Michigan Laws 339.2673 – Ensuring certain system and process in place; annual certification by appraisal management company
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 339.2673
- Appraisal: A determination of property value.
- Appraisal: means that term as defined in section 2601. See Michigan Laws 339.2661
- Appraisal management company: means a person that provides appraisal management services. See Michigan Laws 339.2661
- Appraisal management services: means to perform any of the following functions for a client or clients:
(i) Recruiting, selecting, and retaining appraisers. See Michigan Laws 339.2661Appraiser: means that term as defined in section 2601. See Michigan Laws 339.2661 Appraiser panel: means a network, list, or roster of licensed or certified appraisers approved by an appraisal management company to perform appraisals as independent contractors for the appraisal management company. See Michigan Laws 339.2661 Real estate appraisal services: means the practice of developing an opinion of the value of real property in a manner that conforms with the uniform standards of professional appraisal practice. See Michigan Laws 339.2661 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 Uniform standards of professional appraisal practice: means that term as defined in section 2601. See Michigan Laws 339.2661
(1) An appraisal management company licensed under this article shall certify to the department on an annual basis, on a form prescribed by the department, that it has a system and process in place to do both of the following:
(a) Verify that an individual the company is adding to its appraiser panel is licensed under article 26.
(b) Ensure that the appraisal management company, in engaging an appraiser, selects an appraiser who is independent of the transaction and who has the requisite education, expertise, and experience necessary to competently complete the appraisal assignment for the particular market and property type.
(2) An appraisal management company licensed under this article shall certify to the department on an annual basis, on a form prescribed by the department, that it meets both of the following:
(a) Directs appraisers to perform an assignment in accordance with the uniform standards of professional appraisal practice.
(b) Has a system in place to periodically review the work of appraisers who perform real estate appraisal services for the company to verify that the real estate appraisal services are being conducted in accordance with the uniform standards of professional appraisal practice.
(3) An appraisal management company licensed under this article shall certify to the department on an annual basis, on a form prescribed by the department, that it maintains a detailed record of each service request that it receives and the identity of the independent appraiser that performs the real estate appraisal services for the appraisal management company. An appraisal management company shall retain the records described in this subsection for at least 5 years.
(4) An appraisal management company licensed under this article shall certify to the department on a biannual basis, on a form prescribed by the department, that it has a system in place to verify that each individual on its appraiser panel has not had his or her license as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of a pending revocation in the 24 months preceding the date of the company’s certification under this subsection.
(5) An appraisal management company licensed under this article shall certify to the department on an annual basis, on a form prescribed by the department, that it has a system in place to conduct its appraisal management services in accordance with the requirements of section 129E(a) to (i) of the truth in lending act, 15 USC 1639e(a) to (i), and regulations promulgated under that act.