§59-858-819. Violations of act.
468 words·~2 min read·
/ok/title-59-professions-and-occupations/59-858-819·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Appraisal Management Companies shall comply with the appraisal independence requirements of Section 129E(a) through
(i)of the Truth in Lending Act, 15 U.S.C., Section 1639e(a) through (i), and regulations thereunder.
B. It shall be unlawful and a violation of the Oklahoma Appraisal Management Company Regulation Act for any employee, partner, director, officer, or agent of an AMC to 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:
1. Withholding or threatening to withhold timely payment or partial payment for an appraisal with the exception of a substandard or noncompliant appraisal;
2. Withholding or threatening to withhold, either expressed or implied, future business from, or demoting or terminating or threatening to demote or terminate an appraiser;
3. Promising, either expressed or implied, future business, promotions, or increased compensation for an appraiser;
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;
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;
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;
7. Providing to an appraiser, or any entity or individual related to the appraiser, stock or other financial or nonfinancial benefit or thing of value;
8. Allowing or directing the removal of an appraiser from an appraiser panel, or the addition of an appraiser to an exclusionary list of disapproved appraisers used by any entity, without prior written notice to such appraiser;
9. Any other act or practice that impairs or attempts to impair an appraiser's independence, objectivity, or impartiality;
10. Submitting or attempting to submit false, misleading, or inaccurate information in any application for registration or renewal;
11. Failing to timely respond to any subpoena or any other request for information;
12. Failing to timely obey an administrative order of the Board; or
13. Failing to fully cooperate in any investigation.
C. Nothing in subsection B of this section shall be construed as prohibiting the AMC from requesting that an appraiser:
1. Provide additional information about the basis for a valuation including consideration of additional comparable data; or
2. Correct objective factual errors in an appraisal. Added by Laws 2010, c. 364, § 19, eff. Jan. 1, 2011. Amended by Laws 2016, c. 195, § 6, eff. Nov. 1, 2016.