61-2e-301 - Use of licensed or certified appraisers.
61-2e-301. Use of licensed or certified appraisers.
(1) An appraisal management company required to be registered under this chapter maynot enter into an agreement with an appraiser for the performance of a real estate appraisalactivity unless the appraiser is licensed or certified in good standing pursuant to Chapter 2b, RealEstate Appraiser Licensing and Certification Act.
(2) (a) An appraisal management company required to be registered under this chaptershall have a system to verify that an individual added to the appraiser panel of the appraisalmanagement company holds a license or certificate in good standing in this state pursuant toChapter 2b, Real Estate Appraiser Licensing and Certification Act.
(b) As part of the registration process under Part 2, Registration, an appraisalmanagement company shall biennially provide an explanation of the system described inSubsection (2)(a) in the form prescribed by the division.
Enacted by Chapter 269, 2009 General Session