§ 858-803. Definitions
Oklahoma Statutes AnnotatedTitle 59. Professions and OccupationsEffective: November 1, 2019
Effective: November 1, 2019
59 Okl.St.Ann. § 858-803
§ 858-803. Definitions
As used in the Oklahoma Appraisal Management Company Regulation Act:
4. “Appraisal management company” or “AMC” means a person that provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates; provides services in connection with valuing a consumer's principal dwelling as security for a consumer credit transaction or incorporating such transactions into securitizations; and within a given 12-month period oversees an appraiser panel of more than 15 state certified or state licensed appraisers in Oklahoma or 25 or more state-certified or state licensed appraisers in two or more states. An AMC does not include a department or division of an entity that provides appraisal management services only to that entity;
6. “Appraiser” means a person who holds a credential or a valid temporary practice permit issued by the Oklahoma Real Estate Appraiser Board pursuant to the Oklahoma Certified Real Estate Appraisers Act1 as a State Certified General, State Certified Residential, State Licensed, or Trainee Appraiser entitling that person to perform an appraisal of real property in the State of Oklahoma consistent with the scope of practice identified in the Real Property Appraiser Qualification Criteria promulgated by the Appraiser Qualifications Board of The Appraisal Foundation;
7. “Appraiser panel” means a network, list or roster of licensed or certified appraisers approved by an AMC to perform appraisals as independent contractors for the AMC. Appraisers on an “appraiser panel” include 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 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 subpart if the appraiser is treated as an independent contractor by the AMC for purposes of federal income taxation;
8. “Appraisal review” means the act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal assignment related to the appraiser's data collection, analysis, opinions, conclusions, estimate of value, or compliance with the Uniform Standards of Professional Appraisal Practice. This term does not include:
14. “Credential” means a certificate issued by the Board pursuant to the provisions of the Oklahoma Certified Real Estate Appraisers Act authorizing an individual to act as a Trainee Appraiser, State Licensed Appraiser, Certified Residential Appraiser or State Certified General Appraiser in the State of Oklahoma;
16. “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 regulated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation or the National Credit Union Administration pursuant to sections 1112, 1113 and 1114 of Title XI 12 U.S.C. 3341-3343;
19. “Uniform Standards of Professional Appraisal Practice” or “USPAP” means the edition of the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Standards Board of The Appraisal Foundation in force as of the date that a report of an appraisal was signed or communicated.
Credits
Laws 2010, c. 364, § 3, eff. Jan. 1, 2011; Laws 2016, c. 195, § 1, eff. Nov. 1, 2016; Laws 2019, c. 90, § 3, eff. Nov. 1, 2019.
Footnotes
Title 59, § 858-700 et seq.
59 Okl. St. Ann. § 858-803, OK ST T. 59 § 858-803
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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