Utah Code 61-2e-306. Removal of appraiser from appraisal panel

61-2e-306. Removal of appraiser from appraisal panel.

(1)

An appraisal management company may not remove the appraiser from the appraisal management company’s appraiser panel, or otherwise refuse to assign a request for a real estate appraisal activity to the appraiser without:

Terms Used In Utah Code 61-2e-306

Applicable appraisal standards: means :

(a)

the Uniform Standards for Professional Appraisal Practice:

(i)	published by the Appraisal Foundation; and

(ii)	as adopted under Section 61-2g-403;

(b)	Chapter 2g, Real Estate Appraiser Licensing and Certification Act; and

(c)

rules made by the board under Chapter 2g, Real Estate Appraiser Licensing and Certification Act. See Utah Code 61-2e-102

Appraisal: A determination of property value.

Appraisal: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102

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

Real estate appraisal activity: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102

Writing: includes :Utah Code 68-3-12.5

(a)

notifying the appraiser in writing of:

(i)	the reason why the appraiser is being removed from the appraiser panel of the appraisal management company; and

(ii)

the nature of the alleged conduct or violation if the appraiser is being removed from the appraiser panel for:

(A)	illegal conduct; or

(B)	a violation of the applicable appraisal standards; and

(b)	providing an opportunity for the appraiser to respond to the notification under Subsection (1)(a).

(2)	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 consistent with this section regarding the removal of an appraiser from an appraisal panel.

Amended by Chapter 72, 2020 General Session

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