Unless otherwise required to be registered as an appraisal management company by state or federal law, KRS 324A.150 to 324A.164 shall not apply to:

1. (1) The federal government, state government, any county or municipal government, or any agency or instrumentality thereof;
2. (2) A person authorized to engage in business as a bank, credit union, or savings and loan association under the laws of the United States, the Commonwealth of Kentucky, or any other state;
3. (3) A real estate broker or real estate agent properly licensed or otherwise authorized to do business in the Commonwealth of Kentucky listing or selling real estate;
4. (4) An officer or employee of any entity listed in subsection (1), (2), or (3) of this section when acting within the scope of his or her employment;
5. (5) An entity that is responsible for ensuring that the real estate appraisal activity being performed by an employee is performed in accordance with applicable appraisal standards;

6. (6) An individual who:

   1. (a)
   2. (b) Is an appraiser; and In the normal course of business enters into an agreement, whether written or otherwise, with another appraiser for the performance of a real estate appraisal activity that the individual cannot complete for any reason, including: 1. Competency; 2. Workload; 3. 4. Geographic location; Schedule; or

7. (7) An individual who:

   1. (a) In the normal course of business enters into an agreement, whether written or otherwise, with an appraiser for the performance of real estate appraisal activity; and
   2. (b) Under the agreement cosigns the report of the appraiser performing the real estate appraisal upon completion of the real estate appraisal activity;
8. (8) An appraisal management company that contracts with one (1) or more appraisers for the performance of fewer than ten (10) appraisals in this state in a calendar year; or
9. (9) A federally regulated appraisal management company as defined in 12 C.F.R. sec. 34.211(k).

Effective: June 29, 2021

History: Amended 2021 Ky. Acts ch. 21, sec. 10, effective June 29, 2021. -- Amended 2013 Ky. Acts ch. 46, sec. 6, effective June 25, 2013. -- Created 2011 Ky. Acts ch. 58, sec. 8, effective June 8, 2011.