§3415.15. Fees; customary and reasonable; disclosure
A. An appraisal management company shall compensate appraisers at a rate that is customary and reasonable for appraisals being performed in the market area of the property being appraised, consistent with the requirements of 15 U.S.C. 1639(e) and the final federal rules as provided for in the applicable provisions of 12 CFR Parts 34, 225, 226, 323, 1026, and 1222.
B. An appraisal management company shall separately state to the client all of the following:
(1) The fees paid to an appraiser for appraisal services.
(2) The fees charged by the appraisal management company for services associated with the management of the appraisal process, including procurement of the appraiser's services.
C.(1) An appraisal management company shall not prohibit any appraiser who is part of an appraiser panel from recording the fee that the appraiser was paid by the appraisal management company for the performance of the appraisal within the appraisal report that is submitted by the appraiser to the appraisal management company.
(2) An appraisal management company shall not include any fees for appraisal management services performed by the company in the amount the company reports as charges for the actual completion of an appraisal by the appraiser.
Acts 2012, No. 429, §1, eff. May 31, 2012; Acts 2016, No. 259, §1.
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