As used in the Oklahoma Appraisal Management Company Regulation
Act:
1. "Affiliate" has the meaning provided in 12 U.S.C. 1841;
2. "AMC National Registry" means the registry of state-
registered appraisal management companies ("AMCs") and federally-
regulated AMCs maintained by the Appraisal Subcommittee;
3. "Appraisal" means the practice of developing and reporting
an opinion of the value of real property in conformance with the
Uniform Standards of Professional Appraisal Practice as promulgated
by the Appraisal Standards Board of The Appraisal Foundation;
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;
5. "Appraisal management services" means, directly or
indirectly, to perform or attempt to perform any one or more of the
following functions on behalf of a lender, financial institution,
client, or any other person:
a. administer an appraiser panel,
b. recruit, qualify, verify licensing or certification,
and negotiate fees and service level expectations with
persons who are part of an appraiser panel,
c. receive an order for an appraisal from one entity, and
deliver the order for the appraisal to an appraiser
that is part of an appraiser panel for completion,
d. track and determine the status of orders for
appraisals,
e. conduct quality control of a completed appraisal prior
to the delivery of the appraisal to the person that
ordered the appraisal, or
f. provide a completed appraisal performed by an
appraiser to one or more clients;
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 Act 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:
a. a general examination for grammatical, typographical
or other similar errors, or
b. a general examination for completeness including
regulatory and/or client requirements as specified in
the agreement process that does not communicate an
opinion;
9. "Appraisal Subcommittee" means the Appraisal Subcommittee of
the Federal Financial Examinations Council;
10. "Board" means the Oklahoma Real Estate Appraiser Board;
11. "Competent appraiser" means an appraiser that satisfies
each provision of the Competency Rule of the Uniform Standards of
Professional Appraisal Practice for a specific appraisal assignment
that the appraiser has received, or may receive, from an AMC;
12. "Consumer Credit" means credit offered or extended to a
consumer primarily for personal, family or household purposes;
13. "Covered Transaction" means any consumer credit transaction
secured by the consumer's principal dwelling;
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;
15. "Controlling person" means:
a. an owner, officer, manager, or director of a
corporation, partnership, firm, association, limited
liability company, or other business entity seeking to
offer appraisal management services in this state,
b. an individual employed, appointed, or authorized by an
AMC that has the authority to enter into a contractual
relationship with other persons for the performance of
appraisal management services and has the authority to
enter into agreements with appraisers for the
performance of appraisals, or
c. an individual who possesses, directly or indirectly,
the power to direct or cause the direction of the
management or policies of an AMC;
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;
17. "Person" means an individual, firm, partnership,
association, corporation, or any other entity;
18. "Truth in Lending Act" or "TILA" means Title I of the
Consumer Credit Protection Act (15 U.S.C.A., Section 1601 et seq.),
and regulations thereunder; and
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.
Added by Laws 2010, c. 364, § 3, eff. Jan. 1, 2011. Amended by Laws
2016, c. 195, § 1, eff. Nov. 1, 2016; Laws 2019, c. 90, § 3, eff.
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