45:14F-49 Suspension, revocation of registration.

23. a. The board may suspend or revoke any registration issued under this act, levy fines, or impose civil penalties if, after appropriate investigation, the board concludes that an appraisal management company is attempting to perform, has performed, or has attempted to perform any of the following:

(1) Any action in violation of this act or regulations adopted hereunder;

(2) Any action in violation of the "Real Estate Appraisers Act," P.L.1991, c.68 (C.45:14F-1 et seq.), or regulations adopted thereunder; or

(3) Procuring a registration for itself or any other person by fraud, misrepresentation, or deceit.

b. When deciding whether to impose a sanction, determining the sanction that is most appropriate in a specific instance, or making any other discretionary decision regarding the enforcement of this act, the board may consider whether an appraisal management company:

(1) Has an effective program reasonably designed to ensure compliance with this act;

(2) Has taken prompt and appropriate steps to correct and prevent the recurrence of any detected violations; and

(3) Has independently reported to the board any significant violations or potential violations of this act, prior to an imminent threat of disclosure or investigation and within a reasonably prompt time after becoming aware of their occurrence.

c. The board may conduct random audits of appraisal management company compliance with this act, and those audits shall be funded through the various fees charged to appraisal management companies as set forth in this act, but an appraisal management company that timely files a certification of compliance in accordance with the provisions of this act shall have a presumption of compliance if that certification is accompanied by a legal opinion letter indicating that all compliance requirements have been satisfied.

d. Whenever the board finds cause to refuse to renew, suspend or revoke any registration, or to levy a fine or impose a civil penalty, the board shall notify the registrant of the reasons therefor, in writing, and provide opportunity for a hearing in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.).

L.2017, c.72, s.23.