Section 339.1200

Title XXII OCCUPATIONS AND PROFESSIONS

Chapter 339

Effective - 28 Aug 2010, 2 histories, see footnote   (history) 

  339.1200.  Prohibited acts relating to influence. — 1. No employee, director, officer, or agent of an appraisal management company shall influence or attempt to influence the development, reporting, or review of an appraisal through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner, including but not limited to:

  (1) Withholding or threatening to withhold timely payment for an appraisal, except in cases of substandard performance or noncompliance with conditions of engagement;

  (2) Withholding or threatening to withhold future business, or demoting, terminating, or threatening to demote or terminate an appraiser;

  (3) Expressly or impliedly promising future business, promotions, or increased compensation for an appraiser;

  (4) Conditioning the request for an appraisal or the payment of an appraisal fee or salary or bonus on the opinion, conclusion, or valuation to be reached, or on a preliminary estimate or opinion requested from an appraiser;

  (5) Requesting that an appraiser provide an estimated, predetermined, or desired valuation in an appraisal report, or provide estimated values or comparable sales at any time prior to the appraiser's completion of an appraisal;

  (6) Providing to an appraiser an anticipated, estimated, encouraged, or desired value for a subject property or a proposed or target amount to be loaned to the borrower, except that a copy of the sales contract for purchase transactions may be provided;

  (7) Providing to an appraiser, or any entity or person related to the appraiser, stock or other financial or nonfinancial benefits;

  (8) Allowing the removal of an appraiser from an appraiser panel without prior written notice to such appraiser;

  (9) Any other act or practice that knowingly impairs or attempts to impair an appraiser's independence, objectivity, or impartiality;

  (10) Requiring an appraiser to collect an appraisal fee on behalf of the appraisal management company from the borrower, homeowner, or other third party; or

  (11) Requiring an appraiser to indemnify an appraisal management company or hold an appraisal management company harmless for any liability, damage, losses, or claims arising out of the services performed by the appraisal management company, and not the services performed by the appraiser.

  2. Nothing in subsection 1 of this section shall prohibit the appraisal management company from requesting that an appraiser:

  (1) Provide additional information about the basis for a valuation; or

  (2) Correct objective factual errors in an appraisal report; or

  (3) Provide additional information with the appraisal regarding additional sales provided through an established dispute process.

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(L. 2010 H.B. 1692, et al.)