reglab/housing_qa huggingface dataset:
NM Stat § 47-14-3.1 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-3.1 - Bonding requirements.

A. In order to qualify for registration or renewal of registration, an appraisal management company shall maintain a bond underwritten by a corporate surety authorized to transact business in New Mexico, or other equivalent means of security. The board shall set by rule the amount and conditions of the surety bond or other equivalent means of security required by this section, provided that the amount of the bond or security required shall not exceed twenty-five thousand dollars ($25,000). B. The bond or other equivalent means of surety shall secure payment for any administrative or judicial penalties that may be imposed by the board or the state and for any penalties or costs required by a board disciplinary action, and also as indemnity for any loss sustained by any person damaged as a result of a violation by the appraisal management company, of any provision of the Appraisal Management Company Registration Act or of any rule of the board adopted pursuant to that act. Consumer claims shall be given priority in recovering from the bond or equivalent surety. C. An appraisal management company shall notify the board in writing of any claim made on the appraisal management company's bond or equivalent surety. D. A deposit of cash or security may be accepted in lieu of the surety bond. History: Laws 2010, ch. 13, § 7. ANNOTATIONSEffective dates. — Laws 2010, ch. 13, § 8 made the provisions of Laws 2010, ch. 13, § 7 effective July 1, 2010.
NM Stat § 47-14-3.2 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-3.2 - Criminal background checks.

A. The board may adopt rules that provide for criminal background checks for all licensees to include: (1) requiring criminal history background checks of applicants for licensure pursuant to the Appraisal Management Company Registration Act; (2) requiring applicants for licensure to be fingerprinted; (3) providing for an applicant who has been denied licensure to inspect or challenge the validity of the background check record; (4) establishing a fingerprint and background check fee not to exceed the current rate as determined by the department of public safety to be paid by the applicant; and (5) providing for submission of an applicant's fingerprint cards to the federal bureau of investigation to conduct a national criminal history background check and to the department of public safety to conduct a state criminal history check. B. Arrest record information received from the department of public safety and the federal bureau of investigation shall be privileged and shall not be disclosed to persons not directly involved in the decision affecting the applicant. C. Electronic live fingerprint scans may be used when conducting criminal history background checks. History: Laws 2013, ch. 143, § 9. ANNOTATIONSEffective dates. — Laws 2013, ch. 143 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 14, 2013, 90 days after the adjournment of the legislature.
NM Stat § 47-14-4 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-4 - Exemptions.

The Appraisal Management Company Registration Act is not applicable to: A. a corporation, partnership, sole proprietorship, subsidiary, limited liability company or other business entity that employs persons on an employer and employee basis exclusively for the performance of real estate appraisal services in the normal course of its business and the entity is responsible for ensuring that the real estate appraisal services being performed by its employees are being performed in accordance with uniform standards of professional appraisal practice; B. an individual who in the normal course of the individual's business enters into an agreement, whether written or otherwise, with another independent contractor appraiser for the performance of real estate appraisal services that the hiring or contracting appraiser cannot complete for any reason, including competency, work load, schedule or geographic location; or C. an individual, corporation, partnership, sole proprietorship, subsidiary, limited liability company or other business entity that in the normal course of business enters into an agreement, whether written or otherwise, with an independent contractor appraiser for the performance of real estate appraisal services and upon the completion of the appraisal, the report of the appraiser performing the real estate appraisal services is co-signed by the appraiser who subcontracted with the independent appraiser for the performance of the real estate appraisal services. History: Laws 2009, ch. 214, § 4. ANNOTATIONSEffective dates. — Laws 2009, ch. 214 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
NM Stat § 47-14-5 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-5 - Forms.

An applicant for registration as an appraisal management company shall submit to the board an application on a form prescribed by the board. History: Laws 2009, ch. 214, § 5. ANNOTATIONSEffective dates. — Laws 2009, ch. 214 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
NM Stat § 47-14-6 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-6 - Expiration of license.

