N.M. Admin. Code § 16.62.1.8

Current through Register Vol. 35, No. 23, December 10, 2024

Section 16.62.1.8 - STANDARDS OF PROFESSIONAL PRACTICE, CODE OF PROFESSIONAL RESPONSIBILITY AND ADOPTION OF FIRREA

A. The national uniform standards of professional appraisal practice (USPAP) as promulgated by the appraisal standards board of the appraisal foundation, and adopted and incorporated by reference are the minimum requirements. The appraisal standards board's code of professional responsibility and Ethics Rule, are the minimum professional and ethical standards that will govern appraisers practicing in New Mexico.

B. The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA, 12 U.S.C. 3351) and its current amendments are adopted and incorporated into these regulations by reference.

C. Pursuant to Title XI of FIRREA, as amended by the Dodd-Frank Act of 2010, the board shall:

(1) designate a high ranking officer, such as a board administrator, who will serve as the state's authorized registry official (SARO), and must ensure that non-public data is appropriately protected;

(2) provide to the ASC, in writing, information regarding the selected authorized registry official, and any individual(s) authorized to act on their behalf, and should ensure that the authorization information provided to the ASC is kept current; and

(3) adopt and implement a written policy to adequately protect the right of access.

N.M. Admin. Code § 16.62.1.8

1/14/00; 16.62.1.8 NMAC - Rn & A, 16 NMAC 62.1.8, 9/13/2004; A, 11/25/06, Amended by New Mexico Register, Volume XXV, Issue 23, December 15, 2014, eff. 1/1/2015, Amended by New Mexico Register, Volume XXXIV, Issue 18, September 26, 2023, eff. 9/26/2023