RSA 310-B:16-a · Appraisal Management Companies

310-B:16-a Appraisal Management Companies. –

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I.

The board shall adopt rules under RSA 541-A which shall establish minimum requirements for the annual registration of appraisal management companies. Such minimum requirements shall include that such companies:

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(a)

Register with the office by each January 1 and be subject to supervision by the New Hampshire real estate appraiser board;

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(b)

Verify that only licensed or certified appraisers are used for federally related transactions;

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(c)

Comply with the Uniform Standards of Professional Appraisal Practice in coordinating appraisals; and

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(d)

Conduct appraisals independently and free from inappropriate influence and coercion pursuant to the appraisal independence standards established under section 129E of the federal Truth in Lending Act.

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II.

An appraisal management company shall not be registered by the office or included on the national registry if such company, in whole or in part, directly or indirectly, is owned by any person who has had an appraiser license or certificate refused, denied, canceled, surrendered in lieu of revocation, or revoked in any state. Additionally, each person that owns more than 10 percent of an appraisal management company shall be of good moral character, as determined by the board, and shall submit to a background investigation carried out by the board.

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III.

The board shall adhere to regulations for the reporting of the activities of appraisal management companies to the Appraisal Subcommittee in determining the payment of the annual registry fee.

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IV.

The requirements of this section shall take effect to appraisal management companies beginning the later of:

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(a)

January 1, 2013; or

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(b)

120 days after the first date on which all rules, forms and policies necessary to implement this chapter have been finalized and made available by the board. No unregistered appraisal management company may perform services related to a federally related transaction in the New Hampshire after January 1, 2013. Source. 2012, 164:11, eff. Aug. 6, 2012. 2024, 327:239, eff. July 1, 2024.

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