KRS 324A.164: Exemptions from application of KRS 324A.150 to 324A.164.

Unless otherwise required to be registered as an appraisal management company by state

or federal law, KRS 324A.150 to 324A.164 shall not apply to:

(1) The federal government, state government, any county or municipal government, or

any agency or instrumentality thereof;

(2) A person authorized to engage in business as a bank, credit union, or savings and

loan association under the laws of the United States, the Commonwealth of

Kentucky, or any other state;

(3) A real estate broker or real estate agent properly licensed or otherwise authorized to

do business in the Commonwealth of Kentucky listing or selling real estate;

(4) An officer or employee of any entity listed in subsection ( 1), (2), or (3) of this

section when acting within the scope of his or her employment;

(5) An entity that is responsible for ensuring that the real property appraisal activity

being performed by an employee is performed in accordance with applicable

appraisal standards;

(6) An individual who:

(a) Is an appraiser; and

(b) In the normal course of business enters into an agreement, whether written or

otherwise, with another appraiser for the performance of a real property

appraisal activity that the individual cannot complete for any reason,

including:

1. Competency;

2. Workload;

3. Schedule; or

4. Geographic location;

(7) An individual who:

(a) In the normal course of business enters into an agreement, whether written or

otherwise, with an appraiser for the performance of real property appraisal

activity; and

(b) Under the agreement cosigns the report of the appraiser performing the real

property appraisal upon completion of the real property appraisal activity;

(8) An appraisal management company that contracts with one (1) or more appraisers

for the performance of fewer than ten (10) appraisals in this state in a calendar year;

or

(9) A federally regulated appraisal management company as defined in 12 C.F.R. sec.

34.211(k).