2023 New Mexico Statutes › Chapter 61 - Professional and Occupational Licenses › Article 30 - Real Estate Appraisers › Section 61-30-5 - Real estate appraisers board created. (Repealed effective July 1, 2030.)

A. There is created a "real estate appraisers board" consisting of seven members appointed by the governor. The board is administratively attached to the regulation and licensing department.
B. There shall be four real estate appraiser members of the board who shall be licensed or certified. Membership in a professional appraisal organization or association shall not be a prerequisite to serve on the board. No more than two real estate appraiser members shall be from any one licensed or certified category.
C. Board members shall be appointed to five-year terms and shall serve until a successor is appointed and qualified. Real estate appraiser members may be appointed for no more than two consecutive five-year terms.
D. No more than two members shall be from any one county within New Mexico, and at least one real estate appraiser member shall be from each congressional district.
E. One member of the board shall represent lenders or their assignees engaged in the business of lending funds secured by mortgages or in the business of appraisal management. Two members shall be appointed to represent the public. The public members shall not have been real estate appraisers or engaged in the business of real estate appraisals or have any financial interest, direct or indirect, in real estate appraisal or any real-estate-related business.
F. Vacancies on the board shall be filled by appointment by the governor for the unexpired term within sixty days of the vacancy.
G. The board is administratively attached to the regulation and licensing department, and, pursuant to Title 11 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the appraisal subcommittee may monitor the board for the purposes of determining whether the board:
(1) has policies, practices, funding, staffing and procedures that are consistent with the requirements of the appraisal subcommittee and pursuant to Title 11 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989;
(2) processes complaints and completes investigations in a reasonable time period;
(3) appropriately disciplines sanctioned appraisers and appraisal management companies;
(4) maintains an effective regulatory program; and
(5) reports complaints and disciplinary actions on a timely basis to the national registries on appraisers and appraisal management companies maintained by the appraisal subcommittee.
H. The appraisal subcommittee may impose sanctions against the board if it fails to have an effective appraiser regulatory program.
History:
Laws 1990, ch. 75, § 5; 1992, ch. 54, § 3; 1993, ch. 269, § 3; 1999, ch. 283, § 1; 2003, ch. 328, § 3; 2003, ch. 408, § 32; 2011, ch. 19, § 1; 2014, ch. 33, § 3.
ANNOTATIONS
Delayed repeals.
— For delayed repeal of this section,
see
61-30-24 NMSA 1978.
The 2014 amendment,
effective May 21, 2014, prescribed duties for the appraisal subcommittee; provided for compliance with federal law; in Subsection G, after "regulation and licensing department", added the remainder of the sentence; in Subsection G, added Paragraphs (1) through (5); and added Subsection H.
The 2011 amendment,
effective July 1, 2011, in Subsection A, provided that members of the board will be appointed by the governor; and in Subsection E, provided that one member who is not a public member or a real estate appraiser may be appointed to represent the business of appraisal management.
Temporary provisions.
— Laws 2011, ch. 19, § 2 provided that current members of the real estate board shall continue to serve in their current term of office. One member who is a representative of an appraisal management company shall be appointed for an initial thee-year term. Thereafter, appointment to that position shall be for a five-year term.
The 2003 amendment,
effective July 1, 2003, added "The board shall be administratively attached to the regulation and licensing department." following the first sentence of Subsection A.
The 1999 amendment,
effective June 18, 1999, rewrote this section to the extent that a detailed comparison is impracticable.
The 1993 amendment,
effective June 18, 1993, in Subsection A, increased the number of members from seven to nine; deleted former Subsections B through G, relating to the qualifications and terms of the members and the composition of the board after the initial terms; inserted present Subsections B through E; and redesignated former Subsection H as present Subsection F.
The 1992 amendment,
effective May 20, 1992, in Subsection A, substituted "consisting of seven members" for "consisting initially of seven members, for a period of three years after appointment, and thereafter five members"; in Subsection B, inserted "real estate" in the first sentence and added the last two sentences; and, in Subsection D, inserted "state" at the second occurrence of the word in the first sentence.