W. Va. Code R. § 106-18-5

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 106-18-5 - Appraisal Requirements

5.1. Upon transfer to other real estate owned, a state chartered bank shall substantiate fair value by obtaining an appraisal for the property or by obtaining an appropriate evaluation if an appraisal is not otherwise required by federal or state laws or regulations.

5.2. The state-chartered bank shall develop a prudent collateral evaluation policy that allows the bank to monitor the fair value of each parcel of other real estate owned in a manner consistent with prudent banking practice.

5.3. Provided however, that if a state-chartered bank already has a recent valid appraisal or an appropriate evaluation on a troubled real estate loan or on a loan secured by property designated as in-substance foreclosure under GAAP, then the bank is not required to obtain another appraisal or evaluation upon acquiring ownership. The bank shall, though, continue to follow its prudent collateral evaluation policy.

W. Va. Code R. § 106-18-5