Okla. Stat. tit. 59, § 59-858-803

As used in the Oklahoma Appraisal Management Company Regulation

Act:

1. "Affiliate" has the meaning provided in 12 U.S.C. 1841;

2. "AMC National Registry" means the registry of state-

registered appraisal management companies ("AMCs") and federally-

regulated AMCs maintained by the Appraisal Subcommittee;

3. "Appraisal" means the practice of developing and reporting

an opinion of the value of real property in conformance with the

Uniform Standards of Professional Appraisal Practice as promulgated

by the Appraisal Standards Board of The Appraisal Foundation;

4. "Appraisal management company" or "AMC" means a person that

provides appraisal management services to creditors or to secondary

mortgage market participants, including affiliates; provides

services in connection with valuing a consumer's principal dwelling

as security for a consumer credit transaction or incorporating such

transactions into securitizations; and within a given 12-month

period oversees an appraiser panel of more than 15 state certified

or state licensed appraisers in Oklahoma or 25 or more state-

certified or state licensed appraisers in two or more states. An

AMC does not include a department or division of an entity that

provides appraisal management services only to that entity;

5. "Appraisal management services" means, directly or

indirectly, to perform or attempt to perform any one or more of the

following functions on behalf of a lender, financial institution,

client, or any other person:

a. administer an appraiser panel,

b. recruit, qualify, verify licensing or certification,

and negotiate fees and service level expectations with

persons who are part of an appraiser panel,

c. receive an order for an appraisal from one entity, and

deliver the order for the appraisal to an appraiser

that is part of an appraiser panel for completion,

Oklahoma Statutes - Title 59. Professions and Occupations Page 779

d. track and determine the status of orders for

appraisals,

e. conduct quality control of a completed appraisal prior

to the delivery of the appraisal to the person that

ordered the appraisal, or

f. provide a completed appraisal performed by an

appraiser to one or more clients;

6. "Appraiser" means a person who holds a credential or a valid

temporary practice permit issued by the Oklahoma Real Estate

Appraiser Board pursuant to the Oklahoma Certified Real Estate

Appraisers Act as a State Certified General, State Certified

Residential, State Licensed, or Trainee Appraiser entitling that

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 Qualifications Board of The Appraisal Foundation;

7. "Appraiser panel" means a network, list or roster of

licensed or certified appraisers approved by an AMC to perform

appraisals as independent contractors for the AMC. Appraisers on an

"appraiser panel" include appraisers accepted by the AMC for

consideration for future appraisal assignments in covered

transactions or for secondary mortgage market participants in

connection with covered transactions and appraisers engaged by the

AMC to perform one or more appraisals in covered transactions or for

secondary mortgage market participants in connection with covered

transactions. An appraiser is an independent contractor for

purposes of this subpart if the appraiser is treated as an

independent contractor by the AMC for purposes of federal income

taxation;

8. "Appraisal review" means the act or process of developing

and communicating an opinion about the quality of another

appraiser's work that was performed as part of an appraisal

assignment related to the appraiser's data collection, analysis,

opinions, conclusions, estimate of value, or compliance with the

Uniform Standards of Professional Appraisal Practice. This term

does not include:
n;

8. "Appraisal review" means the act or process of developing

and communicating an opinion about the quality of another

appraiser's work that was performed as part of an appraisal

assignment related to the appraiser's data collection, analysis,

opinions, conclusions, estimate of value, or compliance with the

Uniform Standards of Professional Appraisal Practice. This term

does not include:

a. a general examination for grammatical, typographical

or other similar errors, or

b. a general examination for completeness including

regulatory and/or client requirements as specified in

the agreement process that does not communicate an

opinion;

9. "Appraisal Subcommittee" means the Appraisal Subcommittee of

the Federal Financial Examinations Council;

10. "Board" means the Oklahoma Real Estate Appraiser Board;

11. "Competent appraiser" means an appraiser that satisfies

each provision of the Competency Rule of the Uniform Standards of

Oklahoma Statutes - Title 59. Professions and Occupations Page 780

Professional Appraisal Practice for a specific appraisal assignment

that the appraiser has received, or may receive, from an AMC;

12. "Consumer Credit" means credit offered or extended to a

consumer primarily for personal, family or household purposes;

13. "Covered Transaction" means any consumer credit transaction

secured by the consumer's principal dwelling;

14. "Credential" means a certificate issued by the Board

pursuant to the provisions of the Oklahoma Certified Real Estate

Appraisers Act authorizing an individual to act as a Trainee

Appraiser, State Licensed Appraiser, Certified Residential Appraiser

or State Certified General Appraiser in the State of Oklahoma;

15. "Controlling person" means:

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;

16. "Federally Regulated AMC" means an AMC that is owned and

controlled by an insured depository institution as defined 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, the

Federal Deposit Insurance Corporation or the National Credit Union

Administration pursuant to sections 1112, 1113 and 1114 of Title XI

12 U.S.C. 3341-3343;

17. "Person" means an individual, firm, partnership,

association, corporation, or any other entity;

18. "Truth in Lending Act" or "TILA" means Title I of the

Consumer Credit Protection Act (15 U.S.C.A., Section 1601 et seq.),

and regulations thereunder; and

19. "Uniform Standards of Professional Appraisal Practice" or

"USPAP" means the edition of the Uniform Standards of Professional

Appraisal Practice promulgated by the Appraisal Standards Board of

The Appraisal Foundation in force as of the date that a report of an

appraisal was signed or communicated.