[ ] is old law to be omitted.
LBD14549-09-8
S. 9080 2
§ 160-AAAA. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
1. "APPRAISAL" OR "REAL ESTATE APPRAISAL" MEANS AN ANALYSIS, OPINION
OR CONCLUSION RELATING TO THE NATURE, QUALITY, VALUE OR UTILITY OF SPEC-
IFIED INTERESTS IN, OR ASPECTS OF, IDENTIFIED REAL ESTATE. AN APPRAISAL
MAY BE CLASSIFIED BY SUBJECT MATTER INTO EITHER A VALUATION OR AN ANALY-
SIS.
2. "APPRAISAL MANAGEMENT COMPANY" OR "AMC" MEANS AN INDIVIDUAL OR
BUSINESS ENTITY THAT:
(A) PROVIDES APPRAISAL MANAGEMENT SERVICES TO CREDITORS OR TO SECOND-
ARY MORTGAGE MARKET PARTICIPANTS, INCLUDING AFFILIATES;
(B) PROVIDES SUCH SERVICES IN CONNECTION WITH VALUING A CONSUMER'S
REAL PROPERTY AS SECURITY FOR CONSUMER CREDIT TRANSACTIONS SECURED BY A
CONSUMER'S PRINCIPAL DWELLING; AND
(C) WITHIN A GIVEN YEAR, OVERSEES AN APPRAISAL PANEL OF MORE THAN
FIFTEEN APPRAISERS WORKING IN NEW YORK STATE OR TWENTY-FIVE OR MORE
APPRAISERS WORKING IN TWO OR MORE STATES. AN AMC SHALL NOT INCLUDE A
DEPARTMENT OR DIVISION OF AN ENTITY THAT PROVIDES APPRAISAL MANAGEMENT
SERVICES ONLY TO THAT ENTITY.
3. "APPRAISAL MANAGEMENT SERVICES" MEANS TO, DIRECTLY OR INDIRECTLY,
PROVIDE ANY OF THE FOLLOWING SERVICES ON BEHALF OF A LENDER, FINANCIAL
INSTITUTION, CLIENT, OR ANY OTHER PERSON IN CONNECTION WITH VALUING A
CONSUMER'S PRINCIPAL DWELLING AS SECURITY FOR A CONSUMER CREDIT TRANS-
ACTION OR INCORPORATING SUCH TRANSACTIONS INTO SECURITIZATIONS:
(A) ADMINISTER AN APPRAISER PANEL;
(B) RECRUIT, RETAIN OR SELECT APPRAISERS;
(C) QUALIFY OR VERIFY LICENSING OR CERTIFICATION AND NEGOTIATE FEES
AND SERVICE LEVEL EXPECTATIONS WITH PERSONS WHO ARE PART OF AN APPRAISER
PANEL;
(D) CONTRACT WITH APPRAISERS TO PERFORM APPRAISAL ASSIGNMENTS;
(E) RECEIVE AN ORDER FOR AN APPRAISAL FROM ONE PERSON, AND DELIVER THE
ORDER FOR THE APPRAISAL TO AN APPRAISER THAT IS PART OF AN APPRAISER
PANEL FOR COMPLETION;
(F) MANAGE THE PROCESS OF HAVING AN APPRAISAL PERFORMED, INCLUDING
PROVIDING ADMINISTRATIVE DUTIES, SUCH AS RECEIVING APPRAISAL ORDERS AND
REPORTS, SUBMITTING COMPLETED APPRAISAL REPORTS TO CREDITORS AND UNDER-
WRITERS FOR SERVICES PROVIDED, AND REIMBURSING APPRAISERS FOR SERVICES
PERFORMED;
(G) TRACK AND DETERMINE THE STATUS OF ORDERS FOR APPRAISALS;
(H) CONDUCT QUALITY CONTROL OF A COMPLETED APPRAISAL PRIOR TO THE
DELIVERY OF THE APPRAISAL TO THE PERSON THAT ORDERED THE APPRAISAL;
(I) PROVIDE A COMPLETED APPRAISAL PERFORMED BY AN APPRAISER TO ONE OR
MORE CLIENTS; OR
(J) COMPENSATE APPRAISERS FOR SERVICES RENDERED.
AN INDIVIDUAL WHO HIRES AN APPRAISER SOLELY FOR HIS OR HER OWN
PURPOSES, SHALL NOT BE DEEMED AN APPRAISAL MANAGEMENT COMPANY.
4. "APPRAISER" MEANS A PERSON LICENSED OR CERTIFIED PURSUANT TO ARTI-
CLE SIX-E OF THIS CHAPTER.
5. "APPRAISER PANEL" MEANS A NETWORK, LIST OR ROSTER OF LICENSED OR
CERTIFIED APPRAISERS APPROVED BY THE APPRAISAL MANAGEMENT COMPANY TO
PERFORM APPRAISALS AS INDEPENDENT CONTRACTORS OF THE APPRAISAL MANAGE-
MENT COMPANY.
6. "APPRAISAL REVIEW" MEANS THE ACT OR PROCESS OF DEVELOPING AND
COMMUNICATING AN OPINION ABOUT THE QUALITY OF ANOTHER APPRAISER'S WORK
THAT WAS PERFORMED AS PART OF AN APPRAISAL ASSIGNMENT. APPRAISAL REVIEWS
S. 9080 3
MUST BE PERFORMED BY A PERSON WHO IS CERTIFIED AS A REAL ESTATE
APPRAISER PURSUANT TO ARTICLE SIX-E OF THIS CHAPTER.
7. "BOARD" MEANS THE STATE BOARD OF REAL ESTATE APPRAISAL WHICH SHALL
ADVISE THE DEPARTMENT, AS NECESSARY, ON IMPLEMENTATION OF, AND ENFORCE-
MENT OF THIS ARTICLE.
8. "COMPETENT APPRAISER" MEANS AN APPRAISER THAT SATISFIES EACH
PROVISION OF THE COMPETENCY RULE OF THE UNIFORM STANDARDS OF PROFES-
SIONAL APPRAISAL PRACTICE FOR A SPECIFIC APPRAISAL ASSIGNMENT OR VALU-
ATION SERVICE THAT THE APPRAISER HAS RECEIVED, OR MAY RECEIVE, FROM AN
APPRAISAL MANAGEMENT COMPANY.
