Sec. 5.5. (a) For purposes of this section, an individual, or the company employing the individual, is qualified to perform an appraisal if the individual is:

(1) an engineer registered under IC 25-31; or

(2) an appraiser licensed under IC 25-34.1-8.

     (b) For purposes of this section, an individual performing an appraisal, or the company employing the individual, is disinterested if:

(1) the fee for the appraisal services is fixed before the individual performs the appraisal;

(2) the individual is not an employee of one (1) of the parties to the acquisition;

(3) the individual is not a state or municipal employee; and

(4) the:

(A) individual; and

(B) company, if applicable;

do not have affiliated interests (as defined in IC 8-1-2-49) in one (1) of the parties to the acquisition.

     (c) An appraisal under section 5(c)(2) of this chapter must be performed by three (3) qualified and disinterested appraisers, including:

(1) at least one (1) appraiser qualified under subsection (a)(1); and

(2) at least one (1) appraiser qualified under subsection (a)(2).

     (d) If the three (3) appraisers performing an appraisal for purposes of section 5(c)(2) of this chapter cannot agree as to an appraised value, the appraisal is sufficient for purposes of section 5(c)(2) of this chapter if the appraisal is signed by two (2) of the appraisers.

As added by P.L.160-2020, SEC.6.