Okla. Stat. tit. 59, § 59-858-805
This is the official text of Okla. Stat. tit. 59, § 59-858-805, part of Oklahoma’s Stat. tit. 59, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 59,." Browse the sections below, each linked to its official government source.
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Applicability of act
Official statutory text
The provisions of the Oklahoma Appraisal Management Company
Regulation Act shall not apply to:
1. A department or unit within a financial institution that is
subject to direct regulation by an agency of the United States
Government that is a member of the Federal Financial Institutions
Examination Council or its successor, or to regulation by an agency
of this state, that receives a request for the performance of an
appraisal from one employee of the financial institution, and
another employee of the same financial institution assigns the
request for the appraisal to an appraiser that is an independent
contractor to the institution, except that an AMC that is a wholly
owned subsidiary of a financial institution shall not be considered
a department or unit within a financial institution to which the
provisions of the Oklahoma Appraisal Management Company Regulation
Act do not apply;
2. A person that enters into an agreement, whether written or
otherwise, with an appraiser for the performance of an appraisal,
and upon the completion of the appraisal, the report of the
appraiser performing the appraisal is signed by both the appraiser
who completed the appraisal and the appraiser who requested the
completion of the appraisal, except that an AMC may not avoid the
requirements of the Oklahoma Appraisal Management Company Regulation
Act by requiring an employee of the AMC that is an appraiser to sign
an appraisal that is completed by an appraiser that is part of the
appraisal panel of the AMC; or
3. An individual or individuals who are state-certified or
state-licensed appraisers in good standing credentialed by the
Oklahoma Real Estate Appraiser Board and who are actively engaged in
the practice of real estate appraising and, as a function of the
practice, maintain a list of fifteen or fewer employees in Oklahoma
or twenty-four or less employees in two or more states who are
credentialed appraisers in good standing or independent contractor
credentialed appraisers in good standing.
Regulation Act shall not apply to:
1. A department or unit within a financial institution that is
subject to direct regulation by an agency of the United States
Government that is a member of the Federal Financial Institutions
Examination Council or its successor, or to regulation by an agency
of this state, that receives a request for the performance of an
appraisal from one employee of the financial institution, and
another employee of the same financial institution assigns the
request for the appraisal to an appraiser that is an independent
contractor to the institution, except that an AMC that is a wholly
owned subsidiary of a financial institution shall not be considered
a department or unit within a financial institution to which the
provisions of the Oklahoma Appraisal Management Company Regulation
Act do not apply;
2. A person that enters into an agreement, whether written or
otherwise, with an appraiser for the performance of an appraisal,
and upon the completion of the appraisal, the report of the
appraiser performing the appraisal is signed by both the appraiser
who completed the appraisal and the appraiser who requested the
completion of the appraisal, except that an AMC may not avoid the
requirements of the Oklahoma Appraisal Management Company Regulation
Act by requiring an employee of the AMC that is an appraiser to sign
an appraisal that is completed by an appraiser that is part of the
appraisal panel of the AMC; or
3. An individual or individuals who are state-certified or
state-licensed appraisers in good standing credentialed by the
Oklahoma Real Estate Appraiser Board and who are actively engaged in
the practice of real estate appraising and, as a function of the
practice, maintain a list of fifteen or fewer employees in Oklahoma
or twenty-four or less employees in two or more states who are
credentialed appraisers in good standing or independent contractor
credentialed appraisers in good standing.
Status: in_force · Read it on the official government site
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