Section 54-4122 - DEFINITIONSAs used in this act:
(1) "Affiliate" means any company that controls, is controlled by or is under common control with another company.(2) "AMC national registry" means the registry of state-registered appraisal management companies and federally regulated appraisal management companies maintained by the appraisal subcommittee.(3)(a) "Appraisal management company" or "AMC" means a person that:(i) Provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates;(ii) Provides such services in connection with valuing a consumer's principal dwelling as security for a consumer credit transaction or incorporating such transactions into securitizations; and(iii) Within a given calendar year, oversees an appraiser panel of more than fifteen (15) state-certified or state-licensed appraisers in this state or twenty-five (25) or more state-certified or state-licensed appraisers in two (2) or more states.(b) The term "appraisal management company" or "AMC" does not include a department or division of an entity that provides appraisal management services only to that entity.(4) "Appraisal management services" means one (1) or more of the following: (a) Recruiting, selecting and retaining appraisers;(b) Contracting with state-certified or state-licensed appraisers to perform appraisal assignments;(c) Managing the process of having an appraisal performed, including providing administrative services such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and secondary market participants, collecting fees from creditors and secondary market participants for services provided, and paying appraisers for services performed; and(d) Reviewing and verifying the work of appraisers.(5) "Appraisal review" means the act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal or appraisal review assignment. The term does not include: (a) A general examination of an appraisal for grammatical, typographical, mathematical or other similar administrative errors; and(b) A general examination for completeness, including regulatory or client requirements as specified in the agreement process that do not involve the appraiser's professional judgment, including compliance with the elements of the client's statement of work.(6) "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. Appraisers on an AMC's appraiser panel under this act include both appraisers accepted by the AMC for consideration for future appraisal assignments in covered transactions, or for secondary mortgage market participants in connection with covered transactions, and appraisers engaged by the AMC to perform one (1) or more appraisals in covered transactions, or for secondary mortgage market participants in connection with covered transactions. An appraiser is an independent contractor for the purposes of this act if the appraiser is treated as an independent contractor by the AMC for purposes of federal income taxation.(7) "Board" means the real estate appraiser board created in section 54-4106, Idaho Code.(8) "Consumer credit" means credit offered or extended to a consumer primarily for personal, family or household purposes.(9) "Controlling person" means:(a) An owner, officer or director of, or a natural person who holds greater than ten percent (10%) ownership interest in, a corporation, partnership or other business entity seeking to offer appraisal management services in Idaho; or(b) An individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company.(10) "Covered transaction" means any consumer credit transaction secured by the consumer's principal dwelling.(11) "Creditor" means: (a) A person who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four (4) installments, not including a down payment, and to whom the obligation is initially payable, either on the face of the note or contract or by agreement when there is no note or contract; or(b) A person who regularly extends consumer credit if the person extended credit, other than credit subject to the requirements of 12 CFR 1026.32, more than five (5) times for transactions secured by a dwelling in the preceding calendar year. If a person did not meet these numerical standards in the preceding calendar year, the numerical standards shall be applied to the current calendar year. A person regularly extends consumer credit if, in any twelve (12) month period, the person originates more than one (1) credit extension that is subject to the requirements of 12 CFR 1026.32, or one (1) or more such credit extensions through a mortgage broker.(12) "Division" means the division of occupational and professional licenses.(13) "Dwelling" means a residential structure that contains one (1) to four (4) units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home and trailer, if it is used as a residence. A consumer can have only one (1) principal dwelling at a time. A vacation or other second home is not a principal dwelling. However, if a consumer buys or builds a new dwelling that will become the consumer's principal dwelling within one (1) year or upon the completion of construction, the new dwelling is considered the principal dwelling for purposes of this section.(14) "Federally regulated AMC" means an AMC that is owned and controlled by an insured depository institution, as defined in 12 U.S.C. 1813, and regulated by the office of the comptroller of the currency, the board of governors of the federal reserve system or the federal deposit insurance corporation.(15) "Person" means a natural person or an organization, including a corporation, partnership, proprietorship, association, cooperative, estate, trust or government unit.(16) "Secondary mortgage market participant" means a guarantor or insurer of mortgage-backed securities or an underwriter or issuer of mortgage-backed securities. Secondary mortgage market participant includes an individual investor in a mortgage-backed security only if that investor also serves in the capacity of a guarantor, insurer, underwriter or issuer for the mortgage-backed security.(17) "Uniform standards of professional appraisal practice" or "USPAP" means the appraisal standards promulgated by the appraisal standards board of the appraisal foundation.[54-4122, added 2016, ch. 131, sec. 1, p. 387; am. 2021, ch. 224, sec. 68, p. 685.]Amended by 2021 Session Laws, ch. 224,sec. 68, eff. 4/14/2021.Added by 2016 Session Laws, ch. 131,sec. 1, eff. 7/1/2016.