16.62.7.16

EXEMPTION FROM ISSUANCE LICENSE OR CERTIFICATE;

1. A. The process of analyzing, without altering, an appraisal report, except appraisal reviews as defined in the Definitions under Paragraph (5) of Subsection A of 16.62.1.7 NMAC of General Provisions AND The Uniform Standards of Professional Appraisal Practice, that is part of a request for mortgage credit, is a specialized service as defined in Subsection Q of Section 61-30-3 NMSA 1978 and is exempt from the requirements of licensing or certification.

2. B. The process of completing an appraisal review, as defined in the Definitions under Paragraph (5) of Subsection A of 16.62.1.7 NMAC of General Provisions AND as defined by the Uniform Standards of Professional Appraisal Practice, completed by a review appraiser holding a valid license or certification and completing the appraisal review from a location outside of New Mexico, is exempt from the requirements of licensing or certification, provided the appraisal reviewer has a valid license or certification that corresponds with or is higher than the level of licensure or certification required to perform the appraisal under review.

   HISTORY OF 16.62.7 NMAC:

   Pre-NMAC History: The material in this part was derived from that previously filed with the State Records Center and Archives under:

   REAB Rule 7, Issuance/Renewal of License/Certification, filed 11/29/90.

   REAB Rule 7, Amendment 1, filed 10/3/91.

   Rule 8, Issuance/Renewal of Registrations/Licenses/Certificates, filed 4/6/93.

   Rule 8, Issuance/Renewal of Registrations/Licenses/Certificates, filed 1/28/94.

   Rule 8, Issuance/Renewal of Registrations/Licenses/Certificates, filed 12/19/94.

   History of Repealed Material: [RESERVED]

   Other History:

   Rule 8, Issuance/Renewal of Registrations/Licenses/Certificates (filed 12/19/94) was renumbered, reformatted and replaced by 16 NMAC 62.7, Issuance/Renewal of Registrations/Licenses/Certificates, effective 10/01/1997.

   16 NMAC 62.7, Issuance/Renewal of Registrations/Licenses/Certificates (filed 08/29/1997) was renumbered, reformatted, amended, and replaced by 16.62.7 NMAC, Issuance/Renewal of Registrations/Licenses/Certificates, effective 09/13/2004.

[16.62.7.16 NMAC – N, 02/03/2019]