9. "CONTROLLING PERSON" MEANS:
(A) AN OWNER, OFFICER OR DIRECTOR OF AN APPRAISAL MANAGEMENT COMPANY,
OR AN INDIVIDUAL WHO HOLDS AN OWNERSHIP INTEREST OF TEN PERCENT OR MORE
OF SUCH COMPANY;
(B) AN INDIVIDUAL EMPLOYED, APPOINTED OR AUTHORIZED BY AN APPRAISAL
MANAGEMENT COMPANY THAT HAS THE AUTHORITY TO ENTER INTO A CONTRACTUAL
RELATIONSHIP WITH OTHER PERSONS FOR THE PERFORMANCE OF APPRAISAL MANAGE-
MENT SERVICES AND HAS THE AUTHORITY TO ENTER INTO AGREEMENTS WITH
APPRAISERS FOR THE PERFORMANCE OF APPRAISALS; OR
(C) AN INDIVIDUAL WHO POSSESSES, DIRECTLY OR INDIRECTLY, THE POWER TO
DIRECT OR CAUSE THE DIRECTION OF THE MANAGEMENT OR POLICIES OF AN
APPRAISAL MANAGEMENT COMPANY.
10. "DEPARTMENT" MEANS THE NEW YORK STATE DEPARTMENT OF STATE.
11. "HYBRID FIRM OR ENTITY" MEANS AN ENTITY THAT HIRES BOTH REAL
ESTATE APPRAISERS AS EMPLOYEES TO PERFORM APPRAISALS OF REAL PROPERTY,
AND ENGAGE INDEPENDENT CONTRACTORS TO PERFORM SUCH APPRAISALS. A HYBRID
FIRM OR ENTITY SHALL BE TREATED AS AN AMC FOR PURPOSES OF STATE REGIS-
TRATION IF IT OVERSEES MORE THAN FIFTEEN REAL ESTATE APPRAISERS COMPLET-
ING VALUATION SERVICES IN AN INDIVIDUAL STATE OR TWENTY-FIVE OR MORE
REAL ESTATE APPRAISERS IN TWO OR MORE STATES WITHIN A GIVEN YEAR. THE
NUMERICAL CALCULATION FOR A HYBRID FIRM OR ENTITY SHOULD ONLY INCLUDE
REAL ESTATE APPRAISERS ENGAGED AS INDEPENDENT CONTRACTORS.
12. "PERSON" MEANS AN INDIVIDUAL, PARTNERSHIP, CORPORATION, OR ANY
OTHER ENTITY RECOGNIZED UNDER NEW YORK STATE LAW.
13. "REAL ESTATE" MEANS AN IDENTIFIED PARCEL OR TRACT OF LAND, INCLUD-
ING IMPROVEMENTS, IF ANY.
14. "REAL PROPERTY" MEANS THE INTEREST, BENEFITS, AND RIGHTS INHERENT
IN THE OWNERSHIP OF REAL ESTATE.
15. "UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE" OR "USPAP"
MEANS THE APPRAISAL STANDARDS PROMULGATED BY THE APPRAISAL STANDARDS
BOARD OF THE APPRAISAL FOUNDATION.
16. "SECONDARY MORTGAGE MARKET PARTICIPANT" MEANS A GUARANTOR OR
INSURER OF MORTGAGE-BACKED SECURITIES, OR AN UNDERWRITER OR ISSUER OF
MORTGAGE-BACKED SECURITIES. SECONDARY MORTGAGE MARKET PARTICIPANT ONLY
INCLUDES AN INDIVIDUAL INVESTOR IN A MORTGAGE-BACKED SECURITY IF THAT
INVESTOR ALSO SERVES IN THE CAPACITY OF A GUARANTOR, INSURER, UNDERWRIT-
ER, OR ISSUER FOR SUCH MORTGAGE-BACKED SECURITY.
§ 160-BBBB. REGISTRATION REQUIRED. IT SHALL BE UNLAWFUL FOR A PERSON
TO, DIRECTLY OR INDIRECTLY, ENGAGE OR ATTEMPT TO ENGAGE IN BUSINESS AS
AN APPRAISAL MANAGEMENT COMPANY, OR TO ADVERTISE OR HOLD ONESELF OUT AS
ENGAGING IN OR CONDUCTING BUSINESS AS AN APPRAISAL MANAGEMENT COMPANY
WITHOUT FIRST OBTAINING A CERTIFICATE OF REGISTRATION ISSUED BY THE
DEPARTMENT UNDER THE PROVISIONS OF THIS ARTICLE.
§ 160-CCCC. EXEMPTIONS. THE PROVISIONS OF THIS ARTICLE SHALL NOT APPLY
TO ANY PERSON THAT EXCLUSIVELY EMPLOYS APPRAISERS FOR THE PERFORMANCE OF
APPRAISALS OR TO ANY APPRAISAL MANAGEMENT COMPANY THAT IS A WHOLLY-OWNED
S. 9080 4
SUBSIDIARY OF A FINANCIAL INSTITUTION, WHICH IS REGULATED BY THE FEDERAL
FINANCIAL INSTITUTION REGULATORY AGENCY. THE REGISTRATION PROVISIONS OF
THIS ARTICLE SHALL NOT APPLY TO THE STATE, ANY STATE AGENCY OR AUTHORI-
TY, OR ANY POLITICAL SUBDIVISION OF THE STATE THAT EMPLOYS APPRAISERS.
§ 160-DDDD. FORMS. AN APPLICANT FOR A CERTIFICATE OF REGISTRATION AS
AN APPRAISAL MANAGEMENT COMPANY SHALL SUBMIT AN APPLICATION ON SUCH
FORMS AS PRESCRIBED BY THE DEPARTMENT.
§ 160-EEEE. DENIAL OF REGISTRATION. THE DEPARTMENT MAY INVESTIGATE THE
GOOD CHARACTER OF APPLICANTS FOR A CERTIFICATE OF REGISTRATION UNDER
THIS ARTICLE AND MAY DENY THE ISSUANCE OF SUCH CERTIFICATE OF REGISTRA-
TION BASED UPON LACK OF GOOD MORAL CHARACTER WHICH MAY INCLUDE, BUT IS
NOT LIMITED TO, ANY OF THE GROUNDS ENUMERATED IN THIS ARTICLE. FOR THE
PURPOSES OF THIS ARTICLE, A NON-SUBSTANTIVE GROUND FOR DENIAL, REVOCA-
TION, OR SURRENDER OF AN APPRAISER'S LICENSE SHOULD NOT BE CONSTRUED AS
AN AUTOMATIC PROHIBITION.
