Rule 30-1502-1.1 - Definitions As used in these rules, the following words and terms shall have the following meaning:
1. "AMC National Registry" means the national registry maintained by the ASC (Appraisal Subcommittee) of those Appraisal Management Companies (AMCs) that meet the federal definition of AMC, as defined in 12 U.S.C. Section 3350(11), are registered by a state or are federally regulated, and have paid the annual AMC registry fee. 2.. "Applicant" means any person or entity who has applied for a Certificate of Registration as an Appraisal Management Company (AMC) with the Mississippi Real Estate Appraiser Licensing and Certification Board (MAB). 3. "Appraisal Foundation" means the Appraisal Foundation, as defined by 12 U.S.C. Section 3350, or its successor. 4.. "Appraisal Management Company" or "AMC" means any person or entity defined in Miss. Code Ann. § 73-34-3, required to register with MAB under the Mississippi Appraisal Management Company Registration Act. 5. "Appraisal Subcommittee" or "ASC" means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, or its successor. 6. "Appraiser" means an individual person who currently holds a current valid Mississippi license as a state Licensed Real Estate Appraiser, a state Licensed Certified Residential Real Estate Appraiser or a state Licensed Certified General Real Estate Appraiser; or an out of state certified or licensed appraiser who holds a current valid temporary practice permit issued by the MAB entitling that individual person to perform an appraisal of real property in the State of Mississippi consistent with the scope of practice identified in the Real Property Appraiser Qualification Criteria promulgated by the Appraiser Qualifications Board of the Appraisal Foundation. 7. "Appraiser Panel" means a network, list or roster of licensed or certified appraisers approved by an AMC to perform appraisals as independent contractors for the AMC. 8. "Appraiser Qualifications Board" means the Appraiser Qualifications Board of the Appraisal Foundation, or its successor. 9. "Board" or "MAB" means the Mississippi Real Estate Appraiser Licensing and Certification Board. 10. "Certificate of Registration" means a certificate issued by the MAB verifying the registration of a person or entity as being approved to conduct business in the State of Mississippi as an AMC. 11. "Commission" or "MREC" means the Mississippi Real Estate Commission. 12. "Controlling Person" means one or more of the following: (a) An officer or director , or an owner of greater than a (10%) interest of a corporation, partnership, or other business entity, seeking to offer Appraisal Management Company services in this state; (b) An individual employed, appointed, or authorized by an AMC that has the authority to enter into a contractual relationship with other persons for the performance of appraisal management services and has the authority to enter into agreements with appraisers for the performance of appraisals; or (c) An individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an AMC. 13. "Designated Officer" means a Controlling Person who is an employee of the AMC authorized by the governing structure of the AMC to act on its behalf for the purposes of application for, and compliance with, a Certificate of Registration to operate as an Appraisal Management Company, as further set forth pursuant to the Board's laws, rules and regulations. 14. "Federally related transaction" means any real estate-related financial transaction which a federal financial institutions regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates, and which requires the services of an appraiser. 15. "Federal financial institutions regulatory agencies" means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration. 16. "Registrant" means any person or entity authorized to conduct business as an AMC in Mississippi memorialized by issuance of a Certificate of Registration by the MAB. 17. "Registration" means the procedure and requirements with which a person or entity shall comply in order to qualify to conduct business as an AMC in the State of Mississippi. 18. "Uniform Standards of Professional Appraisal Practice" means the current standards of the appraisal profession, developed for appraisers and users of appraisal services by the Appraisal Standards Board of the Appraisal Foundation. 19. "USPAP" means the Uniform Standards of Professional Appraisal Practice. 30 Miss. Code. R. 1502-1.1
Miss. Code Ann. §§ 73-34-3, 73-34-103(1) & 73-34-111 ( Rev. 2012).