All AMCs operating in this state that are not owned and controlled by an insured depository institution and are not regulated by a federal financial institution's regulatory agency shall:
(1) Register with and be subject to supervision by the commission, unless otherwise exempt;
(2) For appraisals in this state, engage only state-certified or state-licensed appraisers holding a credential in good standing in this state;
(3) Establish and comply with processes and controls reasonably designed to ensure that the AMC, in engaging an appraiser, selects an appraiser who is independent of the transaction and who has the requisite education, expertise, and experience to competently complete the appraisal assignment for the particular market and property type;
(4) Direct the appraiser to perform the assignment in accordance with the USPAP; and
(5) Establish and comply with processes and controls reasonably designed to ensure that the AMC conducts its appraisal management services in accordance with the requirements of section 129E(a)-(i) of the Truth in Lending Act (15 U.S.C. § 1639e(a)-(i)) and regulations promulgated thereunder.