(1) An appraisal management company required to be registered under this chapter shall have a system in place to:
(a) ensure that the appraisal management company only selects for a real estate appraisal activity an appraiser who:
(i) is independent of the transaction; and
(ii) has the requisite education, expertise, and experience necessary to competently complete the real estate appraisal activity for the particular market and property type;
(b) review the work of an appraiser who performs a real estate appraisal activity for the appraisal management company on a periodic basis to ensure that a real estate appraisal activity is conducted in accordance with applicable appraisal standards; and
(c) ensure that the appraisal management company conducts appraisal management services in accordance with the requirements of the Truth in Lending Act, 15 U.S.C. Sec. 1639e(a)-(i), and the regulations thereunder.
(2) As part of the registration process under Part 2, Registration, an appraisal management company shall biennially provide an explanation of each system described in Subsection (1) in the form prescribed by the division.