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.
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