(1) The Director of the Department of Consumer and Business Services may cause property owned by an association or securing the loans of an association to be appraised when, in connection with an examination or otherwise, information with respect to any property or policies, practices, operating results and trends of an association give evidence that:
(a) Any appraisal or valuation of the association may be excessive or overstated; or
(b) Appraisal policies and practices may not conform with generally accepted professional standards.
(2) In lieu of causing such appraisals to be made, the director may accept an appraisal caused to be made by a Federal Home Loan Bank, the Federal Housing Finance Board or by the Federal Deposit Insurance Corporation or other insuring agency of an insured association.
(3) Unless otherwise ordered by the director, appraisal of property pursuant to this section shall be made by an appraiser selected by the director. The cost of such appraisal shall be paid promptly by the association directly to the appraiser upon receipt by the association of a statement of the cost approved by the director. The director shall furnish a copy of the report of an appraisal made pursuant to this section to the association forthwith but no later than 60 days following the completion of the appraisal and may furnish a copy to the insuring agency. [1975 c.582 §121; 1999 c.107 §9]
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