A. An appraisal management company registered in this state pursuant to the Appraisal Management Company Registration Act shall not enter into contracts or agreements with an independent appraiser for the performance of real estate appraisal services unless that person is licensed or certified in good standing pursuant to the Real Estate Appraisers Act [Chapter 61, Article 30 NMSA 1978].
B. An appraisal management company shall not require an appraiser to indemnify the appraisal management company against liability except liability for errors and omissions by the appraiser.
History: Laws 2009, ch. 214, § 13; 2010, ch. 13, § 4.
The 2010 amendment, effective July 1, 2010, in the catchline, changed "Limitations" to "Requirements; liability"; in Subsection A, after "Appraisal Management Company Registration Act", changed "may" to "shall"; and added Subsection B.
Structure 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.