(a)  An applicant for registration as an appraisal management company shall submit to the department an application on forms prescribed by the department and pay the required fee(s).

Terms Used In Rhode Island General Laws 5-20.9-7

  • Appraisal: A determination of property value.
  • Appraisal: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate. See Rhode Island General Laws 5-20.9-2
  • Appraisal management company: means :

    (i)  In connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any 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 fifteen (15) certified or licensed appraisers in Rhode Island or twenty-five (25) or more nationally, excluding those appraisers who do not provide appraisal services for covered transactions, within a given year to:

    (A)  Recruit, select, and retain appraisers;

    (B)  Contract with licensed and certified appraisers to perform appraisal assignments;

    (C)  Manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed; or

    (D)  Review and verify the work of appraisers. See Rhode Island General Laws 5-20.9-2

  • Department: means the department of business regulation. See Rhode Island General Laws 5-20.9-2
  • Director: means the director of the department of business regulation. See Rhode Island General Laws 5-20.9-2

(b)  The fees for initial registration, renewal, and late renewals shall be determined by the director and established by regulation.

(c)  There is hereby created a restricted-receipt account within the general fund of the state to be known as the appraisal management company — registration account. Fees collected pursuant to this section shall be deposited into this account and be used to finance costs associated with appraisal management company registration and operations. The restricted receipt account will be included in the budget of the department of business regulation.

(d)  Every appraisal management company that desires to renew a registration for the next term shall apply for the renewal of the registration upon a form furnished by the director and containing information that is required by this chapter. Renewal of a registration is subject to the same provisions as the initial registration.

(e)  The department shall receive applications for registration for initial licensing and renewal and establish administrative procedures for processing applications and issuing and renewing registrations.

(f)  The department shall have the authority to assess and collect from registered entities, the appraisal management companies (AMC) federal registry fee in any amount assessed by the appraisal subcommittee of the Federal Financial Institutions Examination Council or its successor entity, and transmit the fee to the Federal Financial Institutions Examination Council.

(g)  A federally regulated appraisal management company operating in this state shall report to the department any information necessary for the department to assess, collect, and forward the AMC federal registry fee in any amount assessed by the appraisal subcommittee of the Federal Financial Institutions Examination Council or its successor entity.

History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1; P.L. 2019, ch. 88, art. 2, § 2.