[ §466M-5] Appraiser panel; annual size calculation.

283 words·~1 min read·/hi/466m-5

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)For purposes of determining whether an appraisal entity meets the size requirement of an appraisal management company, as that term is defined in section 466M-2, an appraiser shall be deemed part of the appraisal management company's appraiser panel as of the earliest date on which the appraisal management company:

(1)Accepts the appraiser for the appraisal management company's consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions; or

(2)Engages the appraiser to perform one or more appraisals on behalf of a creditor for covered transactions or a secondary mortgage market participant in connection with covered transactions.

(b)An appraiser who is deemed part of the appraisal management company's appraiser panel pursuant to subsection

(a)shall be deemed to remain on the appraiser panel until the date on which the appraisal management company:

(1)Sends written notice to the appraiser removing the appraiser from the appraiser panel, with an explanation of the appraisal management company's action; or

(2)Receives written notice from the appraiser asking to be removed from the appraiser panel or notice of the death or incapacity of the appraiser.

(c)If an appraiser is removed from an appraisal management company's appraiser panel pursuant to subsection (b), and the appraisal management company subsequently accepts the appraiser for consideration for future assignments or engages the appraiser at any time during the twelve months after the appraiser's removal:

(1)The removal shall be deemed not to have occurred; and

(2)The appraiser shall be deemed to have been part of the appraisal management company's appraiser panel without interruption. [L 2024, c 80, pt of §2]