                                 CODE OF VIRGINIA

DEFINITIONS (§ 54.1-2020)

A. As used in this chapter, unless the context clearly requires otherwise:
			&#8220;Appraisal management company&#8221; means a person or entity that (i)
provides appraisal management services to creditors or to secondary mortgage
market participants, including affiliates; (ii) provides such services in
connection with valuing a consumer&#8217;s principal dwelling as security for a
consumer credit transaction or incorporating such transactions into
securitizations; and (iii) within a 12-month calendar year, oversees an
appraiser panel of more than 15 state-certified or state-licensed appraisers in
a state or 25 or more state-certified or state-licensed appraisers in two or
more states. &#8220;Appraisal management company&#8221; does not include a
department or division of an entity that provides appraisal management services
only to that entity.
			&#8220;Appraisal management services&#8221; means one or more of the
following: (i) recruiting, selecting, and retaining appraisers; (ii) contracting
with state-certified or state-licensed appraisers to perform appraisal
assignments; (iii) managing the process of having an appraisal performed,
including providing administrative services such as receiving appraisal orders
and appraisal reports, submitting completed appraisal reports to creditors and
secondary mortgage market participants, collecting fees from creditors and
secondary mortgage market participants for services provided, and paying
appraisers for services performed; and (iv) reviewing and verifying the work of
appraisers.
			&#8220;Appraisal services&#8221; means acting as an appraiser to provide an
appraisal or appraisal review.
			&#8220;Appraiser&#8221; means a person licensed or certified under &#xA7;
54.1-2017 and as otherwise provided in Chapter 20.1 (&#xA7; 54.1-2009 et seq.).
			&#8220;Appraiser panel&#8221; means a network, list, or roster of licensed or
certified appraisers approved by an appraisal management company to perform
appraisals as independent contractors for the appraisal management company.
Appraisers on an appraisal management company&#8217;s appraiser panel include
both appraisers accepted by the appraisal management company for consideration
for future appraisal assignments in covered transactions or for secondary
mortgage market participants in connection with covered transactions and
appraisers engaged by the appraisal management company to perform one or more
appraisals in covered transactions or for secondary mortgage market participants
in connection with covered transactions. An appraiser is an independent
contractor for purposes of this chapter if the appraiser is treated as an
independent contractor by the appraisal management company for purposes of
federal income taxation.
			&#8220;Board&#8221; means the Virginia Real Estate Appraiser Board.
			&#8220;Employee&#8221; means an individual who has an employment relationship
acknowledged by both the individual and the company and is treated as an
employee for purposes of compliance with federal income tax laws.
			&#8220;Uniform Standards of Professional Appraisal Practice&#8221; means the
Uniform Standards of Professional Appraisal Practice adopted by the Appraisal
Standards Board of the Appraisal Foundation.

B. The definitions contained in &#xA7; 54.1-2009 shall be applicable except to
the extent inconsistent with the definitions contained in this chapter.

HISTORY: 2010, c. 508; 2012, c. 405; 2018, cc. 229, 230.