45:14F-32 Registration required for engaging in business as an AMC.

6. a. No person shall, directly or indirectly, engage or attempt to engage in business as an appraisal management company, or advertise or hold itself out as engaging in or conducting business as an appraisal management company without first obtaining a registration issued by the board under the provisions of this act.

b. The registration required by subsection a. of this section shall include the following written information on a form prescribed by the board and which shall be certified by the compliance officer of the appraisal management company:

(1) The name of the entity or individual seeking registration, and the fictitious name or names, if any, under which it does business in any state;

(2) The business address of the entity or individual seeking registration;

(3) The telephone number of the entity or individual seeking registration;

(4) The name and contact information for the individual's or entity's agent for service of process in this State, if the entity or individual is not a corporation that is domiciled in this State;

(5) The name, address, and contact information for any individual or any corporation, partnership, or other business entity that owns 10 percent or more of the appraisal management company;

(6) The name, address, and telephone number for one controlling person designated as the main contact for all communication between the appraisal management company and the board;

(7) A certification that the entity or individual has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company holds a license or certification in good standing in this State pursuant to the "Real Estate Appraisers Act," P.L.1991, c.68 (C.45:14F-1 et seq.);

(8) A certification that the entity or individual requires appraisers completing appraisals, including but not limited to appraisals and appraisal reviews, at its request to comply with the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Standards Board of the Appraisal Foundation, including the requirements for geographic and product competence;

(9) A certification that the entity or individual has a system in place to verify that only licensed or certified appraisers are used for federally related transactions;

(10) A certification that the entity or individual has a system in place to require that appraisals are conducted independently and free from inappropriate influence and coercion as required by the appraisal independence standards established under section 1639e of the federal Truth in Lending Act, Pub.L.90-321 (15 U.S.C. s.1639e), including the requirements for payment of customary and reasonable compensation to fee appraisers when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer;

(11) A certification by the board that the entity maintains a detailed record of each service request that it receives and the name of the appraiser that performs the residential real estate appraisal services for the appraisal management company;

(12) Whenever applicable, an irrevocable Uniform Consent to Service of Process pursuant to section 8 of this act; and

(13) Any other information as required by the board that is reasonably necessary to implement this act.

c. An application for the renewal of a registration shall include information substantially similar to that required under subsection b. of this section for an initial registration, as determined by the board.

L.2017, c.72, s.6.