Louisiana Revised Statutes 37:3415.22 – A. The board shall collect from each appraisal management company that is registered or seeking to be registered in this state the information that the appraisal subcommittee, as des
Terms Used In Louisiana Revised Statutes 37:3415.22
- Appraisal: A determination of property value.
- Appraisal: means the act or process of developing an opinion of value of real property following the appraisal process defined by the Uniform Standards for Professional Appraisal Practice. See Louisiana Revised Statutes 37:3415.2
- Appraisal management company: means , in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any third party that annually oversees a network panel of more than fifteen licensed appraisers in the state or twenty-five or more licensed appraisers in two or more states and is authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of, or other principal in, the secondary mortgage markets to do both of the following:
(a) Recruit, select, contract with, or otherwise retain an appraiser for the purpose of performing an appraisal and to verify any work performed by the appraiser for compliance with applicable state and federal requirements. See Louisiana Revised Statutes 37:3415.2
- Board: means the Louisiana Real Estate Appraisers Board. See Louisiana Revised Statutes 37:3415.2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. The board shall collect from each appraisal management company that is registered or seeking to be registered in this state the information that the appraisal subcommittee, as described in La. Rev. Stat. 37:3395, requires to be submitted to it by the state pursuant to regulations promulgated by the appraisal subcommittee, including the collection of administrative fees consistent with the final federal rules as provided for in the applicable provisions of 12 CFR Parts 34, 208, 225, 323, 390, 1026, and 1222.
B.(1) A federally regulated appraisal management company operating in this state shall report to the board any information required to be submitted by the state to the appraisal subcommittee pursuant to the policies of the appraisal subcommittee regarding the determination of the appraisal management company national registry fee.
(2) Reports submitted pursuant to this Subsection shall include the following:
(a) A statement, in a form prescribed by the board, detailing the intent of the federally regulated appraisal management company to operate in this state.
(b)(i) Any information related to whether the appraisal management company is owned in whole or in part, directly or indirectly, by any person who has had an appraiser license or certification refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any state.
(ii) Any information related to the revocation of a license of any person described in Item (i) of this Subparagraph and whether the revoked license has been reinstated by the state or states in which the appraiser was licensed.
C.(1) Any appraisal management company not meeting the minimum qualifications established by 12 U.S.C. § 3350(11) shall not be included in the National Registry of Appraisal Management Companies as administered by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.
(2) In accordance with 12 U.S.C. § 221 et seq., this Chapter does not apply to any entity that is a subsidiary owned and controlled by a federal financial institution regulatory agency, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.
Acts 2016, No. 259, §1; Acts 2022, No. 415, §1, eff. June 15, 2022.