Ind. Code § 25-34.1-11-1 "Appraisal"
Sec. 1. As used in this chapter, "appraisal" has the meaning set forth in IC 24-5-23.5-1.
As added by P.L.77-2010, SEC.2.
Ind. Code ch. 25-34.1-11
Ind. Code ch. 25-34.1-11
in effectInd. Code § 25-34.1-11-2 "Appraisal management company"
Sec. 2. As used in this chapter, "appraisal management company" means a person that, for compensation, acts as a third party intermediary by contracting with independent real estate appraisers to perform appraisals for other persons.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-3 "Appraisal management services"
Sec. 3. (a) As used in this chapter, "appraisal management services" means any of the following functions:
(1) To recruit, qualify, verify licensing or certification, or negotiate fees and service level expectations with independent real estate appraisers on behalf of a person seeking an appraisal.
(2) To receive an order for an appraisal from a person and deliver the order for completion to a independent real estate appraiser.
(3) To track and determine the status of orders for appraisals.
(4) To conduct quality control of a completed appraisal before delivery of the appraisal to the client who ordered the appraisal.
(5) To provide a completed appraisal performed by a real estate appraiser to one (1) or more clients.
(b) The term does not include transportation or communication of an appraisal or order for an appraisal without concern for the appraisal information in the appraisal or the order for an appraisal, including transportation or communication by the United States Postal Service, a delivery company, a courier, or an Internet service provider.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-4 "Board"
Sec. 4. As used in this chapter, "board" refers to the real estate appraiser licensure and certification board established by IC 25-34.1-8-1.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-5 "Person"
Sec. 5. (a) As used in this chapter, "person" means an individual engaged in a trade or business, an association, a partnership, a limited partnership, a limited liability company, a corporation, or a similar entity.
(b) The term does not include an employee.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-6 "Real estate appraiser"
Sec. 6. As used in this chapter, "real estate appraiser" means a person who:
(1) prepares an appraisal for a real estate transaction in Indiana; and
(2) meets one (1) or more of the following:
(A) Is licensed as a real estate broker under IC 25-34.1 and performs real estate appraisals within the scope of the person's license.
(B) Holds a real estate appraiser license or certificate issued under IC 25-34.1-8.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-7 "USPAP"
Sec. 7. "USPAP" refers to the Uniform Standards of Professional Appraisal Practice, as published by the Appraisal Standards Board of the Appraisal Foundation, under the authority of Title XI of the federal Financial Institutions Reform, Recovery, and Enforcement Act (12 U.S.C. 3331-3351).
As added by P.L.77-2010, SEC.2. Amended by P.L.15-2018, SEC.1.
Ind. Code § 25-34.1-11-8 Certificate of registration required
Sec. 8. An appraisal management company may not perform appraisal management services unless the appraisal management company has obtained a certificate of registration from the board under this chapter.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-9 Information and fee required for registration
Sec. 9. (a) An appraisal management company that wishes to obtain or renew a certificate of registration under this chapter must submit the following information to the board on forms prescribed by the board:
(1) The name of the person seeking registration.
(2) The business address of the person seeking registration.
(3) The telephone contact information of the person seeking registration.
(4) The name, address, and contact information of each person that has an ownership share in an appraisal management company that equals or exceeds five percent (5%) of the total ownership share of the appraisal management company.
(5) Any other information that the board reasonably requires.
(b) An appraisal management company that wishes to obtain or renew a certificate of registration must pay the fee established under section 15 of this chapter.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-10 Issuance of a certificate of registration
Sec. 10. (a) The board shall issue a certificate of registration to an appraisal management company that:
(1) has furnished the information required by section 9(a) of this chapter in the manner prescribed by the board; and
(2) paid the fee required under section 9(b) of this chapter.
(b) Subject to IC 25-1-2-6(e), a certificate of registration issued to an appraisal management company under this chapter expires one (1) year after the date on which the certificate of registration is issued.
As added by P.L.77-2010, SEC.2. Amended by P.L.177-2015, SEC.74; P.L.90-2019, SEC.48.
Ind. Code § 25-34.1-11-11 Restrictions on appraisal management companies
Sec. 11. (a) A person may not own an interest in an appraisal management company if the person has had the person's license or certificate to act as a real estate appraiser in Indiana or any other state revoked, refused, denied, canceled, or surrendered in lieu of revocation, for a substantive cause, as determined by the appropriate state appraiser certifying and licensing agency, and the license or certificate has not been reinstated.
(b) An appraisal management company may only hire an independent contractor to perform an appraisal who:
(1) holds a license or certificate under IC 25-34.1-3-8 or a license as a real estate broker under IC 25-34.1; and
(2) is in good standing.
