All AMCs operating in this state that are not owned and controlled by an insured depository institution and are not regulated by a federal financial institution’s regulatory agency shall:

(1) Register with and be subject to supervision by the commission, unless otherwise exempt;

Terms Used In Tennessee Code 62-39-428

  • Appraisal: A determination of property value.
  • Appraisal: means the act or process of developing an opinion of value of identified real estate. See Tennessee Code 62-39-402
  • Appraiser: means an individual who holds a license under part 1 of this chapter. See Tennessee Code 62-39-402
  • Commission: means the real estate appraiser commission created by §. See Tennessee Code 62-39-402
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • 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
  • USPAP: means the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation. See Tennessee Code 62-39-402
(2) For appraisals in this state, engage only state-certified or state-licensed appraisers holding a credential in good standing in this state;
(3) 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 to competently complete the appraisal assignment for the particular market and property type;
(4) Direct the appraiser to perform the assignment in accordance with the USPAP; and
(5) 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)-(i) of the Truth in Lending Act (15 U.S.C. § 1639e(a)-(i)) and regulations promulgated thereunder.
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