he or she does not have the necessary expertise for the specific geographic area;

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(b)

Require an appraiser to indemnify the appraisal management company against liability, damages, losses, or claims other than those liabilities, damages, losses or claims arising out of the services performed by the appraiser, including performance or non-performance of the appraiser's duties and obligations, whether as a result of negligence or willful misconduct;

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(c)

Submit or attempt to submit false, misleading, or inaccurate information in any application for registration or renewal;

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(d)

Fail to timely respond to any subpoena or any other legally-binding request for information;

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(e)

Fail to timely obey a lawful administrative order of the board; or

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(f)

Fail to fully cooperate in any board investigation.

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II.

Notwithstanding any other provision in this chapter, an appraisal management company shall not be prohibited from requesting that an appraiser:

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(a)

Consider additional appropriate property information;

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(b)

Provide additional information concerning the basis for an evaluation; or

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(c)

Correct objective factual errors in an appraisal report. Source. 2012, 164:7, eff. Aug. 6, 2012.

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