Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 19 - Association Appraisal Rules
Section 20 CSR 1140-19.010 - Appraisals

Universal Citation: 20 MO Code of State Regs 1140-19.010
Current through Register Vol. 49, No. 18, September 16, 2024

PURPOSE: This regulation requires an association to establish a prudent lending policy and a loan secured by real estate must be supported by at least one written appraisal.

A prudent lending policy is to be established by each association's board of directors. An association may make a real estate loan only after a qualified person designated by its board of directors has executed and submitted a signed appraisal of the security property. Each appraisal shall be made in accordance with standard appraisal techniques and practices and shall contain all applicable approaches to the determination of the fair market value of the property. The appraisal must be rendered in accordance with the general appraisal guidelines issued by the appropriate federal regulatory agency and in a form approved by the American Institute of Real Estate Appraisers, the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Corporation.

Copies of all referenced federal regulations are available to any interested party at the Division of Finance, Room 630, 301 West High Street, Jefferson City, Missouri or the Office of the Secretary of State at a cost established by state law.

*Original authority: 369.249, RSMo 1971, amended 1994.

Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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