New Jersey Statutes 45:14F-42. Adoption of appraiser independence standards
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Terms Used In New Jersey Statutes 45:14F-42
- Appraisal: A determination of property value.
- 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
16. This act adopts by reference the appraiser independence standards established under section 1639e of the federal Truth in Lending Act, Pub.L.90-321 (15 U.S.C. § 1639e), including:
a. the requirements for payment of customary and reasonable compensation to fee appraisers when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer; and
b. all necessary enforcement and remedies available under the federal Truth in Lending Act, Pub.L.90-321 (15 U.S.C. § 1601 et seq.).
L.2017, c.72, s.16.