N.D. Cent. Code § 43-23.5-07

Current through the 2023 Legislative Sessions

Section 43-23.5-07 - Exemptions

The provisions of this chapter do not apply to:

1. An appraisal firm.

2. 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.

3. A person that enters an agreement with an appraiser for the performance of an appraisal that upon completion results in a report signed by both the appraiser who completed the appraisal and the appraiser who requested completion of the appraisal.

4. An appraisal management company with an appraisal panel of fewer than sixteen certified or licensed appraisers in this state or fewer than twenty-five nationally within a given year.

5. 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 chapter 43-23.5-21, if regulated by an agency of this state, or the Truth in Lending Act [ 15 U.S.C. 1601 et seq.], if regulated by the United States government.

N.D.C.C. § 43-23.5-07

Amended by S.L. 2019, ch. 361 (SB 2075),§ 1, eff. 8/1/2019.

Added by S.L. 2013, ch. 325 (HB 1389),§ 2, eff. 7/1/2013.

See S.L. 2013, ch. 325 (HB 1389), § 3.

The word "chapter" in subsection 5. should probably be "section." .