30 Miss. Code. R. 1502-2.10 - Violations of Employees, Partners, Directors, Officers or Agents of an AMC

It shall be a violation of Sections 73-34-101 through 73-34-131 of the Board's laws for any employee, partner, director, officer or agent of an AMC to:

1. Influence or attempt to influence the development, reporting, result or review of an appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery or in any other manner, including, but not limited to:

(a) Withholding or threatening to withhold timely payment or partial payment for an appraisal with the exception of a substandard or noncompliant appraisal;

(b) Withholding or threatening to withhold future business from an appraiser, or demoting, terminating or threatening to demote or terminate an appraiser;

(c) Promising or implying that an appraiser may be given opportunities for future business, promotions or increased compensation;

(d) Conditioning an assignment of an appraisal or the payment of an appraisal fee or salary or bonus on the opinion, conclusion or valuation to be reached, or on a preliminary estimate or opinion requested from an appraiser;

(e) Requesting that an appraiser provide an estimated, predetermined or desired valuation in an appraisal, or provide estimated values or comparable sales at any time prior to the appraiser's completion of an appraisal;

(f) Providing 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; and

(g) Requiring an appraiser to prepare an appraisal report if the appraiser has indicated to the AMC that he or she does not have the necessary expertise for the specific geographic area;

2. Require an appraiser to indemnify the AMC against liability, damages, losses or claims other than those liabilities, damages, losses or claims arising out of the services performed by the appraiser, including performance or nonperformance of the appraiser's duties and obligations, whether as a result of negligence or willful misconduct;

3. Submit or attempt to submit false, misleading or inaccurate information in any application for registration or renewal;

4. Fail to timely respond to any subpoena or any other legally binding request for information.

5. Fail to timely obey a lawful administrative order of the Board; or

6. Fail to fully cooperate in any Board investigation.

Notes

30 Miss. Code. R. 1502-2.10

Miss. Code Ann. §§ 73-34-113(3), 73-34-117 & 73-34-119 (Rev. 2012).

Amended 1/10/2020