§ 5-20.9-1. Legislative purpose.
This legislation provides the department with the statutory authority to develop and implement registration requirements for appraisal management companies (“AMCs”) in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization or any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer’s principal dwelling or by an underwriter of or other principal in the secondary mortgage markets operating in this state as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
History of Section.P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.
Structure Rhode Island General Laws
Title 5 - Businesses and Professions
Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act
Section 5-20.9-1. - Legislative purpose.
Section 5-20.9-2. - Definitions.
Section 5-20.9-3. - Registration required for appraisal management companies.
Section 5-20.9-4. - Requirements for registration.
Section 5-20.9-5. - Consent to service of process.
Section 5-20.9-6. - Retention of records.
Section 5-20.9-7. - Initial registration, renewals, forms, and fees.
Section 5-20.9-8. - Expiration of registration.
Section 5-20.9-10. - Owner requirements.
Section 5-20.9-11. - Controlling person and review appraiser employees.
Section 5-20.9-12. - Verification of appraiser licensure or certification.
Section 5-20.9-13. - Appraiser independence.
Section 5-20.9-14. - Prohibited practices.
Section 5-20.9-16. - Investigations.
Section 5-20.9-17. - Order to cease and desist.
Section 5-20.9-18. - Hearing before revocation or suspension or refusal of registration.