Louisiana Revised Statutes 37:3415.8 – Owner requirements
Terms Used In Louisiana Revised Statutes 37:3415.8
- Appraisal: A determination of property value.
- Appraisal: means the act or process of developing an opinion of value of real property following the appraisal process defined by the Uniform Standards for Professional Appraisal Practice. See Louisiana Revised Statutes 37:3415.2
- Appraisal management company: means , in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any third party that annually oversees a network panel of more than fifteen licensed appraisers in the state or twenty-five or more licensed appraisers in two or more states and is authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of, or other principal in, the secondary mortgage markets to do both of the following:
(a) Recruit, select, contract with, or otherwise retain an appraiser for the purpose of performing an appraisal and to verify any work performed by the appraiser for compliance with applicable state and federal requirements. See Louisiana Revised Statutes 37:3415.2
- Board: means the Louisiana Real Estate Appraisers Board. See Louisiana Revised Statutes 37:3415.2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. An appraisal management company applying for a license in this state shall not be owned by any person who has had a license or certificate to act as an appraiser, real estate broker or agent, mortgage broker, or mortgage originator, which combined are considered to be “real estate or lending-related licenses” refused, denied, suspended, canceled, surrendered in lieu of revocation, or revoked in the past in any state.
B. Any licensed appraisal management company with an owner or employee who is subsequently refused or denied a real estate or lending-related license in any state, shall notify the board in writing within ten days of such action.
C. Any licensed appraisal management company with an owner or employee whose real estate or lending-related license has been refused, denied, suspended, canceled, surrendered in lieu of revocation, or revoked subsequent to being registered shall notify the board in writing within ten days of such action.
D. Either refusal or revocation of any real estate or lending-related license in any state shall be grounds for denying renewal of the appraisal management company’s license. However, failure to notify the board of refusal, suspension, revocation, or cancellation of the licenses within ten days of such action shall be cause for revocation of an appraisal management company’s license.
E. Each person that has any ownership interest in an appraisal management company in this state shall comply with all of the following:
(1) Be of good moral character, as determined by the board.
(2) Submit to a background investigation, as determined by the board.
(3) Certify to the board that the person has never had a license to act as an appraiser refused, denied, canceled, suspended, surrendered in lieu of revocation, or revoked in this state or in any other state.
Acts 2009, No. 502, §1, eff. Jan. 1, 2010; Acts 2022, No. 415, §1, eff. June 15, 2022.