45:14F-33 Applicability of act.

122 words·~1 min read·/nj/title-45/chapter-14f/45-14f-33

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7. The provisions of this act:

a. shall apply to an appraisal management company in accordance with section 1124(a),

(b)and

(c)of Subtitle F of the Mortgage Reform and Anti-Predatory Lending Act of 2010, Pub.L.111-203, amending the Financial Institutions Reform Recovery and Enforcement Act (12 U.S.C. s.3353 (a), (b), (c)); and

b. shall not apply to:

(1)an employee relocation management company in the course of employee relocation pursuant to its relocation policy; or

(2)a person or entity that exclusively employs appraisers on an employer and employee basis for the performance of appraisals for a variety of clients or intended uses of the appraisal other than mortgage lending consumer credit transactions secured by a consumer's principal dwelling.

L.2017, c.72, s.7.