A registration granted by the board pursuant to the Appraisal Management Company Registration Act shall expire on September 30 of each year. History: Laws 2009, ch. 214, § 6; 2013, ch. 143, § 3. ANNOTATIONSThe 2013 amendment, effective June 14, 2013, provided for the expiration of licenses; and after "Registration Act shall", deleted "be valid for one year from the date on which it is issued" and added "expire on September 30 of each year".
NM Stat § 47-14-7 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-7 - Consent to service of process.

Each entity applying for registration as an appraisal management company shall complete and execute an irrevocable consent to service of process form as prescribed by the board. History: Laws 2009, ch. 214, § 7. ANNOTATIONSEffective dates. — Laws 2009, ch. 214 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
NM Stat § 47-14-8 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-8 - Fee.

A. The board shall establish the fee for appraisal management company registration by rule to cover the cost of the administration of the Appraisal Management Company Registration Act, but in no case shall the fee be more than two thousand dollars ($2,000). B. Registration fees shall be credited to the appraiser fund pursuant to Section 61-30-18 NMSA 1978. C. An appraisal management company that either has registered with the board or operates as a subsidiary of a federally regulated financial institution shall pay to the board an annual registry as determined by the appraisal subcommittee. History: Laws 2009, ch. 214, § 8; 2013, ch. 143, § 4. ANNOTATIONSThe 2013 amendment, effective June 14, 2013, provided for a fee for a company that is associated with a subsidiary of a federally regulated financial institution; and added Subsection C.
NM Stat § 47-14-9 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-9 - Owner requirements.

A. An appraisal management company applying for registration may not be owned by a person or have any principal of the company who has had a license or certificate to act as an appraiser refused, denied, canceled or revoked in this state or in any other state. B. Each person that owns, is an officer of or has a financial interest in an appraisal management company in this state shall: (1) be of good moral character, as determined by the board; and (2) submit to a background investigation, as determined by the board. C. An appraisal management company shall not be registered by the board or included on the national registry if the company, in whole or in part, directly or indirectly, is owned by any person who has had an appraiser license or certificate refused, denied, canceled, surrendered in lieu of revocation or revoked in any state and not subsequently granted or reinstated. A person that owns more than ten percent of an appraisal management company shall be of good moral character, as determined by the board, and shall submit to a background investigation carried out by the board. History: Laws 2009, ch. 214, § 9; 2013, ch. 143, § 5. ANNOTATIONSThe 2013 amendment, effective June 14, 2013, prohibited the registration of a company that has had a license refused, denied, canceled, surrendered, or revoked; deleted former Paragraph (3) of Subsection B, which required officers of a company to certify that the person has never had a license refused, denied, canceled or revoked; and added Subsection C.
NM Stat § 47-14-10 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-10 - Controlling person.

Each appraisal management company applying to the board for registration in this state shall designate one controlling person that will be the main contact for all communication between the board and the appraisal management company. History: Laws 2009, ch. 214, § 10. ANNOTATIONSEffective dates. — Laws 2009, ch. 214 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
NM Stat § 47-14-11 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-11 - Controlling person requirements.

In order to serve as a controlling person of an appraisal management company, a person shall: A. certify to the board that the person has never had a certificate or a license issued by the board of this state, or the board of any other state, to act as an appraiser refused, denied, canceled or revoked; B. be of good moral character, as determined by the board; and C. submit to a background investigation, as determined by the board. History: Laws 2009, ch. 214, § 11. ANNOTATIONSEffective dates. — Laws 2009, ch. 214 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
NM Stat § 47-14-12 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-12 - Employee requirements.

A. Any employee of the appraisal management company, or any person working on behalf of the appraisal management company, that has the responsibility of selecting independent appraisers for the performance of real estate appraisal services for the appraisal management company or the responsibility of reviewing completed appraisals shall have geographic and product competence and be appropriately trained and qualified in the performance of real estate appraisals as determined by the board by rule. B. Any employee of the appraisal management company that has the responsibility to review the work of independent appraisers shall have demonstrated knowledge of the uniform standards of professional appraisal practice, as determined by the board by rule. History: Laws 2009, ch. 214, § 12; 2010, ch. 13, § 3. ANNOTATIONSThe 2010 amendment, effective July 1, 2010, in Subsection A, after "reviewing completed appraisals shall", added "have geographic and product competence and".
NM Stat § 47-14-13 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-13 - Requirements; liability.

