Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 2245 - Real Estate Appraisers
Chapter 10 - Appraisal Management Company
Section 20 CSR 2245-10.020 - Appraisal Management Company Standards of Practice

(A) Shall maintain with the commission the name and address of a registered agent for service of process and shall furnish the commission within five (5) business days of any changes to the information on file;

(B) Shall maintain a complete record of all requests for appraisal services referred to state licensed and certified appraisers, the amount of fees collected from borrowers or clients as well as payments to the appraisers, and shall make such information available upon commission request;

(C) Shall separately state to the client the fees paid to an appraiser for the appraisal services and the fees charged by the appraisal management company for services associated with the management of the appraisal process, including procurement of the appraiser's services;

(D) Shall make available to the commission any and all records that are required to be kept or records deemed by the commission to be pertinent to an investigation of a complaint against a registrant;

(E) Shall designate a controlling person responsible for ensuring compliance with the acts and regulations and shall file with the commission a certification identifying the controlling person and that individual's acceptance of these responsibilities;

(F) Shall maintain all records for a period of five (5) years. Additionally, records that are used in judicial proceedings in which the appraiser provided testimony related to the assignment shall be retained for at least two (2) years after disposition;

(G) At any time a document filed with the commission becomes inaccurate or incomplete the registrant shall within thirty (30) days file an amendment correcting the information;

(H) Shall disclose to an appraiser within their engagement documents verification of their state registration with the Missouri Real Estate Appraisers Commission;

(I) Shall conduct its appraisal management services in accordance with the requirements of section 129E(a) through (i) of the Truth in Lending Act, 15 U.S.C. 1639e(a) through (i), and regulations thereunder;

(J) Shall not employ any person directly involved in appraisal management services who has a license or certificate to act as an appraiser in Missouri or in any other state that was refused, denied, cancelled, revoked, or surrendered in lieu of a pending revocation and not subsequently granted or reinstated;

(K) Shall not knowingly enter into any independent contractor arrangement, whether in verbal, written, or in other form, with any person who has had a license or certificate to act as an appraiser in Missouri or in any other state refused, denied, cancelled, revoked, or surrendered in lieu of a pending revocation and not subsequently granted or reinstated;

(L) Shall not knowingly enter into any contract, agreement, or other business relationship directly involved with the performance of real estate appraisal or appraisal management services, whether in verbal, written, or any other form, with any entity that employs, has entered into an independent contract arrangement, or has entered into any contract, agreement, or other business relationship, whether in verbal, written, or any other form, with any person who has ever had a license or certificate to act as an appraiser in Missouri or in any other state, refused, denied, cancelled, revoked, or surrendered in lieu of a pending revocation and not subsequently granted or reinstated;

(M) Shall not prohibit an appraiser who is part of an appraiser panel from recording the fee that the appraiser was paid by the appraisal management company for the performance of the appraisal within the appraisal report;

(N) Shall not require an appraiser to modify any aspect of an appraisal report unless the modification complies with Uniform Standards of Professional Appraisal Practice;

(O) Shall only require an appraiser to prepare an appraisal under a time frame that affords the appraiser, in their own professional judgment, the ability to meet all relevant legal and professional obligations. Appraisers shall decline appraisal assignments made outside of such time frame and shall notify the AMC accordingly;

(P) Shall not prohibit or inhibit legal or other allowable communication between the appraiser and-

(Q) Shall not require the appraiser to do anything that does not comply with the-

(R) Shall not make any portion of the appraiser's fee or the appraisal management company's fee contingent on a predetermined or favorable outcome, including but not limited to:

(S) Shall not require an appraiser to provide the appraisal management company with the appraiser's digital signature or seal; and

(T) Shall not alter, modify, or otherwise change a completed appraisal report submitted by an appraiser.

(A) Withholding or threatening to withhold timely payment for an appraisal, except in cases of substandard performance or non-compliance with conditions of engagement;

(B) Withholding or threatening to withhold future business or demoting, terminating, or threatening to demote or terminate an appraiser;

(C) Expressly or impliedly promising future business, promotions, or increased compensation for an appraiser;

(D) Conditioning the request for an appraisal of the payment of an appraisal fee or salary or bonuses on the opinion, conclusion, or valuation to be reached, or on a preliminary estimate or opinion requested from an appraiser;

(E) Requiring that an appraiser provide an estimated, predetermined, or desired valuation in an appraisal report or provide estimated values or comparable sales at any time prior to the appraiser's completion of an appraisal;

(F) Providing to an appraiser an anticipated, estimated, encouraged, or desired value for a subject property or proposed or target amount to be loaned to the borrower, except that a copy of the sales contract for purchase transactions may be provided;

(G) Providing an appraiser, or any entity or person related to the appraiser, stock or other financial or nonfinancial benefits;

(H) Allowing the removal of an appraiser from an appraiser panel without prior written notice to such appraiser outlining the rea-son(s) for removal and allowing the appraiser a reasonable amount of time to respond;

(I) Any other act or practice that knowingly impairs or attempts to impair an appraiser's independence, objectivity, or impartiality;

(J) Requiring an appraiser to collect an appraisal fee on behalf of the AMC from the borrower, homeowner, or other third party; or

(K) Requiring an appraiser to indemnify an AMC or hold an appraisal management company harmless for any liability, damage, losses, or claims arising out of the services performed by the AMC, and not the services performed by the appraiser.

(A) Provide additional information about the basis for a valuation;

(B) Correct objective factual errors in an appraisal report; or

(C) Provide additional information with the appraisal regarding additional sales provided through an established dispute process.