1. For each violation committed by an applicant for a registration issued pursuant to NRS 645C.600 to 645C.740, inclusive, whether or not the applicant is issued a registration, the Commission may impose upon the applicant an administrative fine of not more than $10,000 if the applicant:

(a) Has knowingly made or caused to be made to the Commission any false representation of material fact;

(b) Has suppressed or withheld from the Commission any information which the applicant possesses and which, if submitted by the applicant, would have rendered the applicant ineligible to be registered pursuant to the provisions of NRS 645C.600 to 645C.740, inclusive; or

(c) Has violated any provision of NRS 645C.600 to 645C.740, inclusive, a regulation adopted pursuant to NRS 645C.600 to 645C.740, inclusive, or an order of the Commission in completing and filing the application for a registration or during the course of the investigation of the application for a registration.

2. For each violation committed by an appraisal management company, the Commission may impose upon the appraisal management company an administrative fine of not more than $10,000, may suspend, revoke or place conditions on the registration or may do both, if the appraisal management company, whether or not acting as such:

(a) Is grossly negligent or incompetent in performing any act for which the appraisal management company is required to be registered pursuant to NRS 645C.600 to 645C.740, inclusive;

(b) Does not conduct its business in accordance with the law or has violated any provision of this chapter, a regulation adopted pursuant thereto or an order of the Commission;

(c) Has made a material misrepresentation in connection with any transaction governed by this chapter;

(d) Has suppressed or withheld from a client any material facts, data or other information relating to any transaction governed by the provisions of this chapter which the appraisal management company knew or, by the exercise of reasonable diligence, should have known;

(e) Has knowingly made or caused to be made to the Commission any false representation of material fact or has suppressed or withheld from the Commission any information which the appraisal management company possesses and which, if submitted by the appraisal management company, would have rendered the appraisal management company ineligible to be registered pursuant to the provisions of NRS 645C.600 to 645C.740, inclusive;

(f) Has 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; or

(g) Has engaged in any other conduct constituting a deceitful, fraudulent or dishonest business practice.

3. The Commission shall revoke the registration of an appraisal management company if the appraiser license or certificate of one of its owners is refused, denied, cancelled, surrendered or revoked in any state.

(Added to NRS by 2009, 1519; A 2019, 487)