{"data":{"id":"us-dc/d.c.-code-31-2361.02","jurisdiction":"us-dc","citation":"D.C. Code § 31-2361.02","heading":"Administration.","body":"(a)\nThe Department shall have the authority to adopt rules that are reasonably necessary to establish an appraisal management company licensing program and implement, administer, and enforce the provisions set forth in this chapter.\n\n(b)\nThe Department shall charge appraisal management companies operating in the District reasonable fees to administer this chapter.  The Department's fees shall be established by rule.\n\n(c)\nThe Department shall perform the following functions:\n(1)\nReview and approve or deny an appraisal management company's application for initial registration in the District;\n(2)\nPeriodically review and renew or review and deny an appraisal management company's registration;\n(3)\nExamine the books and records of an appraisal management company operating in the District and require the appraisal management company to submit reports, information, and documents;\n(4)\nVerify that the appraisers on the appraiser panel of an appraisal management company operating in the District hold valid District certifications or licenses, as applicable;\n(5)\nConduct investigations of appraisal management companies operating in the District to assess potential violations of applicable appraisal-related laws, regulations, or orders; and\n(6)\nReport an appraisal management company's violation of applicable appraisal- related laws, regulations, or orders, as well as disciplinary and enforcement actions and other relevant information about the operations of an appraisal management company operating in the District.\n\n(d)\nThe Department shall impose requirements on appraisal management companies operating in the District that are not owned and controlled by an insured depository institution and not regulated by a federal financial institutions regulatory agency to:\n(1)\nRegister with and be subject to supervision by the Department;\n(2)\nEngage only state-certified or state-licensed appraisers for federally related transactions in conformity with any federally regulated transaction regulations;\n(3)\nEstablish and comply with processes and controls reasonably designed to ensure that the appraisal management company, in engaging an appraiser, selects an appraiser who is independent of the transaction and who has the requisite education, expertise, and experience necessary to competently complete the appraisal assignment for the particular market and property type;\n(4)\nDirect appraisers to perform assignments in accordance with Uniform Standards of Professional Appraisal Practice; and\n(5)\nEstablish and comply with processes and controls reasonably designed to ensure that the appraisal management company conducts its appraisal management services in accordance with the requirements of section 129E(a)-(i) of the Truth in Lending Act, approved July 21, 2010 (124 Stat. 2187; 15 U.S.C. § 1639e(a)-(i)), and regulations thereunder.\n\n(e)\nThe Department shall maintain a list of the appraisal management companies that are registered in the District.\n\n(f)\nThe Department shall issue a unique registration number to each appraisal management company that is registered in the District pursuant to regulations or guidance promulgated by the Department.\n\n(g)\nThe Department shall require an appraisal management company registered in the District to place its registration number on engagement documents utilized by the appraisal management company to procure appraisal services in the District.","path":["Title 31. Insurance and Securities.","Chapter 23R. Appraisal Management Company Regulation."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/31-2361.02","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"c88fd853f8002eb9f714f6cff4668da23ac9d16b37dd779e9dd50b4f9b2e3753","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-31-2361.01","next":"us-dc/d.c.-code-31-2361.03"},"notice":"GroundRules: Original legal text. Not legal advice."}