{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-858-803","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-858-803","heading":"Definitions","body":"As used in the Oklahoma Appraisal Management Company Regulation\n\nAct:\n\n1. \"Affiliate\" has the meaning provided in 12 U.S.C. 1841;\n\n2. \"AMC National Registry\" means the registry of state-\n\nregistered appraisal management companies (\"AMCs\") and federally-\n\nregulated AMCs maintained by the Appraisal Subcommittee;\n\n3. \"Appraisal\" means the practice of developing and reporting\n\nan opinion of the value of real property in conformance with the\n\nUniform Standards of Professional Appraisal Practice as promulgated\n\nby the Appraisal Standards Board of The Appraisal Foundation;\n\n4. \"Appraisal management company\" or \"AMC\" means a person that\n\nprovides appraisal management services to creditors or to secondary\n\nmortgage market participants, including affiliates; provides\n\nservices in connection with valuing a consumer's principal dwelling\n\nas security for a consumer credit transaction or incorporating such\n\ntransactions into securitizations; and within a given 12-month\n\nperiod oversees an appraiser panel of more than 15 state certified\n\nor state licensed appraisers in Oklahoma or 25 or more state-\n\ncertified or state licensed appraisers in two or more states. An\n\nAMC does not include a department or division of an entity that\n\nprovides appraisal management services only to that entity;\n\n5. \"Appraisal management services\" means, directly or\n\nindirectly, to perform or attempt to perform any one or more of the\n\nfollowing functions on behalf of a lender, financial institution,\n\nclient, or any other person:\n\na. administer an appraiser panel,\n\nb. recruit, qualify, verify licensing or certification,\n\nand negotiate fees and service level expectations with\n\npersons who are part of an appraiser panel,\n\nc. receive an order for an appraisal from one entity, and\n\ndeliver the order for the appraisal to an appraiser\n\nthat is part of an appraiser panel for completion,\n\nd. track and determine the status of orders for\n\nappraisals,\n\ne. conduct quality control of a completed appraisal prior\n\nto the delivery of the appraisal to the person that\n\nordered the appraisal, or\n\nf. provide a completed appraisal performed by an\n\nappraiser to one or more clients;\n\n6. \"Appraiser\" means a person who holds a credential or a valid\n\ntemporary practice permit issued by the Oklahoma Real Estate\n\nAppraiser Board pursuant to the Oklahoma Certified Real Estate\n\nAppraisers Act as a State Certified General, State Certified\n\nResidential, State Licensed, or Trainee Appraiser entitling that\n\nperson to perform an appraisal of real property in the State of\n\nOklahoma consistent with the scope of practice identified in the\n\nReal Property Appraiser Qualification Criteria promulgated by the\n\nAppraiser Qualifications Board of The Appraisal Foundation;\n\n7. \"Appraiser panel\" means a network, list or roster of\n\nlicensed or certified appraisers approved by an AMC to perform\n\nappraisals as independent contractors for the AMC. Appraisers on an\n\n\"appraiser panel\" include appraisers accepted by the AMC for\n\nconsideration for future appraisal assignments in covered\n\ntransactions or for secondary mortgage market participants in\n\nconnection with covered transactions and appraisers engaged by the\n\nAMC to perform one or more appraisals in covered transactions or for\n\nsecondary mortgage market participants in connection with covered\n\ntransactions. An appraiser is an independent contractor for\n\npurposes of this subpart if the appraiser is treated as an\n\nindependent contractor by the AMC for purposes of federal income\n\ntaxation;\n\n8. \"Appraisal review\" means the act or process of developing\n\nand communicating an opinion about the quality of another\n\nappraiser's work that was performed as part of an appraisal\n\nassignment related to the appraiser's data collection, analysis,\n\nopinions, conclusions, estimate of value, or compliance with the\n\nUniform Standards of Professional Appraisal Practice. This term\n\ndoes not include:\nn;\n\n8. \"Appraisal review\" means the act or process of developing\n\nand communicating an opinion about the quality of another\n\nappraiser's work that was performed as part of an appraisal\n\nassignment related to the appraiser's data collection, analysis,\n\nopinions, conclusions, estimate of value, or compliance with the\n\nUniform Standards of Professional Appraisal Practice. This term\n\ndoes not include:\n\na. a general examination for grammatical, typographical\n\nor other similar errors, or\n\nb. a general examination for completeness including\n\nregulatory and/or client requirements as specified in\n\nthe agreement process that does not communicate an\n\nopinion;\n\n9. \"Appraisal Subcommittee\" means the Appraisal Subcommittee of\n\nthe Federal Financial Examinations Council;\n\n10. \"Board\" means the Oklahoma Real Estate Appraiser Board;\n\n11. \"Competent appraiser\" means an appraiser that satisfies\n\neach provision of the Competency Rule of the Uniform Standards of\n\nProfessional Appraisal Practice for a specific appraisal assignment\n\nthat the appraiser has received, or may receive, from an AMC;\n\n12. \"Consumer Credit\" means credit offered or extended to a\n\nconsumer primarily for personal, family or household purposes;\n\n13. \"Covered Transaction\" means any consumer credit transaction\n\nsecured by the consumer's principal dwelling;\n\n14. \"Credential\" means a certificate issued by the Board\n\npursuant to the provisions of the Oklahoma Certified Real Estate\n\nAppraisers Act authorizing an individual to act as a Trainee\n\nAppraiser, State Licensed Appraiser, Certified Residential Appraiser\n\nor State Certified General Appraiser in the State of Oklahoma;\n\n15. \"Controlling person\" means:\n\na. an owner, officer, manager, or director of a\n\ncorporation, partnership, firm, association, limited\n\nliability company, or other business entity seeking to\n\noffer appraisal management services in this state,\n\nb. an individual employed, appointed, or authorized by an\n\nAMC that has the authority to enter into a contractual\n\nrelationship with other persons for the performance of\n\nappraisal management services and has the authority to\n\nenter into agreements with appraisers for the\n\nperformance of appraisals, or\n\nc. an individual who possesses, directly or indirectly,\n\nthe power to direct or cause the direction of the\n\nmanagement or policies of an AMC;\n\n16. \"Federally Regulated AMC\" means an AMC that is owned and\n\ncontrolled by an insured depository institution as defined in 12\n\nU.S.C. 1813 and regulated by the Office of the Comptroller of the\n\nCurrency, the Board of Governors of the Federal Reserve System, the\n\nFederal Deposit Insurance Corporation or the National Credit Union\n\nAdministration pursuant to sections 1112, 1113 and 1114 of Title XI\n\n12 U.S.C. 3341-3343;\n\n17. \"Person\" means an individual, firm, partnership,\n\nassociation, corporation, or any other entity;\n\n18. \"Truth in Lending Act\" or \"TILA\" means Title I of the\n\nConsumer Credit Protection Act (15 U.S.C.A., Section 1601 et seq.),\n\nand regulations thereunder; and\n\n19. \"Uniform Standards of Professional Appraisal Practice\" or\n\n\"USPAP\" means the edition of the Uniform Standards of Professional\n\nAppraisal Practice promulgated by the Appraisal Standards Board of\n\nThe Appraisal Foundation in force as of the date that a report of an\n\nappraisal was signed or communicated.","path":["OK Code","Title 59"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os59.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"747c719ba5f172c94a40cf5f1d7729daff3323969bf2cc244d218f9db2513a8f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-858-802","next":"us-ok/okla.-stat.-tit.-59-59-858-804"},"notice":"GroundRules: Original legal text. Not legal advice."}