(a) Financial institutions or affiliates hiring the services of appraisers registered, licensed, or certified by the Arkansas Appraiser Licensing and Certification Board in nonfederally related transactions, including transactions below the federally established threshold, shall not be liable to any party asserting damages due to the alleged actions of the appraiser, nor shall the financial institution or affiliate be subject to any requirements to report to the board regarding such transactions other than as may be required by the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq., and the rules promulgated by the board.
(b) This section does not limit the investigative or subpoena powers of the board.