Arizona Laws 32-3677. Review of disputes
A. An appraisal management company shall not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real property appraisal services to an independent appraiser, without notifying the appraiser in writing of the reasons for the appraiser being removed from the appraiser panel of the appraisal management company.
Terms Used In Arizona Laws 32-3677
- Appraisal: A determination of property value.
- Appraisal: means the act or process of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice published by the appraisal foundation, or any other definition used in state or federal laws. See Arizona Laws 32-3661
- Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary or other business entity that directly or indirectly performs appraisal management services, regardless of the use of the term "appraisal management company" "mortgage technology provider" "lender processing services" "lender services" "loan processor" "mortgage services" "real estate closing services provider" "settlement services provider" or "vendor management company" or any other term, and that does any of the following:
(a) Administers an appraiser panel of at least sixteen state-licensed or state-certified appraisers in one state who are independent contractors or at least twenty-five state-licensed or state-certified appraisers in at least two states who perform real property appraisal services in this state for clients. See Arizona Laws 32-3661
- Appraiser: means a person who is licensed or certified as an appraiser pursuant to this chapter and who performs valuation services competently and in a manner that is independent, impartial and objective. See Arizona Laws 32-3661
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 32-3601
- Standards of professional appraisal practice: means the uniform standards of professional appraisal practice promulgated by the appraisal standards board of the appraisal foundation. See Arizona Laws 32-3601
- Uniform standards of professional appraisal practice: means the uniform standards of professional appraisal practice promulgated by the appraisal foundation. See Arizona Laws 32-3661
- Writing: includes printing. See Arizona Laws 1-215
B. An independent appraiser that is removed from the appraiser panel of an appraisal management company for alleged illegal conduct, a violation of the uniform standards of professional appraisal practice or a violation of state licensing standards may file a complaint with the deputy director for a review of the decision of the appraisal management company, except that the deputy director may not make any determination regarding the nature of the business relationship between the appraiser and the appraisal management company that is unrelated to the actions specified in subsection A of this section.
C. If an independent appraiser files a complaint against an appraisal management company pursuant to subsection B of this section, the deputy director shall investigate the complaint within a reasonable time.
D. If the deputy director determines that an independent appraiser did not commit a violation of law, a violation of the uniform standards of professional appraisal practice or a violation of state licensing standards:
1. The deputy director shall order that the appraiser be added to the appraiser panel of the appraisal management company that was the subject of the complaint without prejudice.
2. The appraisal management company may request a hearing pursuant to Title 41, Chapter 6, Article 10.