The following words or terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:

"Applicant" means an entity or controlling person who has applied for a Certificate of Registration as an appraisal management company.

"Appraisal Management Company" or "AMC" means an entity that is required by the Oklahoma Appraisal Management Company Regulation Act, 59 O.S. § 858-801 et seq., to register with the Oklahoma Real Estate Appraiser Board.

"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:

1. (A) administer an appraiser panel;
2. (B) recruit, qualify, verify licensing or certification, and negotiate fees and service level expectations with persons who are part of an appraiser panel;
3. (C) receive an order for an appraisal from one entity, and deliver the order for appraisal services for the appraisal services to an appraiser for completion;
4. (D) track and determine the status of orders for appraisers;
5. (E) conduct quality control of a completed appraisal prior to the delivery of the appraisal to the person who ordered the appraisal; or
6. (F) provide a completed appraisal performed by an appraiser to one or more clients.

"Appraisal Subcommittee" or "ASC" means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.

"Appraiser" means an individual person who holds a credential as a Trainee Appraiser, State Licensed Real Estate Appraiser, State Certified Residential Real Estate Appraiser, or State Certified General Real Estate Appraiser; or a valid temporary practice permit issued by the Board entitling that individual 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.

"Board" or "OK REAB" means the Oklahoma Real Estate Appraiser Board.

"Certificate of Registration" means a certificate issued by the Board verifying the registration of a person or entity as being approved to conduct business in the State of Oklahoma as an AMC.

"Controlling Person" means one or more of the following:

1. (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,
2. (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
3. (C) an individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an AMC.

"Department" means the Oklahoma Insurance Department.

"Designated Officer" means a Controlling Person authorized by the governing structure of the AMC in the manner contemplated by 59 O.S. § 858-810 (A) to act on its behalf in the manner contemplated by 59 O.S. § 858-810 (A) for purposes of application for, and compliance with, a Certificate of Registration to operate as an Appraisal Management Company pursuant to Oklahoma law. The Designated Officer shall be responsible for supervision and control of activities conducted on behalf of the AMC by its officers and employees as necessary to secure full compliance with the provisions of 59 O.S. § 858-801 et seq., including contract services provided to the AMC for the performance of appraisal activities for which an Oklahoma Real Estate Appraiser Board credential is required.

"Director" means the Director of the Oklahoma Real Estate Appraiser Board or his or her designee.

"FIRREA" means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, Public Law 101-73, and any amendments thereto.

"Registrant" means a person or entity authorized to conduct business as an AMC in Oklahoma memorialized by issuance of a Certificate of Registration by the Board.

"Registration" means the procedures and requirements with which a person or entity shall comply in order to qualify to conduct business as an AMC in the State of Oklahoma.

"TILA" means the Truth in Lending Act of 1968 (15 USC 1631 et seq.) and any amendments thereto.

Added at 28 Ok Reg 308, eff 1-1-11 (emergency)

Added at 28 Ok Reg 921, eff 7-14-11