§ 160-FFFF. EXPIRATION OF LICENSE. A CERTIFICATE OF REGISTRATION
GRANTED BY THE DEPARTMENT PURSUANT TO THIS ARTICLE SHALL BE VALID FOR A
PERIOD OF TWO YEARS FROM THE DATE UPON WHICH IT IS ISSUED.
§ 160-GGGG. FEES. 1. THE DEPARTMENT SHALL COLLECT A FEE OF TWO HUNDRED
FIFTY DOLLARS FOR A CERTIFICATE OF REGISTRATION ISSUED OR REISSUED UNDER
THE PROVISIONS OF THIS ARTICLE. ADDITIONALLY, THE DEPARTMENT SHALL
ASSESS TWENTY-FIVE DOLLARS FOR EACH APPRAISER ADDED TO AN APPRAISAL
MANAGEMENT COMPANY'S APPRAISER PANEL.
2. THE DEPARTMENT SHALL COLLECT FROM EACH APPRAISAL MANAGEMENT COMPANY
SEEKING TO BE REGISTERED, THE AMOUNT DETERMINED BY THE APPRAISAL SUBCOM-
MITTEE TO BE A NATIONAL REGISTRY FEE FOR EACH APPRAISER, THAT PERFORMS
APPRAISAL SERVICES WITHIN NEW YORK ON THE APPRAISER PANEL OF AN
APPRAISAL MANAGEMENT COMPANY PURSUANT TO SECTION 1109(A)(4) OF THE
FEDERAL FINANCIAL INSTITUTIONS REFORM, RECOVERY, AND ENFORCEMENT ACT OF
1989 AS AMENDED BY THE DODD-FRANK WALL STREET REFORM AND CONSUMER
PROTECTION ACT OF 2010. THE DEPARTMENT MAY TRANSMIT THE ANNUAL REGISTRY
FEE TO THE APPRAISAL SUBCOMMITTEE. THE DEPARTMENT SHALL PROVIDE ITS
ROSTER OF APPRAISAL MANAGEMENT COMPANIES TO THE APPRAISAL SUBCOMMITTEE.
THESE TRANSMITTALS SHALL OCCUR AT LEAST ANNUALLY.
3. EXCEPT FOR CHANGES MADE ON A RENEWAL APPLICATION, APPRAISAL MANAGE-
MENT COMPANIES SHALL PROVIDE THE DEPARTMENT WITH NOTICE OF A CHANGE IN
THE APPRAISAL MANAGEMENT'S PRINCIPAL ADDRESS. CHANGE OF ADDRESS NOTIFI-
CATIONS SHALL BE ACCOMPANIED BY A FEE OF TEN DOLLARS.
4. EXCEPT FOR CHANGES MADE ON A RENEWAL APPLICATION, THE DEPARTMENT
SHALL COLLECT A FEE OF TEN DOLLARS FOR CHANGING A NAME ON A CERTIFICATE
OF REGISTRATION.
5. IN LIEU OF THE FEE SET FORTH IN SUBDIVISION ONE OF THIS SECTION,
THE DEPARTMENT SHALL COLLECT A FEE OF THREE HUNDRED FIFTY DOLLARS TO
REISSUE A CERTIFICATE OF REGISTRATION UNDER THIS ARTICLE WHICH WAS
SUBMITTED AFTER THE EXPIRATION OF THE IMMEDIATELY PRECEDING REGISTRATION
TERM.
§ 160-HHHH. OWNER REQUIREMENTS. AN APPRAISAL MANAGEMENT COMPANY APPLY-
ING FOR A CERTIFICATE OF REGISTRATION SHALL NOT BE OWNED IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, BY A PERSON WHO HAS HAD A LICENSE, REGIS-
TRATION OR CERTIFICATE TO ACT AS A REAL ESTATE APPRAISER DENIED,
REVOKED, OR SURRENDERED IN LIEU OF PENDING DISCIPLINE IN ANY STATE OR BY
A PERSON HOLDING TEN PERCENT OR MORE OF THE COMPANY WHERE THAT PERSON
HAS HAD A LICENSE, REGISTRATION OR CERTIFICATE TO ACT AS A REAL ESTATE
APPRAISER DENIED, REVOKED, OR SURRENDERED IN LIEU OF POSSIBLE DISCIPLINE
IN ANY STATE.
S. 9080 5
§ 160-IIII. CONTROLLING PERSONS. 1. EACH APPRAISAL MANAGEMENT COMPANY
APPLYING FOR A CERTIFICATE OF REGISTRATION SHALL DESIGNATE ONE CONTROL-
LING PERSON WHO SHALL BE THE MAIN CONTACT FOR ALL COMMUNICATION BETWEEN
THE DEPARTMENT AND THE APPRAISAL MANAGEMENT COMPANY. SUCH DESIGNATED
CONTROLLING PERSON SHALL NEVER HAVE HAD A LICENSE OR CERTIFICATE TO ACT
AS AN APPRAISER DENIED, REVOKED, OR SURRENDERED IN LIEU OF POSSIBLE
DISCIPLINE IN ANY STATE AND SHALL BE OF GOOD MORAL CHARACTER, AS DETER-
MINED BY THE DEPARTMENT. APPLICANTS SHALL COOPERATE WITH ANY SUCH BACK-
GROUND INVESTIGATION CONDUCTED BY THE DEPARTMENT.
2. EACH PERSON THAT OWNS MORE THAN TEN PERCENT OF AN APPRAISAL MANAGE-
MENT COMPANY SHALL BE OF GOOD MORAL CHARACTER, AS DETERMINED BY THE
DEPARTMENT. APPLICANTS SHALL COOPERATE WITH ANY SUCH BACKGROUND INVES-
TIGATION CONDUCTED BY THE DEPARTMENT.
3. EACH APPRAISAL MANAGEMENT COMPANY APPLYING FOR A CERTIFICATE OF
REGISTRATION SHALL CERTIFY TO THE DEPARTMENT THAT IT HAS REVIEWED EACH
ENTITY THAT OWNS MORE THAN TEN PERCENT OF THE APPRAISAL MANAGEMENT
COMPANY AND THAT NO ENTITY THAT OWNS MORE THAN TEN PERCENT OF THE
APPRAISAL MANAGEMENT COMPANY IS MORE THAN TEN PERCENT OWNED BY ANY
PERSON THAT HAS HAD A LICENSE OR CERTIFICATE TO ACT AS AN APPRAISER
DENIED, REVOKED, OR SURRENDERED IN LIEU OF A PENDING REVOCATION.
