New Jersey Statutes 45:14F-48. Payment to appraiser
Current as of: 2023 | Check for updates
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Terms Used In New Jersey Statutes 45:14F-48
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- 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
22. Each appraisal management company shall, except in bona fide cases of breach of contract or substandard performance of services, make payment to an appraiser for the completion of an appraisal or valuation assignment within 60 days of the date on which the appraiser transmits or otherwise provides the completed appraisal or valuation study to the appraisal management company or its assignee unless a mutually agreed upon alternate arrangement has been previously established, which agreement shall be considered to be under the appraiser independence requirements of section 1639e of the federal Truth in Lending Act, Pub.L.90-321 (15 U.S.C. § 1639e).
L.2017, c.72, s.22.