W. Va. Code R. § 190-5-10

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

Section 190-5-10 - Payment of Fees to Appraisers

10.1. Except in cases of breach of contract or substandard performance, appraisal management companies shall pay an independent appraiser for the completion of an appraisal within forty five (45) days after the appraiser provides the completed appraisal to the appraisal management company unless otherwise agreed to by the parties.

10.1.a. A subsequent request by the appraisal management company to the Appraiser for additional support of valuation or correction of factual and objective data shall not extend the payment date beyond the 45 days from initial delivery of assigned appraisal.

10.2. If an appraisal management company decides that it will not pay a fee to an appraiser for an appraisal, the appraisal management company shall notify the appraiser in writing of the reason for non-payment within thirty (30) days after the appraiser transmits the appraisal to the appraisal management company. The notice shall state the address of the subject property of the appraisal, the name of the appraisers signing the report, and the reason why the fee shall not be paid.

10.3. In cases where the appraisal management company does not pay the appraiser for an appraisal, the appraisal shall not be used by the appraisal management company for any purpose.

W. Va. Code R. § 190-5-10