§ 160-JJJJ. EMPLOYEE REQUIREMENTS. 1. AN APPRAISAL MANAGEMENT COMPANY
THAT APPLIES FOR A CERTIFICATE OF REGISTRATION SHALL NOT KNOWINGLY
EMPLOY, UTILIZE, OR ENGAGE, FOR ANY REAL ESTATE APPRAISAL, VALUATION
SERVICE OR APPRAISAL REVIEW ASSIGNMENT, A PERSON WHO HAS HAD A LICENSE
OR CERTIFICATE TO ACT AS AN APPRAISER IN THIS STATE OR IN ANY OTHER
STATE DENIED, REVOKED, OR SURRENDERED IN LIEU OF POSSIBLE DISCIPLINE,
UNLESS SUCH LICENSE HAS BEEN REINSTATED.
2. PRIOR TO PLACING AN ASSIGNMENT FOR AN APPRAISAL OR VALUATION
SERVICE WITH AN APPRAISER ON THE APPRAISER PANEL OF AN APPRAISAL MANAGE-
MENT COMPANY, THE APPRAISAL MANAGEMENT COMPANY SHALL VERIFY THAT THE
APPRAISER RECEIVING THE ASSIGNMENT IS A COMPETENT APPRAISER AS DEFINED
BY THE USPAP COMPETENCY RULE WITH REGARDS TO GEOGRAPHIC AREA AND THE
TYPE OF PROPERTY BEING APPRAISED. AN APPRAISER IS DEEMED PART OF AN
APPRAISAL MANAGEMENT COMPANY PANEL AS OF THE EARLIEST DATE ON WHICH: (A)
THE APPRAISAL MANAGEMENT COMPANY ACCEPTS THE APPRAISER FOR CONSIDERATION
FOR FUTURE APPRAISAL ASSIGNMENTS IN COVERED TRANSACTIONS OR FOR SECOND-
ARY MORTGAGE MARKET PARTICIPANTS IN CONNECTION WITH COVERED TRANS-
ACTIONS; OR (B) ENGAGES THE APPRAISER TO PERFORM ONE OR MORE APPRAISALS
ON BEHALF OF A CREDITOR FOR A COVERED TRANSACTION OR SECONDARY MORTGAGE
MARKET PARTICIPANT IN CONNECTION WITH COVERED TRANSACTIONS.
3. AN APPRAISAL MANAGEMENT COMPANY MAY NOT HIRE, EMPLOY OR ENGAGE, OR
IN ANY WAY CONTRACT WITH OR PAY A PERSON WHO IS NOT LICENSED OR CERTI-
FIED AS A REAL ESTATE APPRAISER BY THE DEPARTMENT PURSUANT TO ARTICLE
SIX-E OF THIS CHAPTER, UNLESS THE WORK BEING PERFORMED IS A COMPARATIVE
MARKET ANALYSIS FOR THE PURPOSE OF OR INTENTION TO LIST OR SELL REAL
ESTATE.
4. AN APPRAISER SHALL BE CONSIDERED PART OF AN APPRAISAL MANAGEMENT
COMPANY'S APPRAISER PANEL UNTIL: (A) THE APPRAISAL MANAGEMENT COMPANY
SENDS A WRITTEN NOTICE TO SUCH APPRAISER REMOVING SUCH APPRAISER WITH AN
EXPLANATION; OR (B) RECEIVES A WRITTEN NOTICE FROM SUCH APPRAISER ASKING
TO BE REMOVED OR OF THE DEATH OR INCAPACITY OF SUCH APPRAISER.
§ 160-KKKK. RESTRICTIONS. AN APPRAISAL MANAGEMENT COMPANY THAT APPLIES
FOR A CERTIFICATE OF REGISTRATION SHALL NOT KNOWINGLY:
1. EMPLOY ANY PERSON IN A POSITION IN WHICH THE PERSON HAS THE RESPON-
SIBILITY TO ORDER APPRAISALS OR VALUATION SERVICES OR TO REVIEW
COMPLETED APPRAISALS WHO HAS HAD A LICENSE, REGISTRATION OR CERTIFICATE
S. 9080 6
TO ACT AS AN APPRAISER IN THIS STATE OR IN ANY OTHER STATE, DENIED,
REVOKED, OR SURRENDERED IN LIEU OF A PENDING REVOCATION, UNLESS SUCH
LICENSE HAS BEEN REINSTATED;
2. ENTER INTO ANY INDEPENDENT CONTRACTOR ARRANGEMENT, WHETHER IN
VERBAL, WRITTEN, OR BY OTHER FORM, WITH ANY PERSON WHO HAS HAD A
LICENSE, REGISTRATION OR CERTIFICATE TO ACT AS AN APPRAISER IN THIS
STATE OR IN ANY OTHER STATE, DENIED, REVOKED, OR SURRENDERED IN LIEU OF
A PENDING REVOCATION, UNLESS SUCH LICENSE HAS BEEN REINSTATED; AND
3. ENTER INTO ANY CONTRACT, AGREEMENT, OR OTHER BUSINESS RELATIONSHIP,
WHETHER IN VERBAL, WRITTEN, OR OTHER FORM, WITH ANY ENTITY THAT EMPLOYS,
HAS ENTERED INTO AN INDEPENDENT CONTRACT ARRANGEMENT, OR HAS ENTERED
INTO ANY CONTRACT, AGREEMENT, OR OTHER BUSINESS RELATIONSHIP, WHETHER IN
VERBAL, WRITTEN, OR ANY OTHER FORM, WITH ANY PERSON WHO HAS EVER HAD A
LICENSE, REGISTRATION OR CERTIFICATE TO ACT AS AN APPRAISER IN THIS
STATE OR IN ANY OTHER STATE, DENIED, REVOKED, OR SURRENDERED IN LIEU OF
A PENDING REVOCATION, UNLESS SUCH LICENSE HAS BEEN REINSTATED.
