543E.12 Adherence to standards — mandatory reporting. 1. An appraisal management company shall direct all appraisers it requests to perform appraisal assignments involving real estate located in this state to comply with the uniformstandards of professional appraisal practice, including the competency rule. 2. An appraisal management company shall have an appraisal review system in place to monitor compliance with subsection 1. 3. An appraisal management company that has a reasonable basis to believe an appraiser has materially failed to comply with the uniform standards of professional appraisal practiceor has otherwise materially violated chapter 543D or this chapter shall refer the matterto the director in conformance with applicable federal law and regulations. An appraisalmanagement company that has a reasonable basis to believe another appraisal managementcompany is failing to comply with the provisions of this chapter shall refer the matter to thedirector in conformance with section 272C.9, subsection 2. 4. An appraiser who is employed by or is on the appraiser panel of an appraisal management company registered under this chapter who has a reasonable basis to believethe section 272C.9, subsection 2. 4. An appraiser who is employed by or is on the appraiser panel of an appraisal management company registered under this chapter who has a reasonable basis to believethe appraisal management company is in violation of this chapter shall refer the matter tothe director. 2016 Acts, ch 1124, §12, 32; 2023 Acts, ch 19, §1686Subsections 3 and 4 amended Sat Dec 23 01:46:25 2023 Iowa Code 2024, Section 543E.12 (12, 1)
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