§ 543e-3

543E.3 Definitions. Unless the context otherwise requires, the definitions contained in section 543D.2 shall apply to this chapter. In addition, the following definitions shall apply for purposes of thischapter: 1. 'Appraisal management company' means a person that oversees an appraiser panel of more than fifteen certified appraisers in this state or twenty-five or more certified or licensedappraisers nationally within a year, and that directly or indirectly performs appraisalmanagement services for creditors or secondary mortgage market participants in connectionwith consumer credit transactions secured by the principal dwellings of Iowa consumers orsecuritizations of those transactions. 2. 'Appraisal management company national registry' means the registry of state-registered appraisal management companies and federally regulated appraisalmanagement companies maintained by the appraisal subcommittee. 3. 'Appraisal management services' means any of the following:a. Recruiting, selecting, and retaining appraisers.b. Contracting with state certified or licensed appraisers to perform appraisal assignments. c.

isal management services' means any of the following:a. Recruiting, selecting, and retaining appraisers.b. Contracting with state certified or licensed appraisers to perform appraisal assignments. c. Managing the process of having an appraisal performed, including providing administrative services such as receiving appraisal orders and appraisal reports, submittingcompleted appraisal reports to creditors and secondary mortgage market participants,collecting fees from creditors and secondary mortgage market participants for servicesprovided, and paying appraisers for services performed. d. Reviewing and verifying the work of appraisers.4. 'Appraisal review' means developing and communicating an opinion under the uniform standards of professional appraisal practice review standards regarding the quality of anotherappraiser’s work product prepared as part of an appraisal assignment. An 'appraisal review'does not include quality control solely to assure an appraisal report is complete, or to correctgrammatical, typographical, or other similar errors. 5. 'Appraisal subcommittee' means the appraisal subcommittee of the federal financial institutions examination council. 6.

complete, or to correctgrammatical, typographical, or other similar errors. 5. 'Appraisal subcommittee' means the appraisal subcommittee of the federal financial institutions examination council. 6. 'Appraiser' means a person who holds a certificate as a certified real estate appraiser issued under chapter 543D. 7. 'Appraiser panel' means a network, list, or roster of certified appraisers who are independent contractors with an appraisal management company and who have beenselected and approved by the appraisal management company to perform appraisals directlyfor the appraisal management company or for persons that have ordered appraisals throughthe appraisal management company. Appraisers on an appraisal management company’sappraiser panel may include both appraisers engaged to perform one or more appraisalsfor covered transactions or for secondary mortgage market participants in connection withcovered transactions, and appraisers accepted by the appraisal management companyfor consideration for future appraisal assignments for such purposes, as the director mayfurther provide by rule. 8.

thcovered transactions, and appraisers accepted by the appraisal management companyfor consideration for future appraisal assignments for such purposes, as the director mayfurther provide by rule. 8. 'Associate real estate appraiser' means a person who is registered with the Iowa real estate appraiser examining board under section 543D.20. 9. 'Consumer credit' means credit offered or extended to a consumer primarily for personal, family, or household purposes. 10. 'Controlling person' means any of the following:a. An owner, officer, or director of an appraisal management company.b. An individual employed, appointed, or authorized by an appraisal management company who has the authority to enter into a contractual relationship with other personsfor the performance of appraisal management services and has the authority to enter intoagreements with appraisers for the performance of appraisals. c. An individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company. Sat Dec 23 01:46:19 2023 Iowa Code 2024, Section 543E.3 (17, 2) §543E.3, REAL ESTATE APPRAISAL MANAGEMENT COMPANIES 2 11.