§ 160-LLLL. RECORDKEEPING. EACH APPRAISAL MANAGEMENT COMPANY SHALL
MAINTAIN A DETAILED RECORD OF EACH SERVICE REQUEST THAT IT RECEIVES AND
THE REAL ESTATE APPRAISER THAT PERFORMS SUCH APPRAISAL FOR THE APPRAISAL
MANAGEMENT COMPANY. RECORDS SHALL BE MAINTAINED FOR A PERIOD OF AT LEAST
FIVE YEARS AFTER SUCH APPRAISAL IS COMPLETED OR TWO YEARS AFTER FINAL
DISPOSITION OF A JUDICIAL PROCEEDING RELATED TO SUCH ASSIGNMENT, WHICH-
EVER PERIOD EXPIRES LATER. APPRAISAL MANAGEMENT COMPANIES SHALL MAKE
RECORDS AVAILABLE TO THE DEPARTMENT UPON REQUEST. APPRAISAL MANAGEMENT
COMPANIES SHALL ALSO ALLOW THE DEPARTMENT TO EXAMINE THE BOOKS AND
RECORDS OF THE APPRAISAL MANAGEMENT COMPANY AND REQUIRE IT TO SUBMIT
REPORTS, INFORMATION AND DOCUMENTS UPON REQUEST. APPRAISAL MANAGEMENT
COMPANIES SHALL ALSO ALLOW THE DEPARTMENT TO VERIFY THAT THE APPRAISERS
ON SUCH PANEL HOLD A VALID LICENSE OR CERTIFICATION.
§ 160-MMMM. APPRAISER INDEPENDENCE; UNLAWFUL ACTS. EACH APPRAISAL
MANAGEMENT COMPANY SHALL ENSURE THAT REAL ESTATE APPRAISALS ARE
CONDUCTED INDEPENDENTLY AND FREE FROM INAPPROPRIATE INFLUENCE AND COER-
CION. NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTICLE, IT SHALL BE
UNLAWFUL FOR ANY EMPLOYEE, DIRECTOR, OFFICER, OR AGENT OF AN APPRAISAL
MANAGEMENT COMPANY REGISTERED IN THIS STATE PURSUANT TO THIS ARTICLE TO:
1. COMPENSATE, COERCE, EXTORT, COLLUDE, INSTRUCT, INDUCE, BRIBE, OR
INTIMIDATE, OR ATTEMPT TO COMPENSATE, COERCE, EXTORT, COLLUDE, INSTRUCT,
INDUCE, BRIBE, OR INTIMIDATE A PERSON, FIRM OR OTHER ENTITY CONDUCTING
OR INVOLVED IN AN APPRAISAL FOR THE PURPOSE OF CAUSING THE APPRAISED
VALUE ASSIGNED UNDER THE APPRAISAL OR OTHER VALUATION SERVICES TO THE
PROPERTY TO BE BASED ON ANY FACTOR OTHER THAN THE INDEPENDENT JUDGMENT
OF THE APPRAISER;
2. MISCHARACTERIZE THE APPRAISED VALUE OF A PROPERTY IN CONJUNCTION
WITH A CONSUMER CREDIT TRANSACTION;
3. SEEK TO INFLUENCE AN APPRAISER OR OTHERWISE TO ENCOURAGE A TARGETED
VALUE IN ORDER TO FACILITATE THE MAKING OR PRICING OF A CONSUMER CREDIT
TRANSACTION;
4. ACT WITHOUT JUST CAUSE TO WITHHOLD OR THREATEN TO WITHHOLD TIMELY
PAYMENT FOR AN APPRAISAL REPORT OR FOR OTHER VALUATION SERVICES RENDERED
WITH SUCH APPRAISAL REPORT OR SERVICES PROVIDED IN ACCORDANCE WITH THE
CONTRACT BETWEEN PARTIES;
5. ACT WITHOUT JUST CAUSE TO WITHHOLD OR THREATEN TO WITHHOLD FUTURE
BUSINESS, OR TO DEMOTE OR TERMINATE AN APPRAISER WITHOUT JUST CAUSE;
6. EXPRESSLY OR IMPLICITLY PROMISE FUTURE BUSINESS, PROMOTIONS, OR
INCREASED COMPENSATION FOR AN APPRAISER IN EXCHANGE FOR THE REAL ESTATE
S. 9080 7
APPRAISER INFLATING OR DEFLATING HIS OR HER APPRAISED VALUE OF REAL
PROPERTY;
7. REQUIRE A REAL ESTATE APPRAISER TO INDEMNIFY AN APPRAISAL MANAGE-
MENT COMPANY OR HOLD AN APPRAISAL MANAGEMENT COMPANY HARMLESS FOR ANY
LIABILITY, DAMAGE, LOSSES, OR CLAIMS ARISING OUT OF THE SERVICES
PERFORMED BY SUCH APPRAISAL MANAGEMENT COMPANY, AND NOT THE SERVICES
PERFORMED BY THE APPRAISER;
8. CONDITION THE REQUEST FOR AN APPRAISAL OR THE PAYMENT OF AN EARNED
FEE, SALARY OR BONUS, ON THE OPINION, CONCLUSION, OR VALUATION TO BE
REACHED, OR ON A PRELIMINARY ESTIMATE OR OPINION REQUESTED FROM AN
APPRAISER;
9. REQUEST THAT AN APPRAISER PROVIDE AN ESTIMATED, PREDETERMINED, OR
DESIRED VALUATION IN AN APPRAISAL REPORT, OR PROVIDE ESTIMATED VALUES OR
COMPARABLE SALES AT ANY TIME PRIOR TO THE APPRAISER'S COMPLETION OF AN
APPRAISAL;
10. PROVIDE TO AN APPRAISER AN ANTICIPATED, ESTIMATED, ENCOURAGED, OR
DESIRED VALUE FOR A SUBJECT PROPERTY OR A PROPOSED OR TARGET AMOUNT TO
BE LOANED TO THE BORROWER, EXCEPT THAT A COPY OF THE SALES CONTRACT FOR
PURCHASE TRANSACTIONS MAY BE PROVIDED; OR
11. PROVIDE TO AN APPRAISER, OR ANY ENTITY OR PERSON RELATED TO THE
APPRAISER, STOCK OR ANY OTHER FINANCIAL OR NON-FINANCIAL BENEFITS IN
EXCHANGE FOR APPRAISING PROPERTY IN A MANNER OTHER THAN THAT WHICH IS
WITHIN THE INDEPENDENT OPINION OF THE APPRAISER.
