Michigan Laws 339.2663 – Conduct requiring license; exceptions
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 339.2663
- Appraisal: A determination of property value.
- Appraisal: means that term as defined in section 2601. See Michigan Laws 339.2661
- Appraisal management company: means a person that provides appraisal management services. See Michigan Laws 339.2661
- Appraiser: means that term as defined in section 2601. See Michigan Laws 339.2661
- Federally regulated appraisal management company: means an appraisal management company that is owned and controlled by an insured depository institution, as that term is defined in 12 USC 1813, and is regulated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation. See Michigan Laws 339.2661
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- Real estate appraisal services: means the practice of developing an opinion of the value of real property in a manner that conforms with the uniform standards of professional appraisal practice. See Michigan Laws 339.2661
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- Uniform standards of professional appraisal practice: means that term as defined in section 2601. See Michigan Laws 339.2661
(1) Except as provided in subsection (2), a person shall not do any of the following in this state without a license issued by the department under this article:
(a) Directly or indirectly engage or attempt to engage in business as an appraisal management company.
(b) Directly or indirectly perform or attempt to perform appraisal management services.
(c) Advertise or hold itself out as engaging in or conducting business as an appraisal management company.
(d) Use the term “appraisal management company”, “mortgage technology company”, or any similar term that tends to indicate the person is licensed under this act.
(2) This article does not apply to any of the following:
(a) A person that exclusively engages individuals on an employer-employee basis to perform real estate appraisal services in the normal course of its business and that is responsible for ensuring that the real estate appraisal services performed by its employees comply with the uniform standards of professional appraisal practice.
(b) A person that in the normal course of business enters into an agreement, whether written or otherwise, with an independent contractor appraiser for that appraiser to perform real estate appraisal services and, when the appraisal is complete, cosigns the report with that independent contractor appraiser.
(c) A federally regulated appraisal management company, except as related to the information and fees collected by the department that is to be transmitted to the appraisal subcommittee of the Federal Financial Institutions Examination Council established under section 1004 of the financial institutions regulatory and interest rate control act of 1978, Public Law 95-630, 12 USC 3303.