§ 59-858-805. Applicability of act.

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 ten or fewer employees who are credentialed appraisers in good standing or independent contractor credentialed appraisers in good standing.

Added by Laws 2010, c. 364, § 5, eff. Jan. 1, 2011.