54-4125. EXEMPTIONS. The provisions of this act shall not apply to:
(1) A person that exclusively employs appraisers on an employer and employee basis for the performance of appraisals in this state;
(2) A federally regulated AMC;
(3) A department or unit within a financial institution that is subject to direct regulation by an agency of the United States government that is a member of the federal financial institutions examination council or its successor, or to regulation by an agency of this state, that receives a request for the performance of an appraisal from one (1) employee of the financial institution, and another employee of the same financial institution assigns the request for the appraisal to an appraiser that is an independent contractor to the institution, except that an AMC that is a wholly owned subsidiary of a financial institution shall not be considered a department or unit within a financial institution to which the provisions of this act do not apply; and
(4) An appraiser who enters into an agreement with another appraiser for the performance of an appraisal that upon completion results in a report signed by both the appraiser who completed the appraisal and the appraiser who requested the completion of the appraisal.
History:
[54-4125, added 2016, ch. 131, sec. 1, p. 391.]