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Louisiana Revised Statutes Tit. 37, § 3415.22. Federal registry requirements

Current as of January 01, 2023 | Updated by Findlaw Staff

A. The board shall collect from each appraisal management company that is registered or seeking to be registered in this state the information that the appraisal subcommittee, as described in R.S. 37:3395, requires to be submitted to it by the state pursuant to regulations promulgated by the appraisal subcommittee, including the collection of administrative fees consistent with the final federal rules as provided for in the applicable provisions of 12 CFR Parts 34, 208, 225, 323, 390, 1026, and 1222.

B. (1) A federally regulated appraisal management company operating in this state shall report to the board any information required to be submitted by the state to the appraisal subcommittee pursuant to the policies of the appraisal subcommittee regarding the determination of the appraisal management company national registry fee.

(2) Reports submitted pursuant to this Subsection shall include the following:

(a) A statement, in a form prescribed by the board, detailing the intent of the federally regulated appraisal management company to operate in this state.

(b)(i) Any information related to whether the appraisal management company is owned in whole or in part, directly or indirectly, by any person who has had an appraiser license or certification refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any state.

(ii) Any information related to the revocation of a license of any person described in Item (i) of this Subparagraph and whether the revoked license has been reinstated by the state or states in which the appraiser was licensed.

C. (1) Any appraisal management company not meeting the minimum qualifications established by 12 U.S.C. 3350(11) shall not be included in the National Registry of Appraisal Management Companies as administered by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.

(2) In accordance with 12 U.S.C. 221 et seq., this Chapter does not apply to any entity that is a subsidiary owned and controlled by a federal financial institution regulatory agency, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 37, § 3415.22. Federal registry requirements - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-37-sect-3415-22/

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