43-39A-14.3. Appraiser as part of appraisal management company’s appraiser panel; term; removal.

An appraiser shall be deemed part of an appraisal management company’s appraiser panel as of the earliest date on which the appraisal management company:#

1. (1)

   Affirms acceptance of the appraiser for the appraisal management company’s consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions; or#

2. (2)

   Engages the appraiser to perform one or more appraisals on behalf of a creditor for a covered transaction or secondary mortgage market participant in connection with covered transactions.#

An appraiser who is deemed part of the appraisal management company’s appraiser panel pursuant to subsection (a) of this Code section shall remain on the panel until the date on which the appraisal management company:#

1. (1)

   Sends written notice to the appraiser removing such appraiser from the appraiser panel, with an explanation of its action; or#

2. (2)

   Receives written notice from the appraiser requesting to be removed from the appraiser panel or notice of the death or incapacity of the appraiser.#

If an appraiser is removed from an appraisal management company’s appraiser panel pursuant to subsection (b) of this Code section, but the appraisal management company subsequently accepts the appraiser for consideration for future assignments or engages the appraiser at any time during the 12 months after the removal of such appraiser, such removal shall be deemed not to have occurred and the appraiser shall be deemed to have been part of the appraisal management company’s appraiser panel without interruption.#

The period for considering appraisers on an appraisal management company’s appraiser panel shall be the 12 month period from the date of initial registration or each successive 12 month period thereafter.#