A. An appraisal management company registered in this state pursuant to the Appraisal Management Company Registration Act shall not enter into contracts or agreements with an independent appraiser for the performance of real estate appraisal services unless that person is licensed or certified in good standing pursuant to the Real Estate Appraisers Act [Chapter 61, Article 30 NMSA 1978]. B. An appraisal management company shall not require an appraiser to indemnify the appraisal management company against liability except liability for errors and omissions by the appraiser. History: Laws 2009, ch. 214, § 13; 2010, ch. 13, § 4. ANNOTATIONSThe 2010 amendment, effective July 1, 2010, in the catchline, changed "Limitations" to "Requirements; liability"; in Subsection A, after "Appraisal Management Company Registration Act", changed "may" to "shall"; and added Subsection B.
NM Stat § 47-14-14 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-14 - Pre-engagement certification.

Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis on a form prescribed by the board that the appraisal management company has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company holds a license in good standing in this state pursuant to the Real Estate Appraisers Act [Chapter 61, Article 30 NMSA 1978]. History: Laws 2009, ch. 214, § 14. ANNOTATIONSEffective dates. — Laws 2009, ch. 214 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
NM Stat § 47-14-15 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-15 - Adherence to standards.

Each appraisal management company seeking to be registered in this state shall certify to the board on an annual basis that it has a system in place to review the work of all independent appraisers that are performing real estate appraisal services for the appraisal management company on a periodic basis to ensure that the real estate appraisal services are being conducted in accordance with uniform standards of professional appraisal practice. History: Laws 2009, ch. 214, § 15. ANNOTATIONSEffective dates. — Laws 2009, ch. 214 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
NM Stat § 47-14-15.1 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-15.1 - Automated valuation models used to estimate collateral value for mortgage lending purposes.

A. Automated valuation models shall adhere to quality control standards designed to: (1) ensure a high level of confidence in the estimates produced by automated valuation models; (2) protect against the manipulation of data; (3) seek to avoid conflicts of interest; (4) require random sample testing and reviews; and (5) account for any other such factor that the board determines to be appropriate. B. The board, in consultation with the staff of the appraisal subcommittee and the appraisal standards board of the appraisal foundation, shall promulgate rules to implement the quality control standards required under this section. History: Laws 2013, ch. 143, § 8. ANNOTATIONSEffective dates. — Laws 2013, ch. 143 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 14, 2013, 90 days after the adjournment of the legislature.
NM Stat § 47-14-16 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-16 - Recordkeeping.

Each appraisal management company seeking to be registered shall certify to the board on an annual basis that it maintains a detailed record of each service request that it receives and the independent appraiser that performs the real estate appraisal services for the appraisal management company. History: Laws 2009, ch. 214, § 16. ANNOTATIONSEffective dates. — Laws 2009, ch. 214 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
NM Stat § 47-14-18 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-18 - Payment; limits; disclosure; nontaxable transaction certificate.

A. The fees paid to an appraiser for completion of the appraisal shall not include a fee for management of the appraisal process or any activity other than the performance of the appraisal. B. An appraisal management company shall separately state the fees paid to an appraiser for appraisal services and the fees charged by the appraisal management company for services associated with the management of the appraisal process, including procurement of the appraiser's services to the client, borrower and any other payor. C. Appraisers shall not be prohibited by the appraisal management company, client or other third party from disclosing the fee paid to the appraiser for the performance of the appraisal in the appraisal report. D. As used in this section, "payor" means any person or entity who is responsible for making payment for the appraisal. E. An appraisal management company shall, except in cases of breach of contract or substandard performance of services, make payment to an independent appraiser for the completion of an appraisal or valuation assignment within sixty days of the date on which the independent appraiser transmits or otherwise provides the completed appraisal or valuation study to the appraisal management company or its assignee. F. An appraisal management company shall provide an appraiser with the appropriate nontaxable transaction certificate pursuant to Section 7-9-48 NMSA 1978. History: Laws 2009, ch. 214, § 18; 2010, ch. 13, § 5. ANNOTATIONSThe 2010 amendment, effective July 1, 2010, in the catchline, added "limits; disclosure;"; added new Subsections A, B, C and D, and relettered former Subsections A and B as Subsections E and F.
NM Stat § 47-14-19 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-19 - Appraisal reports; alteration; use.

