1. A person or entity that wishes to be registered as an appraisal management company in this State must file a written application with the Division upon a form prepared and furnished by the Division and pay all fees required pursuant to NRS 645C.680. An application must:

(a) State the name, residence address and business address of the applicant and the location of each principal office and branch office at which the appraisal management company will conduct business within this State;

(b) State the name under which the applicant will conduct business as an appraisal management company;

(c) List the name, residence address and business address of each person who will, if the applicant is not a natural person, have at least a 10-percent ownership interest in the appraisal management company as a principal, partner, officer, director or trustee, specifying the capacity and title of each such person;

(d) Include a complete set of the fingerprints of the applicant or, if the applicant is not a natural person, a complete set of the fingerprints of each person who will have at least a 10-percent ownership interest in the appraisal management company as a principal, partner, officer, director or trustee, and written permission authorizing the Division to forward the fingerprints to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report; and

(e) Identify the number of certified or licensed appraisers in Nevada in the network or panel currently maintained by the appraisal management company and, if applicable, the total number of certified or licensed appraisers nationwide in the network or panel currently maintained by the appraisal management company.

2. Except as otherwise provided in NRS 645C.600 to 645C.740, inclusive, the Division shall issue a registration to an applicant as an appraisal management company if:

(a) The application is verified by the Division and complies with the requirements of NRS 645C.600 to 645C.740, inclusive;

(b) The applicant, each owner and each general partner, officer or director of the applicant, if the applicant is a partnership, corporation or unincorporated association:

(1) Submits satisfactory proof to the Division that he or she has a good reputation for honesty, trustworthiness and integrity and displays competence to transact the business of an appraisal management company in a manner which safeguards the interests of the general public;

(2) Has not been convicted of, or entered a plea of nolo contendere to, a felony relating to the practice of appraisal or any crime involving fraud, misrepresentation or moral turpitude;

(3) Has not made a false statement of material fact on his or her application;

(4) Has never had a license that was issued pursuant to the provisions of this chapter suspended, revoked or voluntarily surrendered in lieu of suspension or revocation which has not been subsequently reinstated;

(5) Has never had a professional license that was issued in this State or any other state, district or territory of the United States or any foreign country suspended or revoked which has not been subsequently reinstated; and

(6) Has not violated any provision of this chapter, a regulation adopted pursuant thereto or an order of the Commission or the Administrator;

(c) The applicant certifies that he or she:

(1) Has a process in place to verify that each independent contractor that provides services to the appraisal management company is the holder of a license in good standing to practice appraisal in this State;

(2) Has a process in place to review the work of each independent contractor that provides services to the appraisal management company to ensure that those services are conducted in accordance with the Uniform Standards of Professional Appraisal Practice;

(3) Will maintain a detailed record of each request for service it receives and the independent contractor who fulfilled that request;

(4) Has a system in place to ensure that all appraisals are conducted independently, as required by the appraisal independence requirements pursuant to 15 U.S.C. § 1639e and any rules or regulations issued thereunder; and

(5) Has a system in place to ensure that the appraisal management company is selecting a certified or licensed appraiser who has the requisite education, expertise and experience necessary to competently complete the appraisal assignment for the particular market and property type; and

(d) The applicant discloses whether or not the company uses an appraiser fee schedule. For the purposes of this paragraph, “appraiser fee schedule” means a list of the various real estate appraisal services requested by the appraisal management company from independent contractors and the amount the company will pay for the performance of each service listed.

3. The Division shall deny an application for registration of an appraisal management company, if in the course of its investigation, the Division determines that the application fails to comply with or meet the standards specified in this chapter or any regulations adopted pursuant thereto. If an application for registration is denied, the Division shall notify the applicant within 15 days after its decision.

4. An applicant who is denied registration pursuant to subsection 3 may reapply to the Division within 30 days after receipt of the notice denying the application for registration. The reapplication must demonstrate through a written statement, containing any necessary supporting evidence, that an error was made in the original application and that the applicant does otherwise qualify for registration. Denial of a reapplication for registration is not appealable.

5. If an applicant fails to reapply within 30 days after receipt of the notice denying the application for registration, the applicant may not reapply for registration for 1 year.

6. Failure to reapply within 30 days after receipt of the notice denying the application for registration is not appealable.

(Added to NRS by 2009, 1514; A 2019, 483)