(1) (a) This article does not apply to an appraisal relating to any real estate-related transaction or loan made or to be made by a financial institution or its affiliate if the real estate-related transaction or loan is excepted from appraisal regulations established by the primary federal regulator of the financial institution and the appraisal is performed by:
(I) An officer, director, or regular salaried employee of the financial institution or its affiliate; or
(II) A real estate broker licensed under this article with whom said institution or affiliate has contracted for performance of the appraisal.
(b) The appraisal must not be represented or deemed to be an appraisal except to the financial institution, the agencies regulating the financial institution, and any secondary markets that purchase real estate secured loans. The appraisal must contain a written notice that the preparer is not licensed or certified as an appraiser under this part 7. Nothing in this subsection (1) exempts a person licensed or certified as an appraiser under this part 7 from regulation as provided in this part 7.
(2) Nothing in this article limits the ability of any federal or state regulator of a financial institution to require the financial institution to obtain appraisals as specified by the regulator.
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