New Jersey § 45:14f-30

§ 45:14f-30.

The board shall have the authority to adopt rules that are reasonably necessary to

establish an AMC registration program and implement, administer, and enforce the provisions

set forth under this section. a. The board shall have the legal authority and mechanisms to: (1) review, and approve or deny an AMC's application for initial registration; (2) review and renew, or review and deny an AMC's registration periodically; (3) examine the books and records of an AMC operating in the State and require the

AMC to submit reports, information, and documents; (4) verify that the appraisers on the AMC's appraiser panel hold valid State certifications

or licenses, as applicable; (5) conduct investigations of AMCs to assess potential violations of applicable appraisal-related

laws, regulations, or orders; (6) discipline, suspend, terminate, or deny renewal of the registration of an AMC

that violates applicable appraisal-related laws, regulations, or orders; and (7) report to the Appraisal Subcommittee or other appropriate federal regulatory agency

an AMC's or other third-party appraisal or appraisal management services provider's

violation of applicable appraisal-related laws, regulations, or orders, as well as

disciplinary and enforcement actions and other relevant information about an AMC's

operations, or other third-party appraisal or appraisal management services provider's

operations. b. The board shall impose requirements on AMCs that are not owned and controlled by

an insured depository institution and not regulated by a federal financial institution

regulatory agency to: (1) register with and be subject to supervision by the State appraiser certifying

and licensing agency; (2) engage only State-certified or State-licensed appraisers for federally related

transactions in conformity with any federally related transaction regulations; (3) establish and comply with processes and controls reasonably designed to ensure

that the AMC, 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; (4) direct the appraiser to perform the assignment in accordance with USPAP; and (5) establish and comply with processes and controls reasonably designed to ensure

that the AMC conducts its appraisal management services in accordance with the requirements

of section 129E(a)-(i) of the Truth in Lending Act, 15 U.S.C. s.1639e(a) - (i) , and regulations promulgated thereunder.