Montana Code 37-54-105. Powers and duties of board
37-54-105. Powers and duties of board. The board shall:
Terms Used In Montana Code 37-54-105
- Appraisal: A determination of property value.
- Appraisal: means the practice of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice as developed by the appraisal foundation. See Montana Code 37-54-102
- Appraisal foundation: means the appraisal foundation incorporated as a not-for-profit corporation on November 30, 1987, pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, 12 U. See Montana Code 37-54-102
- Appraisal management company: means , in connection with valuation of properties collateralizing mortgage loans or mortgages incorporated into a securitization, an external third party, 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, that oversees a network or panel of more than 15 certified or licensed appraisers in this state or 25 or more nationally within a given year. See Montana Code 37-54-102
- Appraiser: means an individual who holds a license or certification to complete an appraisal assignment in the state where the real property that is the subject of the appraisal assignment is located. See Montana Code 37-54-102
- Board: means the board of real estate appraisers provided for in 2-15-1758. See Montana Code 37-54-102
- Person: means an individual, firm, partnership, association, corporation, or other business entity. See Montana Code 37-54-102
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(1)adopt rules to implement and administer the provisions of this chapter;
(2)establish and collect fees commensurate with the costs of processing:
(a)an application for licensure or renewal of licensure;
(b)certification or renewal of a certificate; and
(c)registration or renewal of registration of appraisal management companies;
(3)establish minimum requirements for education, experience, and examination for licensure and certification as set out by the appraisal qualification board of the appraisal foundation;
(4)prescribe the examinations for licensure or certification and determine the acceptable level of performance on examinations;
(5)receive and review applications for licensure, certification, or appraisal management company registration and issue or, as appropriate, renew licenses, certificates, or appraisal management company registrations;
(6)review periodically the standards for development and communication of appraisals and adopt rules explaining and interpreting the standards;
(7)retain all applications and other records submitted to the board;
(8)adopt by rule standards of professional appraisal practice in this state;
(9)(a) require an appraisal management company to submit reports, information, and documents to the board; and
(b)examine the books and records of an appraisal management company operating in the state;
(10)reprimand, suspend, revoke, or refuse to renew the license, certificate, or registration of a person or entity who has violated the standards established for licensed and certified real estate appraisers or registered appraisal management companies;
(11)regulate and establish minimum requirements and qualifications for real estate appraiser mentors;
(12)collect and transmit annual registry fees from registered appraisal management companies and federally regulated appraisal management companies in the amount determined by the appraisal subcommittee of the federal financial institutions examination council; and
(13)perform other duties necessary to implement this chapter.