Sec. 1104.004. EXEMPTIONS. (a) This chapter does not apply to:
(1) a person who exclusively employs appraisers on an employer and employee basis for the performance of appraisals;
(2) a person acting as an appraisal firm as defined by board rule that at all times during a calendar year employs on an exclusive basis as independent contractors not more than 15 appraisers for the performance of appraisals;
(3) a financial institution, including a department or unit within the institution, that is regulated by an agency of this state or the United States government;
(4) subject to Subsection (b), a person who enters into an agreement with an appraiser for the performance of an appraisal that on completion results in a report signed by both the appraiser who completed the appraisal and the appraiser who requested completion of the appraisal;
(5) an appraisal management company with an appraisal panel of not more than 15 appraisers at all times during a calendar year; or
(6) an appraisal management company that is a subsidiary owned and controlled by a financial institution that is subject to appraisal independence standards at least as stringent as those under Section 1104.203 or the Truth in Lending Act (15 U.S.C. Section 1601 et seq.) through regulation by an agency of this state or the United States government.
(b) An appraisal management company may not require an employee of the appraisal management company who is an appraiser to sign an appraisal that is completed by another appraiser who contracts with the appraisal management company in order to avoid the requirements of this chapter.
Added by Acts 2011, 82nd Leg., R.S., Ch. 256 (H.B. 1146), Sec. 2, eff. September 1, 2011.
Last modified: September 28, 2016