NOTHING IN THIS SECTION SHALL BE CONSTRUED AS PROHIBITING THE
APPRAISAL MANAGEMENT COMPANY FROM ASKING AN APPRAISER TO CONSIDER ADDI-
TIONAL, APPROPRIATE PROPERTY INFORMATION, INCLUDING: ADDITIONAL COMPA-
RABLE PROPERTIES TO MAKE OR SUPPORT AN APPRAISAL; PROVIDE FURTHER
DETAIL, SUBSTANTIATION, OR EXPLANATION FOR THE APPRAISER'S VALUE CONCLU-
SION; OR CORRECT ERRORS IN THE APPRAISAL REPORT.
§ 160-NNNN. MANDATORY REPORTING. AN APPRAISAL MANAGEMENT COMPANY THAT
HAS A REASONABLE BASIS TO BELIEVE AN APPRAISER WITHIN THE APPRAISAL
MANAGEMENT COMPANY'S APPRAISAL PANEL IS FAILING TO COMPLY WITH THE
UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE, IS VIOLATING
APPLICABLE LAWS, OR IS OTHERWISE ENGAGING IN UNETHICAL OR UNPROFESSIONAL
CONDUCT SHALL IMMEDIATELY REFER SUCH MATTER TO THE DEPARTMENT.
§ 160-OOOO. UNPROFESSIONAL CONDUCT. 1. APPRAISAL MANAGEMENT COMPANIES
SHALL NOT ENGAGE IN UNPROFESSIONAL CONDUCT INCLUDING, BUT NOT LIMITED TO
THE FOLLOWING:
(A) REQUIRING AN APPRAISER TO MODIFY ANY ASPECT OF AN APPRAISAL REPORT
OR VALUATION SERVICE REPORT, UNLESS SUCH MODIFICATIONS ARE APPROPRIATE
ACCORDING TO USPAP;
(B) REQUIRING AN APPRAISER TO PREPARE AN APPRAISAL REPORT OR VALUATION
SERVICE REPORT IF SUCH APPRAISER, IN THEIR PROFESSIONAL JUDGMENT,
BELIEVES THEY DON'T HAVE THE NECESSARY EXPERTISE FOR THE SPECIFIC
GEOGRAPHIC AND OR SPECIFIC AREA TYPE;
(C) REQUIRING AN APPRAISER TO PREPARE AN APPRAISAL REPORT OR VALUATION
SERVICE UNDER A TIME FRAME THAT SUCH APPRAISER BELIEVES, IN THEIR
PROFESSIONAL JUDGMENT, DOES NOT AFFORD SUCH APPRAISER THE ABILITY TO
MEET ALL THE RELEVANT LEGAL AND PROFESSIONAL OBLIGATIONS INCLUDING USPAP
REQUIREMENTS. NOTWITHSTANDING THE FOREGOING PROVISIONS OF THIS PARA-
GRAPH, ALL APPRAISAL REPORTS SHOULD BE COMPLETED WITHIN A REASONABLE
TIMEFRAME AND APPRAISERS MAY NOT UNNECESSARILY DELAY COMPLETING
APPRAISAL ASSIGNMENTS;
(D) PROHIBITING OR INHIBITING COMMUNICATION BETWEEN THE APPRAISER AND
THE LENDER, A REAL ESTATE LICENSEE, OR ANY OTHER PERSON FROM WHOM SUCH
APPRAISER, IN THEIR PROFESSIONAL JUDGMENT IS RELEVANT;
S. 9080 8
(E) REQUIRING THE APPRAISER TO DO ANYTHING THAT DOES NOT COMPLY WITH
USPAP, OR ANY ASSIGNMENT CONDITIONS AND CERTIFICATIONS REQUIRED BY THE
CLIENT;
(F) MAKING ANY PORTION OF THE APPRAISER'S FEE OR THE APPRAISAL MANAGE-
MENT COMPANY'S FEE CONTINGENT UPON A FAVORABLE OUTCOME, INCLUDING, BUT
NOT LIMITED TO, THE CLOSING OF A LOAN, REQUIRING A SPECIFIC DOLLAR
AMOUNT BE ACHIEVED BY SUCH APPRAISER IN THE APPRAISAL REPORT, MAKING
REQUESTS FOR THE PURPOSE OF FACILITATING A MORTGAGE LOAN TRANSACTION,
SETTING A BROKER PRICE OPINION, OR SETTING ANY OTHER REAL PROPERTY PRICE
OR VALUE ESTIMATION THAT DOES NOT QUALIFY AS AN APPRAISAL; OR
(G) EACH APPRAISAL MANAGEMENT COMPANY OPERATING IN THIS STATE SHALL
MAKE PAYMENT TO AN APPRAISER FOR THE COMPLETION OF AN APPRAISAL OR VALU-
ATION ASSIGNMENT WITHIN THIRTY DAYS OF THE DATE ON WHICH SUCH APPRAISER
TRANSMITS OR OTHERWISE PROVIDES THE COMPLETED APPRAISAL OR VALUATION
SERVICES TO THE APPRAISAL MANAGEMENT COMPANY OR ITS ASSIGNEE;
2. IT SHALL BE UNLAWFUL FOR AN APPRAISAL MANAGEMENT COMPANY TO:
(A) KNOWINGLY FAIL TO COMPENSATE AN APPRAISER AT A RATE THAT IS
REASONABLE AND CUSTOMARY FOR APPRAISAL OR OTHER VALUATION SERVICES BEING
PERFORMED IN THE MARKET AREA OF THE PROPERTY BEING APPRAISED WITHOUT THE
SERVICES OF AN APPRAISAL MANAGEMENT COMPANY IN A MANNER THAT IS EITHER
INCONSISTENT WITH, OR WOULD VIOLATE SECTION 1639(E) OF THE FEDERAL TRUTH
IN LENDING ACT (15 USC §1639(E));
(B) KNOWINGLY INCLUDE ANY FEES FOR APPRAISAL MANAGEMENT SERVICES THAT
ARE PERFORMED BY THE APPRAISAL MANAGEMENT COMPANY FOR A LENDER, CLIENT,
OR OTHER PERSON IN THE AMOUNT THAT IT CHARGES THE LENDER, CLIENT, OR
OTHER PERSON FOR THE ACTUAL COMPLETION OF AN APPRAISAL OR VALUATION
SERVICE BY AN APPRAISER THAT IS PART OF THE APPRAISER PANEL OF THE
APPRAISAL MANAGEMENT COMPANY;
