<?xml version='1.0' encoding='utf-8'?>
<section article="gbo" article_name="Business Occupations and Professions" number="16-5B-02" title_number="16" title_name="Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors" subtitle_number="5B" subtitle_name="Real Estate Appraisal Management Companies">
  <text>This subtitle does not apply to:</text>
  <level label="1">
    <text>a person that exclusively employs appraisers on an employer–employee basis for the performance of appraisals; or</text>
  </level>
  <level label="2">
    <text>an entity that is a subsidiary owned and controlled by a financial institution and regulated by a federal financial institution regulatory agency.</text>
  </level>
</section>
