(a) An appraisal management company shall:
(1) Except in cases of breach of contract or substandard performance of services, pay an appraiser for the completion of an appraisal or valuation assignment not later than the sixtieth day after the date the appraiser provides the initial appraisal or valuation assignment to the appraisal management company; and
(2) Compensate appraisers at a rate that is reasonable and customary for appraisals being performed in the market area of the property being appraised consistent with the presumptions under federal law.
(b) An appraiser who is aggrieved under this section may file a complaint with the Arkansas Appraiser Licensing and Certification Board against the appraisal management company.
Structure Arkansas Code
Title 17 - Professions, Occupations, and Businesses
Subtitle 2 - Nonmedical Professions
Subchapter 4 - Appraisal Management Company Registration Act
§ 17-14-403. Registration of appraisal management companies required
§ 17-14-404. Rulemaking authority
§ 17-14-405. Requirements for registration
§ 17-14-406. Fees and renewals
§ 17-14-407. Registrant responsibilities and duties
§ 17-14-408. Prohibited activities
§ 17-14-409. Registry of applicants and roster
§ 17-14-410. Disciplinary authority, enforcement, and hearings
§ 17-14-411. Injunctive relief — Criminal penalty