(C) KNOWINGLY FAIL TO SEPARATE ANY AND ALL FEES CHARGED TO A CLIENT BY
THE APPRAISAL MANAGEMENT COMPANY FOR THE ACTUAL COMPLETION OF AN
APPRAISAL BY AN APPRAISER FROM THE FEES CHARGED TO A LENDER, CLIENT, OR
ANY OTHER PERSON BY AN APPRAISAL MANAGEMENT COMPANY FOR APPRAISAL
MANAGEMENT SERVICES;
(D) KNOWINGLY PROHIBIT AN APPRAISER FROM RECORDING THE FEE THAT SUCH
APPRAISER WAS PAID BY THE APPRAISAL MANAGEMENT COMPANY FOR THE PERFORM-
ANCE OF THE APPRAISAL WITHIN THE APPRAISAL REPORT THAT IS SUBMITTED BY
SUCH APPRAISER TO THE APPRAISAL MANAGEMENT COMPANY;
(E) KNOWINGLY FAIL TO SEPARATELY STATE THE FEES PAID TO AN APPRAISER
FOR APPRAISAL SERVICES AND THE FEES CHARGED BY THE APPRAISAL MANAGEMENT
COMPANY FOR SERVICES ASSOCIATED WITH THE MANAGEMENT OF THE APPRAISAL
PROCESS TO THE CLIENT, BORROWER AND ANY OTHER PAYER. APPRAISAL MANAGE-
MENT COMPANIES SHALL PROVIDE A COPY OF THE APPRAISER'S INVOICE WITH A
COPY OF ANY APPRAISAL REPORT SUBMITTED TO A CLIENT OR A CLIENT'S REPRE-
SENTATIVE;
(F) KNOWINGLY ALLOW THE REMOVAL FROM ROTATION OF AN APPRAISER FROM AN
APPRAISER PANEL, WITHOUT PRIOR WRITTEN NOTICE TO SUCH APPRAISER WITH
JUST CAUSE; OR
(G) KNOWINGLY OBTAIN, USE, OR PAY FOR A SECOND OR SUBSEQUENT APPRAISAL
OR THE ORDERING OF AN AUTOMATED VALUATION MODEL OR ANY OTHER VALUATION
SERVICE IN CONNECTION WITH A MORTGAGE FINANCING TRANSACTION UNLESS THERE
IS A REASONABLE BASIS TO BELIEVE THAT THE INITIAL APPRAISAL WAS FLAWED
OR TAINTED AND SUCH BASIS IS CLEARLY AND APPROPRIATELY NOTED IN THE LOAN
FILE, OR UNLESS SUCH APPRAISAL OR AUTOMATED VALUATION MODEL IS DONE
PURSUANT TO A BONA FIDE PRE- OR POST-FUNDING APPRAISAL REVIEW OR QUALITY
CONTROL PROCESS. NOTHING IN THIS PARAGRAPH SHALL PROHIBIT AN AMC FROM
OBTAINING ADDITIONAL APPRAISALS IF REQUIRED BY A LENDING PROGRAM, OR IF
S. 9080 9
SUCH ADDITIONAL APPRAISALS ARE REQUIRED BY APPLICABLE LOCAL, STATE, OR
FEDERAL LAW.
§ 160-PPPP. ALTERATION OF APPRAISAL REPORTS. AN APPRAISAL MANAGEMENT
COMPANY SHALL NOT ALTER, MODIFY, OR OTHERWISE CHANGE A COMPLETED
APPRAISAL OR VALUATION SERVICE REPORT SUBMITTED BY AN APPRAISER BY
REMOVING SUCH APPRAISER'S SIGNATURE OR SEAL OR BY ADDING INFORMATION TO,
OR REMOVING INFORMATION FROM SUCH REPORT WITH INTENT TO CHANGE THE VALU-
ATION CONCLUSION. AN APPRAISAL MANAGEMENT COMPANY SHALL NOT REQUIRE AN
APPRAISER TO PROVIDE SUCH APPRAISAL MANAGEMENT COMPANY WITH SUCH
APPRAISER'S DIGITAL SIGNATURE OR SEAL.
§ 160-QQQQ. ENFORCEMENT. THE DEPARTMENT MAY REVOKE OR SUSPEND THE
LICENSE OF AN APPRAISAL MANAGEMENT COMPANY, OR IN LIEU THEREOF MAY
IMPOSE A FINE, PER VIOLATION, NOT TO EXCEED TWENTY-FIVE THOUSAND DOLLARS
IF THE DEPARTMENT FINDS THAT THE LICENSEE HAS MADE A MATERIAL MISSTATE-
MENT IN THE APPLICATION FOR SUCH LICENSE, OR IF SUCH LICENSEE HAS BEEN
FOUND GUILTY OF FRAUD OR FRAUDULENT PRACTICES, OR FOR DISHONEST OR
MISLEADING ADVERTISING, OR HAS DEMONSTRATED UNTRUSTWORTHINESS OR INCOM-
PETENCY TO ACT AS AN APPRAISAL MANAGEMENT COMPANY, OR HAS VIOLATED ANY
PROVISION OF THIS ARTICLE OR A REGULATION PROMULGATED THEREUNDER. THE
DEPARTMENT SHALL REPORT ANY SUCH VIOLATIONS BY APPRAISAL MANAGEMENT
COMPANIES TO THE APPRAISAL SUBCOMMITTEE.
§ 160-RRRR. DISCIPLINARY HEARINGS. THE DEPARTMENT SHALL, BEFORE REVOK-
ING OR SUSPENDING ANY LICENSE OR IMPOSING ANY FINE OR REPRIMAND ON THE
HOLDER THEREOF, AND AT LEAST TWENTY DAYS PRIOR TO THE DATE SET FOR THE
HEARING, NOTIFY, IN WRITING, THE HOLDER OF SUCH LICENSE OF ANY CHARGES
MADE AND SHALL AFFORD SUCH LICENSEE AN OPPORTUNITY TO BE HEARD IN PERSON
OR BY COUNSEL IN REFERENCE THERETO. SUCH WRITTEN NOTICE MAY BE SERVED
BY PERSONAL DELIVERY TO THE LICENSEE, OR BY CERTIFIED MAIL TO THE LAST
KNOWN BUSINESS ADDRESS OF SUCH LICENSEE OR UNLICENSED PERSON, OR BY ANY
METHOD AUTHORIZED BY THE CIVIL PRACTICE LAW AND RULES. THE HEARING ON
SUCH CHARGES SHALL BE AT SUCH TIME AND PLACE AS THE DEPARTMENT SHALL
PRESCRIBE.
