§ 160-aaaa. Definitions. As used in this article, the following terms\nshall have the following meanings:\n 1. "Appraisal" or "real estate appraisal" means an analysis, opinion\nor conclusion relating to the nature, quality, value or utility of\nspecified interests in, or aspects of, identified real estate. An\nappraisal may be classified by subject matter into either a valuation or\nan analysis.\n 2. "Appraisal management company" or "AMC" means an individual or\nbusiness entity that:\n (a) provides appraisal management services to creditors or to\nsecondary mortgage market participants, including affiliates;\n (b) provides such services in connection with valuing a consumer's\nreal property as security for consumer credit transactions secured by a\nconsumer's principal dwelling; and\n (c) within a given year, oversees an appraisal panel of more than\nfifteen appraisers working in New York state or twenty-five or more\nappraisers working in two or more states. An AMC shall not include a\ndepartment or division of an entity that provides appraisal management\nservices only to that entity.\n 3. "Appraisal management services" means to, directly or indirectly,\nprovide any of the following services on behalf of a lender, financial\ninstitution, client, or any other person in connection with valuing a\nconsumer's principal dwelling as security for a consumer credit\ntransaction or incorporating such transactions into securitizations:\n (a) administer an appraiser panel;\n (b) recruit, retain or select appraisers;\n (c) qualify or verify licensing or certification and negotiate fees\nand service level expectations with persons who are part of an appraiser\npanel;\n (d) contract with appraisers to perform appraisal assignments;\n (e) receive an order for an appraisal from one person, and deliver the\norder for the appraisal to an appraiser that is part of an appraiser\npanel for completion;\n (f) manage the process of having an appraisal performed, including\nproviding administrative duties, such as receiving appraisal orders and\nreports, submitting completed appraisal reports to creditors and\nunderwriters for services provided, and reimbursing appraisers for\nservices performed;\n (g) track and determine the status of orders for appraisals;\n (h) conduct quality control of a completed appraisal prior to the\ndelivery of the appraisal to the person that ordered the appraisal;\n (i) provide a completed appraisal performed by an appraiser to one or\nmore clients; or\n (j) compensate appraisers for services rendered.\n An individual who hires an appraiser solely for his or her own\npurposes, shall not be deemed an appraisal management company.\n 4. "Appraiser" means a person licensed or certified pursuant to\narticle six-E of this chapter.\n 5. "Appraiser panel" means a network, list or roster of licensed or\ncertified appraisers approved by the appraisal management company to\nperform appraisals as independent contractors of the appraisal\nmanagement company.\n 6. "Appraisal review" means the act or process of developing and\ncommunicating an opinion about the quality of another appraiser's work\nthat was performed as part of an appraisal assignment. Appraisal reviews\nmust be performed by a person who is certified as a real estate\nappraiser pursuant to article six-E of this chapter.\n 7. "Board" means the state board of real estate appraisal which shall\nadvise the department, as necessary, on implementation of, and\nenforcement of this article.\n 8. "Competent appraiser" means an appraiser that satisfies each\nprovision of the competency rule of the uniform standards of\nprofessional appraisal practice for a specific appraisal assignment or\nvaluation service that the appraiser has received, or may receive, from\nan appraisal management company.\n 9. "Controlling person" means:\n (a) an owner, officer or director of an appraisal management company,\nor an individual who holds an ownership interest of ten
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