{"data":{"id":"us-ky/krs-304.6-190","jurisdiction":"us-ky","citation":"KRS 304.6-190","heading":"Appraisals for mortgage loans.","body":"(1) A mortgage loan shall not be made or acquired by a domestic insurer unless an\nappraisal has been made by a competent appraiser for the purpose of the investment\nwhich meets the following requirements:\n(a) The appraisal shall be made prior to the date that the insurer commits to make\nthe investment;\n(b) The appraisal shall be written and shall state an opinion of value as of a\nspecific date, supported by presentation and analysis of relevant market\nmaterial;\n(c) The appraisal shall provide the current fair market value of the real estate, that\nis the value of the real estate in an arms -length sale as of the date of the\nappraisal; and\n(d) The appraisal shall be reviewed and signed by a principal of the firm. The\nprincipal shall be a specific individual having appraisal experience with the\nproperty type, and shall be accountable for the conclusions contained in the\nreport.\n(2) Appraisers conducting appraisals pursuant to this section shall not be compensated,\ndirectly or indirectly, on the basis of the outcome o f the appraisal performed and\nshall have direct reporting access to the chief investment officer of the insurer.\n(3) The department may contract with qualified appraisers to conduct appraisals if an\ninsurer fails to have appraisals done pursuant to this se ction. All costs for the\nservices of an appraiser pursuant to this subsection shall be borne by the insurer.\n(4) All appraisals shall be placed in the appropriate real estate mortgage loan file, and\nshall be subject to evaluation by the department.\n(5) The department shall randomly select a number of appraisals from each domestic\ninsurer with a mortgage loan portfolio and evaluate the quality of the appraisal. The\nevaluation shall be done annually and the number of appraisals reviewed shall be\ndetermined by the department.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16792","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:38Z","sha256":"cffc90cd45491a8997a37bd2bd3c2ac3c847da85ce74c78383c33ab67082324c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.6-180","next":"us-ky/krs-304.600"},"notice":"GroundRules: Original legal text. Not legal advice."}