New Hampshire Revised Statutes 310-B:12-q – Appraisal Management Company Registration; Regulation
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I. As a participating state electing to register AMCs, this state hereby establishes and maintains within the state appraiser certifying and licensing agency a licensing program that is subject to the ownership limitations set forth below and with the legal authority and mechanisms to:
(a) Review and approve or deny an AMC’s application for initial registration;
(b) Review and renew or review and deny an AMC’s registration periodically;
(c) Examine the books and records of an AMC operating in the state and require the AMC to submit reports, information, and documents;
(d) Verify that the appraisers on the AMC’s appraiser panel hold valid state certifications or licenses, as applicable;
(e) Conduct investigations of AMCs to assess potential violations of applicable appraisal-related laws, regulations, or orders;
(f) Discipline, suspend, terminate, or deny renewal of the registration of an AMC that violates applicable appraisal-related laws, regulations, or orders; and
(g) Report an AMC’s violation of applicable appraisal-related laws, regulations, or orders, as well as disciplinary and enforcement actions and other relevant information about an AMC’s operations, to the Appraisal Subcommittee.
II. As a participating state electing to register AMCs, this state hereby imposes requirements on AMCs that are not owned and controlled by an insured depository institution and not regulated by a federal financial institutions regulatory agency to:
(a) Register with and be subject to supervision by the state appraiser certifying and licensing agency;
(b) Engage only state-certified or state-licensed appraisers for federally-related transactions in conformity with any federally-related transaction regulations;
(c) Establish and comply with processes and controls reasonably designed to ensure that the AMC, in engaging an appraiser, selects an appraiser who is independent of the transaction and who has the requisite education, expertise, and experience necessary to competently complete the appraisal assignment for the particular market and property type;
(d) Direct the appraiser to perform the assignment in accordance with USPAP; and
(e) Establish and comply with processes and controls reasonably designed to ensure that the AMC conducts its appraisal management services in accordance with the requirements of section 129E(a) through (i) of the Truth in Lending Act, 15 U.S.C. § 1639e(a) through (i), and regulations thereunder.
(a) Review and approve or deny an AMC’s application for initial registration;
Terms Used In New Hampshire Revised Statutes 310-B:12-q
- Appraisal: A determination of property value.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
(b) Review and renew or review and deny an AMC’s registration periodically;
(c) Examine the books and records of an AMC operating in the state and require the AMC to submit reports, information, and documents;
(d) Verify that the appraisers on the AMC’s appraiser panel hold valid state certifications or licenses, as applicable;
(e) Conduct investigations of AMCs to assess potential violations of applicable appraisal-related laws, regulations, or orders;
(f) Discipline, suspend, terminate, or deny renewal of the registration of an AMC that violates applicable appraisal-related laws, regulations, or orders; and
(g) Report an AMC’s violation of applicable appraisal-related laws, regulations, or orders, as well as disciplinary and enforcement actions and other relevant information about an AMC’s operations, to the Appraisal Subcommittee.
II. As a participating state electing to register AMCs, this state hereby imposes requirements on AMCs that are not owned and controlled by an insured depository institution and not regulated by a federal financial institutions regulatory agency to:
(a) Register with and be subject to supervision by the state appraiser certifying and licensing agency;
(b) Engage only state-certified or state-licensed appraisers for federally-related transactions in conformity with any federally-related transaction regulations;
(c) Establish and comply with processes and controls reasonably designed to ensure that the AMC, in engaging an appraiser, selects an appraiser who is independent of the transaction and who has the requisite education, expertise, and experience necessary to competently complete the appraisal assignment for the particular market and property type;
(d) Direct the appraiser to perform the assignment in accordance with USPAP; and
(e) Establish and comply with processes and controls reasonably designed to ensure that the AMC conducts its appraisal management services in accordance with the requirements of section 129E(a) through (i) of the Truth in Lending Act, 15 U.S.C. § 1639e(a) through (i), and regulations thereunder.