A. An appraisal management company shall not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an independent appraiser without notifying the appraiser in writing of the reasons for the appraiser being removed from the appraiser panel of the appraisal management company. If the appraiser is being removed from the panel for illegal conduct, violation of the uniform standards of professional appraisal practice or a violation of state licensing standards, the appraisal management company shall provide the independent appraiser the nature of the alleged conduct or violation and provide an opportunity for the appraiser to respond.
B. An independent appraiser that is removed from the appraiser panel of an appraisal management company for alleged illegal conduct, violation of the uniform standards of professional appraisal practice or violation of state licensing standards may file a complaint with the board for a review of the decision of the appraisal management company, except that in no case shall the board make any determination regarding the nature of the business relationship between the appraiser and the appraisal management company that is unrelated to the actions specified in Subsection A of this section.
C. If an independent appraiser files a complaint against an appraisal management company pursuant to Subsection B of this section, the board shall adjudicate the complaint within one hundred eighty days.
D. If after opportunity for hearing and review, the board determines that an independent appraiser did not commit a violation of law, a violation of the uniform standards of professional appraisal practice or a violation of state licensing standards, the board shall order that the appraiser be added to the appraiser panel of the appraisal management company that was the subject of the complaint without prejudice.
History: Laws 2009, ch. 214, § 20; 2019, ch. 51, § 1.
The 2019 amendment, effective June 14, 2019, eliminated the authority of an appraisal management company to remove an independent appraiser from its appraiser panel without notice during the first month of the independent appraiser being added to the panel; and in Subsection A, deleted "Except within the first thirty days after an independent appraiser is first added to the appraiser panel of an appraisal management company".
Structure 2021 New Mexico Statutes
Article 14 - Appraisal Management Company Registration
Section 47-14-1 - Short title.
Section 47-14-2 - Definitions.
Section 47-14-3 - Registration required.
Section 47-14-3.1 - Bonding requirements.
Section 47-14-3.2 - Criminal background checks.
Section 47-14-6 - Expiration of license.
Section 47-14-7 - Consent to service of process.
Section 47-14-9 - Owner requirements.
Section 47-14-10 - Controlling person.
Section 47-14-11 - Controlling person requirements.
Section 47-14-12 - Employee requirements.
Section 47-14-13 - Requirements; liability.
Section 47-14-14 - Pre-engagement certification.
Section 47-14-15 - Adherence to standards.
Section 47-14-16 - Recordkeeping.
Section 47-14-17 - Appraiser independence; prohibitions.
Section 47-14-18 - Payment; limits; disclosure; nontaxable transaction certificate.
Section 47-14-19 - Appraisal reports; alteration; use.
Section 47-14-21 - Enforcement.