§ 160-SSSS. POWER TO SUSPEND A LICENSE. IN CASES WHERE THE HEALTH,
SAFETY, OR WELFARE OF THE PUBLIC IS ENDANGERED, THE DEPARTMENT SHALL
HAVE THE AUTHORITY TO IMMEDIATELY SUSPEND A LICENSE PENDING A HEARING
BEFORE AN ADMINISTRATIVE LAW JUDGE.
§ 160-TTTT. INVESTIGATION. THE DEPARTMENT SHALL HAVE THE POWER TO
ENFORCE THE PROVISIONS OF THIS ARTICLE AND UPON COMPLAINT OF ANY PERSON,
OR ON ITS OWN INITIATIVE, TO INVESTIGATE ANY VIOLATION THEREOF OR TO
INVESTIGATE THE BUSINESS, BUSINESS PRACTICES AND BUSINESS METHODS OF AN
APPRAISAL MANAGEMENT COMPANY, IF IN THE OPINION OF THE DEPARTMENT SUCH
INVESTIGATION IS WARRANTED. EACH SUCH APPLICANT OR LICENSEE SHALL BE
OBLIGED, ON REQUEST OF THE DEPARTMENT, TO SUPPLY SUCH INFORMATION AS MAY
BE REQUIRED CONCERNING HIS OR ITS BUSINESS, BUSINESS PRACTICES OR BUSI-
NESS METHODS, OR PROPOSED BUSINESS PRACTICES OR METHODS.
FOR THE PURPOSE OF ENFORCING THE PROVISIONS OF THIS ARTICLE, AND IN
MAKING INVESTIGATIONS RELATING TO ANY VIOLATION THEREOF, AND FOR THE
PURPOSE OF INVESTIGATING THE CHARACTER, COMPETENCY AND INTEGRITY OF THE
APPLICANTS OR LICENSEES HEREUNDER, AND FOR THE PURPOSE OF INVESTIGATING
THE BUSINESS, BUSINESS PRACTICES AND BUSINESS METHODS OF ANY APPLICANT
OR LICENSEE, OR OF THE OFFICERS OR AGENTS THEREOF, THE DEPARTMENT,
ACTING BY SUCH OFFICER OR PERSON IN THE DEPARTMENT AS THE SECRETARY OF
STATE MAY DESIGNATE, SHALL HAVE THE POWER TO SUBPOENA AND BRING BEFORE
THE OFFICER OR PERSON SO DESIGNATED ANY PERSON IN THIS STATE AND REQUIRE
THE PRODUCTION OF ANY BOOKS, RECORDS OR PAPERS WHICH HE DEEMS RELEVANT
TO THE INQUIRY AND ADMINISTER AN OATH TO AND TAKE TESTIMONY OF ANY
S. 9080 10
PERSON OR CAUSE HIS OR HER DEPOSITION TO BE TAKEN, EXCEPT THAT ANY
APPLICANT OR LICENSEE OR OFFICER OR AGENT THEREOF SHALL NOT BE ENTITLED
TO FEES AND/OR MILEAGE. A SUBPOENA ISSUED UNDER THIS SECTION SHALL BE
REGULATED BY THE CIVIL PRACTICE LAW AND RULES.
§ 160-UUUU. RULE-MAKING AUTHORITY. THE DEPARTMENT MAY ADOPT RULES NOT
INCONSISTENT WITH THE PROVISIONS OF THIS CHAPTER WHICH MAY BE REASONABLY
NECESSARY TO IMPLEMENT, ADMINISTER, AND ENFORCE THE PROVISIONS OF THIS
CHAPTER.
§ 160-VVVV. VIOLATIONS. 1. ANY PERSON OR COMPANY WHO FAILS TO OBTAIN A
CERTIFICATE OF REGISTRATION REQUIRED PURSUANT TO THIS ARTICLE SHALL BE
GUILTY OF A MISDEMEANOR.
2. CRIMINAL ACTIONS FOR FAILURE TO OBTAIN A CERTIFICATE OF REGISTRA-
TION MAY ALSO BE PROSECUTED BY THE ATTORNEY GENERAL, OR HIS OR HER DEPU-
TY, IN THE NAME OF THE PEOPLE OF THE STATE, AND IN ANY SUCH PROSECUTION
THE ATTORNEY GENERAL, OR HIS OR HER DEPUTY, MAY EXERCISE ALL THE POWERS
AND PERFORM ALL THE DUTIES THE DISTRICT ATTORNEY IS OTHERWISE AUTHORIZED
TO EXERCISE OR TO PERFORM THEREIN.
§ 160-WWWW. SEVERABILITY. SHOULD THE COURTS OF THIS STATE DECLARE ANY
PROVISION OF THIS ARTICLE UNCONSTITUTIONAL, OR UNAUTHORIZED, OR IN
CONFLICT WITH ANY OTHER SECTION OR PROVISION OF THIS ARTICLE, SUCH DECI-
SION SHALL AFFECT ONLY SUCH SECTION OR PROVISION SO DECLARED TO BE
UNCONSTITUTIONAL OR UNAUTHORIZED AND SHALL NOT AFFECT ANY OTHER SECTION
OR PART OF THIS ARTICLE.
§ 160-XXXX. JUDICIAL REVIEW. THE ACTIONS OF THE DEPARTMENT IN GRANTING
OR REFUSING TO GRANT OR TO RENEW A LICENSE UNDER THIS ARTICLE OR IN
REVOKING OR SUSPENDING SUCH A LICENSE OR IMPOSING ANY FINE OR REPRIMAND
ON THE HOLDER THEREOF OR REFUSING TO REVOKE OR SUSPEND SUCH A LICENSE OR
IMPOSE ANY FINE OR REPRIMAND SHALL BE SUBJECT TO REVIEW BY A PROCEEDING
BROUGHT UNDER AND PURSUANT TO ARTICLE SEVENTY-EIGHT OF THE CIVIL PRAC-
TICE LAW AND RULES AT THE INSTANCE OF THE APPLICANT FOR SUCH LICENSE,
THE HOLDER OF A LICENSE SO REVOKED, SUSPENDED, FINED, OR REPRIMANDED OR
THE PERSON AGGRIEVED.
§ 2. This act shall take effect on the one hundred twentieth day after
it shall have become a law; provided, however, that the department of
state is authorized to propose, adopt, amend and/or repeal any rule or
regulation necessary for the implementation of this act immediately.
