7.   The provisions of this act:

   a.   shall apply to an appraisal management company in accordance with section 1124(a), (b) and (c) of Subtitle F of the Mortgage Reform and Anti-Predatory Lending Act of 2010, Pub.L.111-203, amending the Financial Institutions Reform Recovery and Enforcement Act (12 U.S.C. s.3353 (a), (b), (c)); and
 
   b.   shall not apply to:
 
   (1)   an employee relocation management company in the course of employee relocation pursuant to its relocation policy; or
 
   (2)   a person or entity that exclusively employs appraisers on an employer and employee basis for the performance of appraisals for a variety of clients or intended uses of the appraisal other than mortgage lending consumer credit transactions secured by a consumer's principal dwelling.
 
   L.2017, c.72, s.7.