CB: Financial organizations will have to choose property appraisers by single principles and criteria

ArmInfo. The Central Bank of Armenia is introducing for financial organizations admissible criteria for choice of property appraisers. The press office of the Central Bank of Armenia (CBA) has told ArmInfo that the relevant decision was taken by the CBA Board on November 3 and it enables the financial organizations to choose the property appraisers by single principles.    

According to the new criteria, from now on the financial organizations must cooperate with at least four independent appraisers, who must be chosen from the list of the appraisers having the right to appraise property.  

The appraisers must not be interconnected through financial organizations or heads of financial organizations. For its part, a financial organization must reveal such interconnection and must not cooperate with such appraisers.   

A financial organization has no right to impose a specific appraiser on the customer. On the contrary, it must provide the customer with a broad choice of appraisers. The appraisal process must be independent and impartial.  

A financial organization must monitor the property appraisers' compliance with the specified criteria at least once a year.