An appraisal management company shall not: A. alter, modify or otherwise change a completed appraisal report submitted by an independent appraiser without the appraiser's written knowledge and consent; or B. use an appraisal report submitted by an independent appraiser for any other transaction. History: Laws 2009, ch. 214, § 19. ANNOTATIONSEffective dates. — Laws 2009, ch. 214 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
NM Stat § 47-14-20 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-20 - Adjudication of disputes between an appraisal management company and an independent appraiser.

A. An appraisal management company shall not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an independent appraiser without notifying the appraiser in writing of the reasons for the appraiser being removed from the appraiser panel of the appraisal management company. If the appraiser is being removed from the panel for illegal conduct, violation of the uniform standards of professional appraisal practice or a violation of state licensing standards, the appraisal management company shall provide the independent appraiser the nature of the alleged conduct or violation and provide an opportunity for the appraiser to respond.B. An independent appraiser that is removed from the appraiser panel of an appraisal management company for alleged illegal conduct, violation of the uniform standards of professional appraisal practice or violation of state licensing standards may file a complaint with the board for a review of the decision of the appraisal management company, except that in no case shall the board make any determination regarding the nature of the business relationship between the appraiser and the appraisal management company that is unrelated to the actions specified in Subsection A of this section.C. If an independent appraiser files a complaint against an appraisal management company pursuant to Subsection B of this section, the board shall adjudicate the complaint within one hundred eighty days.D. If after opportunity for hearing and review, the board determines that an independent appraiser did not commit a violation of law, a violation of the uniform standards of professional appraisal practice or a violation of state licensing standards, the board shall order that the appraiser be added to the appraiser panel of the appraisal management company that was the subject of the complaint without prejudice.History: Laws 2009, ch. 214, § 20; 2019, ch. 51, § 1. ANNOTATIONSThe 2019 amendment, effective June 14, 2019, eliminated the authority of an appraisal management company to remove an independent appraiser from its appraiser panel without notice during the first month of the independent appraiser being added to the panel; and in Subsection A, deleted "Except within the first thirty days after an independent appraiser is first added to the appraiser panel of an appraisal management company".
NM Stat § 47-14-21 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 14 - Appraisal Management Company Registration|Section 47-14-21 - Enforcement.

A. The board may censure an appraisal management company, conditionally or unconditionally suspend or revoke any registration issued under the Appraisal Management Company Registration Act, levy fines or impose civil penalties not to exceed twenty-five thousand dollars ($25,000) per violation if, in the opinion of the board, an appraisal management company is attempting to perform, has performed or has attempted to perform any of the following acts: (1) committing any act in violation of the Appraisal Management Company Registration Act; (2) violating any rule or regulation adopted by the board in the interest of the public and consistent with the provisions of the Appraisal Management Company Registration Act; (3) procuring a registration, license or certification by fraud, misrepresentation or deceit; or (4) violating the Real Estate Appraisers Act [Chapter 61, Article 30 NMSA 1978] or the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989. B. The board may deny an application for registration for failure to comply with the minimum requirements and criteria as set forth by the Appraisal Management Company Registration Act. C. Board action relating to the issuance, suspension or revocation of any registration, license or certificate shall be governed by the provisions of the Uniform Licensing Act [61-1-1 to 61-1-31 NMSA 1978]; provided that the time limitations set forth in the Uniform Licensing Act shall not apply to the processing of administrative complaints filed with the board, which shall be governed by federal statute, regulation or policy. History: Laws 2009, ch. 214, § 21; 2013, ch. 143, § 7. ANNOTATIONSThe 2013 amendment, effective June 14, 2013, provided standards for enforcement; and added Subsections B and C.