(c) An appraisal management company may not corrupt or improperly influence a real estate appraiser in violation of IC 24-5-23.5-7.
As added by P.L.77-2010, SEC.2. Amended by P.L.29-2026, SEC.53.
Ind. Code § 25-34.1-11-12 Appraisal reviews
Sec. 12. (a) As used in this section, "appraisal review" means the USPAP Standard 3 process of developing and communicating an opinion about the quality of an independent real estate appraiser's work that is performed as part of an appraisal assignment made by an appraisal management company. However, the term does not include:
(1) an examination of an appraisal solely for grammatical errors, typographical errors, or similar errors; or
(2) a quality control examination for completeness.
(b) An individual who performs an appraisal review must hold a license or certificate under IC 25-34.1-3-8 or a license as a real estate broker under IC 25-34.1.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-13 Service requests; record requirements
Sec. 13. (a) An appraisal management company performing appraisal management services shall maintain a record of each service request for an appraisal that the appraisal management company receives. The following must be included in a record maintained under this subsection:
(1) The person making the service request.
(2) The date on which the service request is made.
(3) The property to be appraised.
(4) The real estate appraiser who performed the appraisal.
(5) A copy of the appraisal produced for the service request.
(6) The individuals who reviewed the appraisal.
(7) The date on which the appraisal was delivered to the person who made the service request.
(8) The costs and fees for the appraisal management services performed by the appraisal management company.
(9) The costs and fees for the appraisal performed by the real estate appraiser.
(b) An appraisal management company shall keep the records described in subsection (a) for not less than six (6) years after the date specified in subsection (a)(2).
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-13.3 Engaging a real estate appraiser to perform appraisal; proposed contract required; contents; acceptance
Sec. 13.3. (a) Before an appraisal management company may engage a real estate appraiser to perform an appraisal under this chapter, the appraisal management company shall provide the real estate appraiser with a proposed contract to perform the appraisal. The proposed contract must include the following:
(1) The order for appraisal.
(2) Information delineating the work to be completed.
(3) The date when the real estate appraiser must complete the appraisal.
(4) The terms and conditions for the payment of the real estate appraiser for the appraisal.
(b) A real estate appraiser may accept a proposed contract that is offered and signed, manually or electronically, by the appraisal management company by:
(1) signing a written contract and delivering the signed contract to the appraisal management company; or
(2) accepting the contract electronically through an electronic mail, facsimile transmission, or digital image to the appraisal management company.
As added by P.L.145-2018, SEC.1.
Ind. Code § 25-34.1-11-13.5 "Peers"; "scope of work"; deadline for appraisal management company to pay real estate appraiser; exceptions; inclusion of real estate appraiser's fee in appraisal report
Sec. 13.5. (a) As used in this section, "peers", with respect to a real estate appraiser who performs an appraisal assignment for an appraisal management company, means other real estate appraisers who have expertise and competency in a similar type of assignment.
(b) As used in this section, "scope of work", with respect to an appraisal assignment, means the type and extent of research and analysis in the appraisal assignment.
(c) Except as provided in subsection (d), an appraisal management company that engages a real estate appraiser as an independent contractor, as described in section 3 of this chapter, to perform an appraisal under this chapter shall pay the real estate appraiser for the appraisal not later than:
(1) the deadline indicated by the payment terms set forth in:
(A) the contract or agreement under which the appraisal management company engages the real estate appraiser to perform the appraisal, if applicable; or
(B) the real estate appraiser's invoice to the appraisal management company if:
(i) a contract or an agreement described in clause (A) does not exist with respect to the particular appraisal; or
(ii) a contract or an agreement described in clause (A) exists with respect to the particular appraisal, but does not address payment terms or clearly indicate a payment deadline; or
(2) forty-five (45) days after the delivery of the appraisal report to the appraisal management company by the real estate appraiser if:
(A) a contract, an agreement, or an invoice described in subdivision (1) does not exist with respect to the particular appraisal; or
(B) a contract, an agreement, or an invoice described in subdivision (1) exists with respect to the particular appraisal, but does not address payment terms or clearly indicate a payment deadline.
(d) The times set forth in subsection (c) for payment by an appraisal management company for an appraisal performed by a real estate appraiser under this chapter do not apply in the case of any of the following:
(1) A breach by the real estate appraiser of the contract or agreement under which the appraisal management company engages the real estate appraiser to perform the appraisal.
(2) The inclusion in the appraisal report of one (1) or more significant and material documented errors of law, regulation, or appraisal standards.
