NAC677.340. Adequate appraisal; reappraisal.

     1. A written appraisal is adequate if it:

     (a) Is prepared by a company employee or an independent appraiser who has been acquiesced in by the Commissioner to make appraisals;

     (b) Is in writing and signed by the appraiser;

     (c) States the fair market value of the property and the basis for arriving at the valuation of the property;

     (d) Sufficiently identifies the collateral and the transaction to which it pertains; and

     (e) Describes the work done by the appraiser.

     2. The Commissioner may require a reappraisal of any property taken as security for a loan or any item listed in subsection 1 of NRS 677.790 which is purchased, sold or discounted by the company. Such a reappraisal must be performed by whomever the Commissioner designates and in accordance with whatever standards the Commissioner sets. All costs incurred by such a reappraisal must be borne by the licensee.

     [Dep’t of Commerce, Thrift Companies Reg. § 13 subsecs. 13.2 & 13.3, eff. 1-4-76; A 1-4-78; 12-14-78]—(NAC A by Admstr. of Financial Institutions, eff. 6-29-84)