§ 37:3415.1 Short title
§ 37:3415.2 As used in this Chapter, the following words have the meanings ascribed to them in this Section unless the context clearly indicates otherwise:
§ 37:3415.3 License required
§ 37:3415.4 Exemptions
§ 37:3415.5 Forms
§ 37:3415.6 Expiration of license
§ 37:3415.7 Consent to service of process
§ 37:3415.8 A. An appraisal management company applying for a license in this state shall not be owned by any person who has had a license or certificate to act as an appraiser, real estate brok
§ 37:3415.9 A. Each appraisal management company applying to the board for a license in this state shall designate one controlling person that will be the main contact for all communication betw
§ 37:3415.10 A. When accepting an application for an initial or renewal license, the board is authorized to collect an assessment not in excess of one thousand five hundred dollars.
§ 37:3415.11 Limitations
§ 37:3415.12 Pre-engagement certification
§ 37:3415.13 Adherence to standards; competency
§ 37:3415.14 Record keeping
§ 37:3415.15 A. An appraisal management company shall compensate appraisers at a rate that is customary and reasonable for appraisals being performed in the market area of the property being appr
§ 37:3415.16 Appraiser independence; prohibitions
§ 37:3415.17 Alteration of appraisal reports
§ 37:3415.18 A. An appraisal management company shall not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an independent
§ 37:3415.19 A. The board may censure an appraisal management company, conditionally or unconditionally suspend, or revoke any license issued under this Chapter, levy fines or impose civil penalt
§ 37:3415.20 Disciplinary hearings
§ 37:3415.21 Rulemaking authority
§ 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 > Title 37 > Chapter 51-A - Appraisal Management Company Licensing and Regulation Act

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • 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

  • Appraisal management services: means the process of receiving a request for the performance of real estate appraisal services from a client, and for a fee paid by the client, entering into an agreement with one or more independent appraisers to perform the real estate appraisal services contained in the request. See Louisiana Revised Statutes 37:3415.2
  • Appraisal review: means the act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal assignment. See Louisiana Revised Statutes 37:3415.2
  • Appraiser panel: means a group of appraisers that has been selected by an appraisal management company to perform real estate appraisal services for the appraisal management company on behalf of lenders or other clients. See Louisiana Revised Statutes 37:3415.2
  • Board: means the Louisiana Real Estate Appraisers Board. See Louisiana Revised Statutes 37:3415.2
  • Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
  • Client: means any person or entity that contracts with or otherwise enters into an agreement for the performance of residential real estate appraisal services. See Louisiana Revised Statutes 37:3415.2
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Controlling person: means any of the following:

                (a) An owner, officer, or director of a corporation, partnership, or other business entity seeking to offer appraisal management services in this state. See Louisiana Revised Statutes 37:3415.2

  • Cross examine: Questioning of a witness by the attorney for the other side.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • 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
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. 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
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Public defender: Represent defendants who can't afford an attorney in criminal matters.
  • Real estate appraisal services: means residential valuation services performed by an individual acting as an appraiser, including but not limited to appraisal, appraisal review, or appraisal consulting, as these services are defined under the Uniform Standards for Professional Appraisal Practice. See Louisiana Revised Statutes 37:3415.2
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Subpoena: A command to a witness to appear and give testimony.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.