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§ 457.28. Prohibited activities

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 63 P.S. Professions and Occupations (State Licensed)Effective: July 31, 2012

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 63 P.S. Professions and Occupations (State Licensed) (Refs & Annos)
Chapter 13C-1. Appraisal Management Company Registration Act (Refs & Annos)
Effective: July 31, 2012
63 P.S. § 457.28
§ 457.28. Prohibited activities
Currentness
(a) Improper influence.--An employee, key person, compliance person or agent of an appraisal management company shall not improperly influence or attempt to improperly influence the development, reporting, result or review of an appraisal, including, without limitation, through the use of intimidation, coercion, extortion, bribery, blackmail, threat of nonpayment or withholding payment for an appraisal or threat of exclusion from future appraisal work.
(b) Other prohibitions.--A registrant or exempt company shall not:
(1) Hire, employ or in any way contract with or pay a person who is not an appraiser and who holds a license under the RELRA to perform a valuation of real estate unless it is a comparative market analysis as defined in section 201 of the RELRA.1
(2) Require an appraiser to provide the registrant or exempt company with the appraiser's digital signature or seal.
(3) Alter, amend or change an appraisal submitted by an appraiser, including, without limitation, by:
(i) removing the appraiser's signature or seal; or
(ii) adding or removing information to or from the appraisal.
(4) Remove an appraiser from an appraiser panel without prior written notice to the appraiser. The notice must include evidence of:
(i) illegal or unlawful conduct by the appraiser;
(ii) a violation of the minimum reporting standards under the REACA or other applicable statute or regulation;
(iii) failure to satisfy minimum standards required by the appraisal management company or any contract between the appraiser and the appraisal management company;
(iv) otherwise improper or unprofessional behavior; or
(v) a legitimate business reason for the removal that is not related to the appraiser's performance.
(5) Enter into a contract or agreement with an appraiser for the performance of appraisals unless the appraiser is certified and in good standing with the board.
(6) Request that an appraiser provide:
(i) an estimated, predetermined or desired valuation in an appraisal; or
(ii) estimated values or comparable sales at any time before the appraiser completes an appraisal.
(7) Except as provided in section 7(g),2 provide to an appraiser:
(i) an anticipated, estimated, encouraged or desired value for a property; or
(ii) a proposed or target amount to be loaned to the borrower.
(8) Commit an act or practice that impairs or attempts to impair an appraiser's independence, objectivity or impartiality or solicit an appraiser to violate this act or the RELRA or REACA.
(9) Prohibit an appraiser from recording the fee the appraiser was paid for the performance of an appraisal in the appraisal report.
(c) Construction.--Subsection (a) does not prohibit an appraisal management company from requesting that an appraiser:
(1) Correct objective factual errors in an appraisal.
(2) Provide additional detail, substantiation or explanation for the appraiser's value conclusion, including, without limitation, the applicability of additional comparables as presented.
(d) Owners and employees.--
(1) Except as provided in paragraph (2), a person that has been denied registration under this act or a similar law of another jurisdiction or that would be disqualified from eligibility to be certified or licensed under the REACA may not be:
(i) a key person or compliance person; or
(ii) directly involved in the provision of appraisal services by an appraisal management company as an employee or in any other capacity.
(2) Paragraph (1) shall cease to apply at such time as a person is subsequently registered under this act or becomes eligible to be certified or licensed under the REACA.

Credits

2012, Feb. 2, P.L. 30, No. 4, § 8, effective in 180 days [July 31, 2012].

Footnotes

1
63 P.S. § 455.201.
2
63 P.S. § 457.27.
63 P.S. § 457.28, PA ST 63 P.S. § 457.28
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document