Appraisal Management Companies (AMCs)

2. "Appraisal management company" means a corporation, partnership, sole proprietorship, subsidiary or other business entity that directly or indirectly performs appraisal management services, regardless of the use of the term "appraisal management Company", "mortgage technology provider", "lender processing services", "lender services", "loan processor", "mortgage services", "real estate closing services provider", "settlement services provider", "vendor management company" or any other term, and that does any of the following:

(a) Administers an appraiser panel of independent contract appraisers to perform real property appraisal services in this state for clients.

(b) Receives requests for real property appraisal services from clients and, for a fee paid by the client, enters into an agreement with one or more independent independent appraisers to perform the real property appraisal services contained in the request.

(c) Otherwise serves as a third party liaison of appraisal management services between clients and appraisers.