La. Admin. Code tit. 7 § V-107

Current through Register Vol. 50, No. 11, November 20, 2024

Section V-107 - Appraisal

A. The State Market Commission shall develop and maintain for public examination at any time a listing of approved appraisers and a file of the credentials of such approved appraisers.

B. In order to have his or her name included on the State Market Commission Listing of Approved Appraisers, an applicant shall submit the following information:

1. at least three written statements of his or her competence as an appraiser from organizations such as banks or other financial institutions, real estate boards or licensed real estate brokers, mortgage loan institutions, and so forth;

2. a written statement of his or her areas of expertise in appraising property;

3. a written statement of his or her years of experience in appraising property;

4. evidence of inclusion on the approved appraisers listing of any state or federally chartered banks, or such public agencies as the Small Business Administration, the Farmers Home Administration, the Production Credit Association, the Federal Housing Authority, or other similar institutions;

5. a written statement containing any additional information which the applicant thinks would be beneficial to the market commission's determination of qualifications.

C. Applicants for inclusion of the State Market Commission Listing of Approved Appraisers shall pay a fee of $25 at the time of filing request for inclusion on the list, which fee shall be deposited in the general fund of the state of Louisiana and shall be non-refundable to the applicant regardless of the decision of the market commission with respect to the listing.

D. Any applicant for listing on the State Market Commission Listing of Approved Appraisers who is denied a listing may appeal the decision of the State Market Commission under the general appeals procedures of the State Department of Agriculture.

E. Pending development of a comprehensive Listing of Approved Appraisers, the market commission may approve appraisers on an individual basis, but the market commission shall not approve appraisers in the absence of all information required under §107. B after November 1, 1980.

F. Applicants for inclusion on the State Market Commission Listing of Approved Appraisers may make application at any time throughout the calendar year, and the names of approved applicants shall be added to the listing immediately upon approval action by the market commission.

G. All applicants for a market commission direct or participation loan, or loan guaranty, must submit, as a part of the application package, an appraisal performed by an appraiser selected as follows from the State Market Commission Listing of Approved Appraisers.

1. The applicant may review the file of credentials of approved appraisers, except for personal financial statements, and shall select from the Listing of Approved Appraisers three appraisers who are acceptable to the applicant.

2. The applicant shall notify the market commission in writing the names of the three appraisers selected by the applicant.

3. The market commission staff shall select one appraiser from the list of three appraisers submitted by the applicant and shall notify the applicant in writing of the appraiser selected by the staff to perform the appraisal.

4. The applicant and the State Market Commission staff shall meet with the appraiser selected and negotiate a fee satisfactory to the applicant and the appraiser.

5. The agreement for performance of the appraisal shall be in writing for the protection of all parties, the agreement to be prepared by the State Market Commission staff unless the applicant wishes to secure private legal counsel.

6. Failure to agree upon a fee shall result in selection of another appraiser. In such circumstance, the applicant shall be permitted to add one additional name, selected from the Listing of Approved Appraisers, to the list and the market commission staff shall again select from the list and follow procedures outlined in §107 G

H. The applicant shall be responsible for payment of the agreed-upon appraisal fee.

I. The market commission may, at its discretion, directly employ an appraiser listed on the Listing of Approved Appraisers to conduct any appraisal.

1. When the market commission directly employs an appraiser, such appraisal shall be performed at the cost of the market commission.

2. The applicant shall cooperate fully with any appraiser employed directly by the market commission.

3. The market commission shall give weight to the appraisal performed by the appraiser selected by the applicant as well as to the appraisal performed by the appraiser employed by the commission.

J. The listing of any appraiser on the State Market Commission Listing of Approved Appraisers shall be valid for a period of two years from the date of the commission's approval.

1. Thirty days prior to the second anniversary of each listing, the market commission staff shall notify the appraiser, at the last address furnished by the appraiser, of the date on which approval for listing will terminate.

2. The appraiser so notified may renew his or her listing for an additional two-year period upon payment of a $5 renewal fee, without the necessity for submission of the information required in §107 B

K. The market commission staff may recommend to the market commission at any time the removal from the Listing of Approved Appraisers the name of any appraiser who, in their judgment, should be removed.

L. Any appraiser so removed from the Listing of Approved Appraisers shall be immediately notified in writing of the removal and may appeal such removal under the general appeals procedures of the State Department of Agriculture.

M. Upon request, the market commission shall furnish any applicant or interested citizen a copy of the Listing of Approved Appraisers.

La. Admin. Code tit. 7, § V-107

Promulgated by the Department of Agriculture, Market Commission, LR 6:253 (June 1980), amended LR 7:260 (May 1981).

AUTHORITY NOTE: Promulgated in accordance with R.S. 3:404.