(a) The board, on its own motion or upon receipt of a written complaint, may investigate an appraisal management company, a person or firm associated with an appraisal management company, or a person or firm performing appraisal management services.

Terms Used In West Virginia Code 30-38A-17

  • Appraisal: A determination of property value.
  • Appraisal: means an analysis, opinion, or conclusion prepared by a real estate appraiser relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate or identified real property. See West Virginia Code 30-38A-3
  • Appraisal Management Company: means a person or firm that provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates. See West Virginia Code 30-38A-3
  • Appraisal management services: means the business of managing the process of having an appraisal performed for compensation or pecuniary gain, including but not limited to any of the following actions:

    (1) Conducting business directly or indirectly by telephone, electronically, mail, or in person. See West Virginia Code 30-38A-3

  • Board: means the West Virginia Real Estate Appraiser Licensing and Certification Board established under the provisions of §. See West Virginia Code 30-38A-3
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Firm: means a corporation, limited liability company, partnership, sole proprietorship, or any other business entity. See West Virginia Code 30-38A-3
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Registration: means a registration issued by the board under the provisions of this article. See West Virginia Code 30-38A-3

(b) If the board determines after the investigation there are grounds for disciplinary action, the board may hold a hearing after giving 30 days” prior notice.

(c) The board has the same powers set out in § 30-38-1 et seq. of this code.

(d) After notice and a hearing, the board may:

(1) Deny, revoke, or refuse to issue or renew the registration of an appraisal management company or restrict or limit the activities of an appraisal management company or of a person or firm that owns an interest in or participates in the business of an appraisal management company;

(2) Impose a fine not to exceed $25,000 for each violation; or

(3) Take other disciplinary action as established by the board by rule.

(e) The board may seek injunctive relief in the Kanawha County Circuit Court to prevent a person or firm from violating the provisions of this article or the rules promulgated hereunder. The circuit court may grant a temporary or permanent injunction.    

(f) Within five days of a final disciplinary action, the board will report any action taken to the Appraisal Subcommittee of the Federal Financial Institutions Examination Council via its extranet application.