(a) Before placing an assignment with an appraiser, an appraisal management company shall require that the appraiser confirm in writing or via electronic means that the appraiser receiving the assignment is a competent appraiser for the performance of the appraisal being assigned.
(b) An appraisal management company operating in this state, except in cases of a mutually agreed upon payment date, breach of contract, or performance of services that violates Uniform Standards of Professional Appraisal Practice or any published standards of best practices, shall make payment to an appraiser for the completion of an appraisal or valuation assignment within 45 days after the date the appraisal management company, or an assignee, receives a completed appraisal or valuation study.
Structure Code of Alabama
Title 34 - Professions and Businesses.
Chapter 27A - Real Estate Appraisers.
Article 2 - Real Estate Appraisal Management Companies.
Section 34-27A-50 - Registration Required.
Section 34-27A-51 - Application; Certificate of Registration.
Section 34-27A-52 - Limitations on Ownership and Employment.
Section 34-27A-53 - Principal Contact.
Section 34-27A-54 - Adoption of Rules; Revision of Requirements.
Section 34-27A-55 - Fees; Surety Bond; Renewal of Registration.
Section 34-27A-56 - Registration Numbers.
Section 34-27A-57 - Duties of Appraisal Management Company.
Section 34-27A-58 - Confirmation of Competency; When Payments Due.
Section 34-27A-59 - Removal of Appraiser From Appraiser Panel.
Section 34-27A-60 - Unlawful Influencing of Appraisal.
Section 34-27A-61 - Penalties.
Section 34-27A-62 - Adjudicatory Proceedings for Violations.