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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 54.1. Professions and Occupations |
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SUBTITLE II. Professions and Occupations Regulated By the Department of Professional and Occupational Regulation and Boards Within the Department |
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CHAPTER 20.2. Real Estate Appraisal Management Companies |
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SECTION 54.1-2022.1. Appraiser compensation |
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A. An appraisal management company shall compensate appraisers in compliance with § 129E(i) of the federal Truth in Lending Act (15 U.S.C. § 1601 et seq.) and regulations promulgated thereunder. B. Except in the case of breach of contract or noncompliance with the conditions of the engagement or performance of services that violates the Uniform Standards of Professional Appraisal Practice, an appraisal management company shall compensate the appraiser within 30 days of the initial delivery by the appraiser of the completed appraisal report. |