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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 4763.19 | Appraisal for mortgage loan by unlicensed person prohibited.

Ohio Revised Code
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Title 47 Occupations-Professions
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Chapter 4763 Real Estate Appraisers
 
You are viewing a past version of this section that is no longer in effect View Current Version
Effective:
January 1, 2007
Legislation:
Senate Bill 185 - 126th General Assembly
PDF:
Download Authenticated PDF
 

(A) Subject to division (B) of this section, no person shall perform a real estate appraisal for a mortgage loan if the person is not licensed or certified under this chapter to do the appraisal.

(B) Division (A) of this section does not apply to a lender using a market analysis or price opinion, an internal valuation analysis, or an automated valuation model or report based on an automated valuation model, and any person providing that report to the lender, in performing a valuation for purposes of a loan application, as long as the lender does both of the following:

(1) Gives the consumer loan applicant a copy of any written market analysis or price opinion or valuation report based on an automated valuation model;

(2) Includes a disclaimer on the consumer's copy specifying that the valuation used for purposes of the application was obtained from a market analysis or price opinion or automated valuation model report and not from a person licensed or certified under this chapter.

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