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§ 457.27. Responsibilities and duties of appraisal management companies

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. § 457.27
§ 457.27. Responsibilities and duties of appraisal management companies
Currentness
(a) Conduct of reviews.--All appraisal reviews in this Commonwealth must be conducted for an appraisal management company by:
(1) a certified appraiser in good standing in this Commonwealth; or
(2) a certified or licensed appraiser in good standing in another state.
(b) Records.--
(1) An appraisal management company shall maintain or cause to be maintained:
(i) in the case of a registrant, complete records of its compliance with the certifications required under section 5(b)(5);1 and
(ii) in the case of registrants and exempt companies, such accounts, correspondence, memoranda, papers, books and other records as shall be required by the rules and regulations of the board.
(2) The records must be retained for:
(i) five years after their preparation;
(ii) two years after final disposition of any judicial proceeding that involves the actions of the appraisal management company that are the subject of the records; or
(iii) such other period as shall be required by the rules and regulations of the board with respect to a particular class or type of records.
(3) The board may inspect the records required under paragraph (1) at any time.
(c) Compliance person.--
(1) An appraisal management company shall at all times have a compliance person.
(2) A registrant shall file a certification with the board in a form approved by the board certifying:
(i) The identity of its compliance person.
(ii) The individual's acceptance of the responsibilities of a compliance person.
(3) A registrant shall notify the board within 30 days of a change in its compliance person.
(4) An individual registrant who operates as a sole proprietorship is considered the compliance person under this act.
(d) Updating of board records.--If the information contained in a document filed with the board is or becomes inaccurate or incomplete in any material respect, the registrant shall promptly file an amendment correcting the information contained in the document.
(e) Disclosure.--An appraisal management company shall disclose to its lender the fees paid for an appraisal separately from any other fees or charges for appraisal management services.
(f) Notice of discipline.--A registrant must notify the board in writing within 30 days after its occurrence of any denial, revocation or suspension of its designation, registration, certificate or license under any law of any jurisdiction other than this Commonwealth regulating appraisal management companies, the imposition of any other form of discipline under any such law or the commencement of a disciplinary or enforcement action against the registrant under any such law.
(g) Provision of sales contract.--Whenever an appraisal management company requests an appraiser to perform an appraisal, the appraisal management company must make a reasonable effort to provide in a timely manner to the appraiser a copy of the contract for the sale of the property, if available, along with legal descriptions and any other documents pertinent to the assignment.

Credits

2012, Feb. 2, P.L. 30, No. 4, § 7, effective in 180 days [July 31, 2012].

Footnotes

1
63 P.S. § 457.25.
63 P.S. § 457.27, PA ST 63 P.S. § 457.27
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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