Unlawful to influence or attempt to influence appraisal.
1.It is unlawful for an employee, director, officer or agent of an appraisal management company to influence or attempt to influence the development, reporting or review of an appraisal through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or other means, including, without limitation:
(a)Withholding or threatening to withhold timely payment for an appraisal in order to influence or attempt to influence an appraisal;
(b)Withholding or threatening to withhold future business for an independent appraiser;
(c)Terminating an agreement with an independent contractor without prior written notice;
(d)Directly or indirectly promising future business for or increased compensation to an independent contractor;
(e)Conditioning a request for appraisal services or the payment of any compensation on the opinion, conclusion or valuation to be reached or on a preliminary estimate or opinion requested from an independent contractor;
(f)Requesting an independent contractor to provide an estimated, predetermined or desired valuation in an appraisal report or providing estimated values or comparable sales at any time before the completion of appraisal services by the independent contractor;
(g)Providing to an independent contractor an anticipated, estimated or desired value for a subject property or proposed or target amount to be loaned to a borrower, other than a copy of the sales contract for purchase transactions;
(h)Providing an independent contractor or a person or entity associated with the independent contractor stock or other financial or nonfinancial benefits;
(i)Obtaining, using or paying for a second or subsequent appraisal or ordering an automated valuation model in connection with a loan secured by a lien on real property unless:
(1)There is a reasonable basis to believe that the initial appraisal was incorrect and such basis is disclosed in writing to the borrower; or
(2)The second or subsequent appraisal or automated valuation model is performed pursuant to a bona fide appraisal review or quality control process;
(j)Accepting a fee for performing appraisal management services if the fee is contingent on:
(1)An appraisal report having a predetermined analysis, opinion or conclusion;
(2)The analysis, opinion, conclusion or valuation reached in an appraisal report; or
(3)The consequences resulting from an appraisal assignment; or
(k)Any other act or practice that impairs or attempts to impair an appraiser’s independence, objectivity or impartiality.
2.Nothing in this section shall be construed as prohibiting an appraisal management company from requesting that an independent contractor provide additional information regarding the basis for a valuation or correct objective factual errors in an appraisal report.
Section 645C.730 — Unlawful to influence or attempt to influence appraisal.,