(a) An appraisal management company shall: (1) Except in cases of breach of contract or substandard performance of services, pay an appraiser for the completion of an appraisal or valuation assignment not later than the sixtieth day after the date the appraiser provides the initial appraisal or valuation assignment to the appraisal management company; and(2) Compensate appraisers at a rate that is reasonable and customary for appraisals being performed in the market area of the property being appraised consistent with the presumptions under federal law.(b) An appraiser who is aggrieved under this section may file a complaint with the State Board of Appraisers, Abstracters, and Home Inspectors against the appraisal management company.Amended by Act 2023, No. 628,§ 46, eff. 7/1/2023.Added by Act 2017, No. 535,§ 11, eff. 3/20/2017.Acts 2009, No. 628, § 1.
Arkansas Legal Code