Section 36.337. Duties of compliance persons

(a) An appraisal management company is subject to disciplinary action under the law and this subchapter for the acts or omissions of a compliance person who fails to perform a duty in this section.

(b) A compliance person shall ensure compliance of an appraisal management company with section 8 of the law (63 P. S. § 457.28).

(c) An appraisal management company, acting through its compliance person, shall report to the Bureau, directly or through another agent of the appraisal management company, a material violation as defined under section 129E(e) of TILA (15 U.S.C.A. § 1639e(e)) and corresponding regulations regarding appraisal independence requirements.

(d) A compliance person who has a reasonable basis to believe that an appraisal management company, its employee or agent has violated appraisal independence requirements of the law or this subchapter shall report the matter to the Bureau within a reasonable time after formulating the belief that a violation has occurred.