e direction of the management or policies of an appraisal management company. Sat Dec 23 01:46:19 2023 Iowa Code 2024, Section 543E.3 (17, 2) §543E.3, REAL ESTATE APPRAISAL MANAGEMENT COMPANIES 2 11. 'Covered transaction' means any consumer credit transaction secured by the consumer’s principal dwelling. 12. 'Creditor' means a person who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments, notincluding a down payment, and to whom the obligation is initially payable, either on the faceof the note or contract, or by agreement when there is no note or contract. For purposes ofthis subsection, a person 'regularly extends consumer credit' if the person extended credit,other than credit subject to the requirements of 12 C.F.R. §1026.32, more than five times inthe preceding calendar year for transactions secured by a dwelling. If a person did not meetthose numerical standards in the preceding calendar year, the numerical standards shall beapplied to the current calendar year. A person also 'regularly extends consumer credit' if, inany twelve-month period, the person originates more than one credit

year, the numerical standards shall beapplied to the current calendar year. A person also 'regularly extends consumer credit' if, inany twelve-month period, the person originates more than one credit extension that is subjectto the requirements of 12 C.F.R. §1026.32 or one or more such credit extensions through amortgage broker. 13. 'Director' means the director of the department of inspections, appeals, and licensing or the director’s designee. 14. 'Dwelling' means a residential structure that contains one to four units, whether or not that structure is attached to real property. 'Dwelling' includes an individual condominiumunit, cooperative unit, mobile home, and trailer, if it is used as a residence. 15. 'Federally regulated appraisal management company' means an appraisal management company that is owned and controlled by an insured depository institution, asdefined in 12 U.S.C. §1813, and regulated by the office of the comptroller of the currency,the board of governors of the federal reserve system, or the federal deposit insurancecorporation. 16. 'Federally related transaction regulations' means regulations established by the comptroller of the currency, the board of

the federal reserve system, or the federal deposit insurancecorporation. 16. 'Federally related transaction regulations' means regulations established by the comptroller of the currency, the board of governors of the federal reserve system, thefederal deposit insurance corporation, or the national credit union administration pursuantto sections 1112, 1113, and 1114 of Tit. XI of the federal Financial Institutions Reform,Recovery, and Enforcement Act, 12 U.S.C. §3341 – 3343. 17. 'Nonsubstantive reason' means a reason for imposing discipline against a certified appraiser that is not described in section 543D.17 or a substantially similar provision inthe jurisdiction that imposed the discipline, including but not limited to the failure to payappropriate fees. 18. 'Person' means as defined in section 4.1.19. 'Principal dwelling' means the primary residence of a consumer. For purposes of this chapter, a consumer may have only one 'principal dwelling'. A vacation or other secondhome shall not be considered a 'principal dwelling'. However, if a consumer buys or buildsa new dwelling that will become the consumer’s primary residence within a year or uponcompletion of the construction, the

ot be considered a 'principal dwelling'. However, if a consumer buys or buildsa new dwelling that will become the consumer’s primary residence within a year or uponcompletion of the construction, the new residence is considered the 'principal dwelling' forpurposes of this chapter. 20. 'Secondary mortgage market participant' means a guarantor or insurer of mortgage-backed securities, or an underwriter or issuer of mortgage-backed securities.'Secondary mortgage market participant' only includes an individual investor in amortgage-backed security if that investor also serves in the capacity of a guarantor, insurer,underwriter, or issuer for the mortgage-backed security. 21. 'States' means the fifty states of the United States, the District of Columbia, and the territories of American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and theUnited States Virgin Islands. 22. 'Substantive reason' means a reason for imposing discipline against a certified appraiser that is described in section 543D.17 or a substantially similar provision in thejurisdiction that imposed the discipline. 23.

son' means a reason for imposing discipline against a certified appraiser that is described in section 543D.17 or a substantially similar provision in thejurisdiction that imposed the discipline. 23. 'Uniform standards of professional appraisal practice' means the uniform standards promulgated by the appraisal standards board of the appraisal foundation. 2016 Acts, ch 1124, §3, 32; 2023 Acts, ch 19, §1676 – 1678Referred to in §543D.6Subsection 1 stricken and former subsections 2 – 7 renumbered as 1 – 6Former subsection 8 amended and renumbered as 7 Sat Dec 23 01:46:19 2023 Iowa Code 2024, Section 543E.3 (17, 2) Former subsections 9 – 13 renumbered as 8 – 12NEW subsection 13 Sat Dec 23 01:46:19 2023 Iowa Code 2024, Section 543E.3 (17, 2)