Oklahoma Administrative Code › Title 600 - Real Estate Appraiser Board › Chapter 35 - Appraisal Management Company Enforcement › Section 600:35-1-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words or terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:
"Appraisal Management Company" or "AMC"
means an entity that is required by the Oklahoma Appraisal Management Company Regulation Act, 59 O.S. §
								858-801 et seq., to register with the Oklahoma Real Estate Appraiser Board.
"Appraisal Subcommittee"
or
"ASC"
means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.
"Appraiser"
means an individual person who holds a credential as a Trainee Appraiser, State Licensed Appraiser, State Certified Residential Appraiser, or State Certified General Appraiser; or a valid temporary practice permit issued by the Board entitling that individual person to perform an appraisal of real property in the State of Oklahoma consistent with the scope of practice identified in the Real Property Appraiser Qualification Criteria promulgated by the Appraiser Qualification Criteria promulgated by the Appraiser Qualification Board of The Appraisal Foundation.
"Board"
or
"OK REAB"
means the Oklahoma Real Estate Appraiser Board.
"Controlling Person"
means one or more of the following:
(A) an owner, officer, manager, or director of a corporation, partnership, firm, association, limited liability company, or other business entity seeking to offer appraisal management services in this state,
(B) an individual employed, appointed, or authorized by an AMC that has the authority to enter into a contractual relationship with other persons for the performance of appraisal management services and has the authority to enter into agreements with appraisers for the performance of appraisals, or
(C) an individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an AMC.
"Designated Officer"
means a Controlling Person authorized by the governing structure of the AMC in the manner contemplated by 59 O.S. §
								858-810(A) to act on its behalf in the manner contemplated by 59 O.S. §
								858-810 for purposes of application for, and compliance with, a Certificate of Registration to operate as an Appraisal Management Company pursuant to Oklahoma law. The Designated Officer shall be responsible for supervision and control of activities conducted on behalf of the AMC by its officers and employees as necessary to secure full compliance with the provisions of the Oklahoma AMC Regulation Act (59 O.S. §
								858-801 et seq.), including contract services provided to the AMC for the performance of appraisal activities for which an Oklahoma Real Estate Appraiser Board credential is required.
"Director"
means the Director of the Oklahoma Real Estate Appraiser Board or his or her designee.
"FIRREA"
means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, Public Law 101-73, and any amendments thereto.
"Hearing Examiner"
means an individual appointed as such by a Board order. Hearing examiners shall be individuals who are duly licensed to practice law by the Supreme Court of Oklahoma.
"Probable Cause Committee"
means the Probable Cause Committee set forth by 600:15-1-2.
"Registrant"
means a person or entity authorized to conduct business as an AMC in Oklahoma memorialized by issuance of a Certificate of Registration by the Board.
"RESPA"
means the federal Real Estate Settlement Procedures Act codified in 12 U.S.C and any amendments thereto.
"Respondent"
means a Registrant, Controlling Person, or Designated Officer against whom a complaint has been received or a complaint filed and not finally resolved.
"TILA"
means the Truth in Lending Act of 1968 ( 15 USC 1631 et seq.) and any amendments thereto.
Added at 28 Ok Reg 312, eff 1-1-11 (emergency); Added at 28 Ok Reg 934, eff 7-14-11