61-2e-301. Use of licensed or certified appraisers.
(1)
An appraisal management company required to be registered under this chapter may not enter into an agreement with an appraiser for the performance of a real estate appraisal activity unless the appraiser is licensed or certified in good standing pursuant to Chapter 2g, Real Estate Appraiser Licensing and Certification Act.
Appraiser: means an individual who engages in a real estate appraisal activity. See Utah Code 61-2e-102
Appraiser panel: includes an appraiser whom the appraisal management company has:
(i)
accepted for consideration for a future appraisal assignment:
(A)
in a residential mortgage loan transaction; or
(B)
for a secondary mortgage market participant in connection with a residential mortgage loan transaction; or
(ii)
engaged to perform an appraisal:
(A)
in a residential mortgage loan transaction; or
(B)
for a secondary mortgage market participant in connection with a residential mortgage loan transaction. See Utah Code 61-2e-102
Board: means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. See Utah Code 61-2e-102
Concurrence: means that the entities that are given a concurring role must jointly agree before an action may be taken. See Utah Code 61-2e-102
Division: means the Division of Real Estate, created in Section 61-2-201, of the Department of Commerce. See Utah Code 61-2e-102
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2)
(a)
An appraisal management company required to be registered under this chapter shall have a system to verify that an individual added to the appraiser panel of the appraisal management company holds a license or certificate in good standing in this state pursuant to Chapter 2g, Real Estate Appraiser Licensing and Certification Act.
(b)
As part of the registration process under 2, an appraisal management company shall biennially provide an explanation of the system described in Subsection (2)(a) in the form prescribed by the division.
(3)
The board, with the concurrence of the division, may establish, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, requirements regarding when use of a licensed appraiser or certified appraiser is appropriate, including how an assignment is offered to an appraiser.
