Kentucky Statutes 286.2-030 – Prohibition against improperly influencing a mortgage loan real estate appraisal
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(1) For the purpose of this section, “person” means an individual, partnership, limited liability company, limited partnership, corporation, association, or other group engaged in joint business activities, however organized.
(2) It is unlawful for any person in the course of a mortgage transaction to improperly influence the development, report, result, or review of a real estate appraisal sought in connection with a mortgage loan. Nothing in this section shall be construed to prohibit a person from requesting an appraiser to do one (1) or more of the following:
(a) Consider additional appropriate property information;
(b) Provide further detail, substantiation, or explanation for the appraiser’s conclusion of value; or
(c) Correct errors in the appraisal report.
Effective: April 24, 2008
History: Created 2008 Ky. Acts ch. 175, sec. 3, effective April 24, 2008.
(2) It is unlawful for any person in the course of a mortgage transaction to improperly influence the development, report, result, or review of a real estate appraisal sought in connection with a mortgage loan. Nothing in this section shall be construed to prohibit a person from requesting an appraiser to do one (1) or more of the following:
Terms Used In Kentucky Statutes 286.2-030
- Appraisal: A determination of property value.
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
- Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
- real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
(a) Consider additional appropriate property information;
(b) Provide further detail, substantiation, or explanation for the appraiser’s conclusion of value; or
(c) Correct errors in the appraisal report.
Effective: April 24, 2008
History: Created 2008 Ky. Acts ch. 175, sec. 3, effective April 24, 2008.