New Hampshire Revised Statutes 310-B:16-a – Appraisal Management Companies
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I. The board shall adopt rules under N.H. Rev. Stat. Chapter 541-A which shall establish minimum requirements for the annual registration of appraisal management companies. Such minimum requirements shall include that such companies:
(a) Register with the board by each January 1 and be subject to supervision by the New Hampshire real estate appraiser board;
(b) Verify that only licensed or certified appraisers are used for federally related transactions;
(c) Comply with the Uniform Standards of Professional Appraisal Practice in coordinating appraisals; and
(d) Conduct appraisals independently and free from inappropriate influence and coercion pursuant to the appraisal independence standards established under section 129E of the federal Truth in Lending Act.
II. An appraisal management company shall not be registered by the board or included on the national registry if such company, in whole or in part, directly or indirectly, is owned by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any state. Additionally, each person that owns more than 10 percent of an appraisal management company shall be of good moral character, as determined by the board, and shall submit to a background investigation carried out by the board.
III. The board shall adhere to regulations for the reporting of the activities of appraisal management companies to the Appraisal Subcommittee in determining the payment of the annual registry fee.
IV. The requirements of this section shall take effect to appraisal management companies beginning the later of:
(a) January 1, 2013; or
(b) 120 days after the first date on which all rules, forms and policies necessary to implement this chapter have been finalized and made available by the board. No unregistered appraisal management company may perform services related to a federally related transaction in the New Hampshire after January 1, 2013.
(a) Register with the board by each January 1 and be subject to supervision by the New Hampshire real estate appraiser board;
Terms Used In New Hampshire Revised Statutes 310-B:16-a
- Appraisal: A determination of property value.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- real estate: shall include lands, tenements, and hereditaments, and all rights thereto and interests therein. See New Hampshire Revised Statutes 21:21
- 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) Verify that only licensed or certified appraisers are used for federally related transactions;
(c) Comply with the Uniform Standards of Professional Appraisal Practice in coordinating appraisals; and
(d) Conduct appraisals independently and free from inappropriate influence and coercion pursuant to the appraisal independence standards established under section 129E of the federal Truth in Lending Act.
II. An appraisal management company shall not be registered by the board or included on the national registry if such company, in whole or in part, directly or indirectly, is owned by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any state. Additionally, each person that owns more than 10 percent of an appraisal management company shall be of good moral character, as determined by the board, and shall submit to a background investigation carried out by the board.
III. The board shall adhere to regulations for the reporting of the activities of appraisal management companies to the Appraisal Subcommittee in determining the payment of the annual registry fee.
IV. The requirements of this section shall take effect to appraisal management companies beginning the later of:
(a) January 1, 2013; or
(b) 120 days after the first date on which all rules, forms and policies necessary to implement this chapter have been finalized and made available by the board. No unregistered appraisal management company may perform services related to a federally related transaction in the New Hampshire after January 1, 2013.