(3) The failure of the real estate appraiser's scope of work to meet or exceed:
(A) the expectations of parties who are regularly intended users for similar assignments; and
(B) what the actions of the real estate appraiser's peers would be in performing the same or a similar assignment.
(e) An appraisal management company may not prohibit a real estate appraiser from including in an appraisal report the real estate appraiser's fee amount for preparing the appraisal.
As added by P.L.15-2018, SEC.2.
Ind. Code § 25-34.1-11-14 Registration forms
Sec. 14. The board shall prescribe forms for the registration of appraisal management companies under this chapter.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-15 Registration fee
Sec. 15. (a) The board shall establish the registration fee to be paid by an appraisal management company seeking registration under this chapter. The amount of the registration fee must be the lesser of:
(1) the amount determined by the board to be sufficient for the administration of appraisal management registrations under this chapter when aggregated with all the registration fees paid by appraisal management companies seeking registration under this chapter; or
(2) five hundred dollars ($500).
(b) Registration fees collected under this section must be deposited in the investigative fund established by IC 25-34.1-8-7.5.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-15.5 Annual AMC registry fee; determination of fee amount; annual transmission of fees to Appraisal Subcommittee; commission's authority to adopt rules
Sec. 15.5. (a) This section applies to an appraisal management company that qualifies as an appraisal management company under 12 U.S.C. 3350(11).
(b) As used in this section, "Appraisal Subcommittee" refers to the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.
(c) As used in this section, "covered transaction" has the meaning set forth in the federal interagency AMC Rule (12 CFR 34.210-34.216; 12 CFR 225.190-225.196; 12 CFR 323.8-323.14; 12 CFR 1222.20-1222.26).
(d) As used in this section, "performed an appraisal", with respect to a real estate appraiser and an appraisal management company, means the appraisal service requested of the real estate appraiser by the appraisal management company was provided to the appraisal management company.
(e) An appraisal management company to which this section applies shall pay to the board the annual AMC registry fee, as established by the Appraisal Subcommittee, as follows:
(1) In the case of an appraisal management company that has been in existence for more than one (1) year, twenty-five dollars ($25) multiplied by the number of real estate appraisers who have performed an appraisal for the appraisal management company in connection with a covered transaction in Indiana during the previous year.
(2) In the case of an appraisal management company that has not been in existence for more than one (1) year, twenty-five dollars ($25) multiplied by the number of real estate appraisers who have performed an appraisal for the appraisal management company in connection with a covered transaction in Indiana since the appraisal management company commenced doing business.
(f) The AMC registry fee required by this section is in addition to the registration fee required by section 15 of this chapter.
(g) The board shall transmit the AMC registry fees collected under this section to the Appraisal Subcommittee on an annual basis. For purposes of this subsection, the board may align a one (1) year period with any twelve (12) month period, which may or not may not be based on the calendar year. Only those appraisal management companies whose registry fees have been transmitted to the Appraisal Subcommittee will be eligible to be on the AMC Registry (as defined in 12 U.S.C. 1102.401(a)).
(h) Upon recommendations of the board under IC 25-34.1-8-6.5, the commission may do the following:
(1) Adopt rules under IC 4-22-2 to implement this section.
(2) Amend rules adopted under this subsection as necessary to conform the annual AMC registry fee required by this section with the AMC registry fee established by the Appraisal Subcommittee.
As added by P.L.15-2018, SEC.3. Amended by P.L.93-2024, SEC.192.
Ind. Code § 25-34.1-11-16 Appraisals; standards compliance
Sec. 16. An appraisal management company is responsible for ensuring an appraisal complies with standards established:
(1) in the USPAP; and
(2) by the board.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-17 Disciplinary sanctions
Sec. 17. (a) An appraisal management company that violates this chapter is subject to disciplinary sanctions under IC 25-1-11-12.
(b) The board may impose a civil penalty of not more than ten thousand dollars ($10,000) for each violation of this chapter.
(c) A civil penalty collected under this section must be deposited in the investigative fund established by IC 25-34.1-8-7.5.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-18 Penalty for failure to register
Sec. 18. (a) A person who performs appraisal management services without a certificate of registration under this chapter commits a Class A infraction.
(b) The attorney general, the board, or the prosecuting attorney of any county in which a violation occurs may maintain an action in the name of the state to enjoin a person from violating this section.
As added by P.L.77-2010, SEC.2.
Ind. Code § 25-34.1-11-19 Authority to adopt rules
Sec. 19. The board may adopt rules under IC 4-22-2 that the board considers necessary or advisable for the administration of this chapter.
As added by P.L.77-2010, SEC.2.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/25Fetched: 10/17/2026