Skip to main content
Find a Lawyer

Indiana Code Title 23. Business and Other Associations § 23-2.5-8-2

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 2. (a) A licensee or a person required to be licensed under this article shall not knowingly bribe, coerce, or intimidate another person to corrupt or improperly influence the independent judgment of a real estate appraiser with respect to the value of real estate offered as security for a residential mortgage loan.

(b) Except as provided in subsection (c):

(1) a licensee;

(2) a person required to be licensed under this article;  or

(3) a member of the immediate family of a licensee;

may not own or control a majority interest in an appraisal company.

(c) This subsection applies to a person or combination of persons described in subsection (b) who own or control a majority interest in an appraisal company on June 30, 2007.  The prohibition set forth in subsection (b) does not apply to a person or combination of persons described in this subsection, subject to the following:

(1) The interest in the appraisal company owned or controlled by the person or combination of persons shall not be increased after June 30, 2007.

(2) The interest of a licensee shall not be transferred to a member of the licensee's immediate family.

(3) If the commissioner determines that any person or combination of persons described in subsection (b) has violated this chapter, the commissioner may order one (1) or more of the persons to divest their interest in the appraisal company.  The commissioner may exercise the remedy provided by this subdivision in addition to, or as a substitute for, any other remedy available to the commissioner under this article.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Indiana Code Title 23. Business and Other Associations § 23-2.5-8-2 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-23-business-and-other-associations/in-code-sect-23-2-5-8-2/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard