                                 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.