For purposes of this part, unless the context otherwise requires:

(1) “Affiliate” has the meaning provided in 12 U.S.C. § 1841;
lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 62-39-402

  • Appraisal: A determination of property value.
  • Appraisal: means the act or process of developing an opinion of value of identified real estate. See Tennessee Code 62-39-402
  • Appraisal foundation: means the appraisal foundation incorporated as an Illinois not for profit corporation on November 30, 1987. See Tennessee Code 62-39-102
  • Appraisal management services: means one (1) or more of the following:
    (A) Recruiting, selecting, and retaining appraisers. See Tennessee Code 62-39-402
  • Appraiser: means an individual who holds a license under part 1 of this chapter. See Tennessee Code 62-39-402
  • Appraiser panel: means a network, list, or roster of appraisers approved by an AMC to perform appraisals as independent contractors for the AMC. See Tennessee Code 62-39-402
  • Commission: means the real estate appraiser commission created by §. See Tennessee Code 62-39-402
  • Consumer credit: means credit offered or extended to a consumer primarily for personal, family, or household purposes. See Tennessee Code 62-39-402
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Dwelling: includes individual condominium units, cooperative units, mobile homes, and trailers, if used as a residence. See Tennessee Code 62-39-402
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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.
  • Person: means a natural person or an entity, including a corporation, limited liability company, partnership, sole proprietorship, association, cooperative, estate, trust, or government unit. See Tennessee Code 62-39-402
  • Real estate: means an identified parcel or tract of land, including improvements, if any. See Tennessee Code 62-39-102
  • Real estate appraiser: means a person who engages in real estate appraisal activity for a fee or other valuable consideration. See Tennessee Code 62-39-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • States: means the fifty (50) states, the District of Columbia and the territories of Guam, Mariana Islands, Puerto Rico, and the U. See Tennessee Code 62-39-402
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(2) “AMC National Registry” means the registry of state-registered AMCs and federally regulated AMCs maintained by the appraisal subcommittee;
(3) “Appraisal” means the act or process of developing an opinion of value of identified real estate. That opinion of value may be numerically expressed either as a specific amount, as a range of numbers, or as a relationship to a previous value opinion or other numerical benchmark. “Appraisal” does not include any opinion of value referred to as evaluations under § 62-39-104;
(4) “Appraisal management company” or “AMC”:

(A) Means a person that:

(i) Provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates;
(ii) Provides such services in connection with valuing a consumer’s principal dwelling as security for a consumer credit transaction or incorporating such transactions into securitizations; and
(iii) Within a given twelve-month period, as defined in 12 C.F.R. § 1222.22(d), oversees an appraiser panel of more than fifteen (15) state-certified or state-licensed appraisers in a state or twenty-five (25) or more state-certified or state-licensed appraisers in two (2) or more states, as described in 12 C.F.R. § 1222.22;
(B) Does not include a department or division of an entity that provides appraisal management services only to that entity;
(5) “Appraisal management services” means one (1) or more of the following:

(A) Recruiting, selecting, and retaining appraisers;
(B) Contracting with state-certified or state-licensed appraisers to perform appraisal assignments;
(C) Managing the process of having an appraisal performed, including providing administrative services such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and secondary mortgage market participants, collecting fees from creditors and secondary mortgage market participants for services provided, and paying appraisers for services performed; and
(D) Reviewing and verifying the work of appraisers;
(6) “Appraisal subcommittee” or “ASC” means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council;
(7) “Appraiser” means an individual who holds a license under part 1 of this chapter;
(8) “Appraiser panel” means a network, list, or roster of appraisers approved by an AMC to perform appraisals as independent contractors for the AMC. Appraisers on an AMC’s appraiser panel under this part include both appraisers accepted by the AMC for consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions and appraisers engaged by the AMC to perform one (1) or more appraisals in covered transactions or for secondary mortgage market participants in connection with covered transactions. An appraiser is an independent contractor for purposes of this subdivision (8) if the appraiser is treated as an independent contractor by the AMC for purposes of federal income taxation;
(9) “Commission” means the real estate appraiser commission created by § 62-39-201;
(10) “Consumer credit” means credit offered or extended to a consumer primarily for personal, family, or household purposes;
(11) “Controlling person” means:

(A) An owner, officer or director of a corporation, partnership, or other business entity seeking to offer appraisal management services in this state;
(B) An individual employed, appointed, or authorized by an appraisal management company that has the authority to enter into a contractual relationship with other persons for the performance of appraisal management services and has the authority to enter into agreements with appraisers for the performance of appraisals; or
(C) An individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company;
(12) “Covered transaction” means any consumer credit transaction secured by the consumer’s principal dwelling;
(13)

(A) “Creditor” means a person who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four (4) installments, not including any down payment, and to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract;
(B) A person regularly extends consumer credit if the person either:

(i) Extended credit, other than credit subject to the requirements of 12 C.F.R. § 1026.32, more than five (5) times for transactions secured by a dwelling in the preceding calendar year or, if a person did not meet these numerical standards in the preceding calendar year, in the current calendar year; or
(ii) In any twelve-month period, originates more than one (1) credit extension that is subject to the requirements of 12 C.F.R. § 1026.32 or originates one (1) or more such credit extensions through a mortgage broker;
(14)

(A) “Dwelling” means a residential structure that contains one to four (1-4) units, whether or not that structure is attached to real property. “Dwelling” includes individual condominium units, cooperative units, mobile homes, and trailers, if used as a residence;
(B) A consumer may have only one (1) principal dwelling at a time. A vacation or other second home is not a principal dwelling. However, if a consumer buys or builds a new dwelling that will become the consumer’s principal dwelling within one (1) year or upon the completion of construction, the new dwelling is considered the principal dwelling for purposes of this section;
(15) “Federally regulated AMC” means an AMC that is owned and controlled by an insured depository institution, as defined in 12 U.S.C. § 1813, and that is regulated by the office of the comptroller of the currency, the board of governors of the federal reserve system, or the federal deposit insurance corporation;
(16) “Person” means a natural person or an entity, including a corporation, limited liability company, partnership, sole proprietorship, association, cooperative, estate, trust, or government unit;
(17) “Secondary mortgage market participant” means a guarantor or insurer of mortgage-backed securities, or an underwriter or issuer of mortgage-backed securities, and only includes an individual investor in a mortgage-backed security if that investor also serves in the capacity of guarantor, insurer, underwriter, or issuer for the mortgage-backed security;
(18) “States” means the fifty (50) states, the District of Columbia and the territories of Guam, Mariana Islands, Puerto Rico, and the U.S. Virgin Islands; and
(19) “Uniform Standards of Professional Appraisal Practice” or “USPAP” means the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation.
  Previous section
Next section  
 Part 4 Contents