A. It is unlawful for a person to directly or indirectly engage or to attempt to engage in business as an AMC, to directly or indirectly perform or to attempt to perform appraisal management services, or to advertise or hold itself out as engaging in or conducting business as an AMC without first obtaining a registration issued by the Oklahoma Real Estate Appraiser Board under the provisions of the Oklahoma Appraisal Management Company Regulation Act.

B. The application for the registration required by subsection A of this section shall be on a form approved by the Board and shall, at a minimum, include the following information:

1. Legal name and any other trade or business name of the entity seeking registration;

2. Mailing and physical addresses of the entity seeking registration;

3. Telephone, email, website, and facsimile contact information of the entity seeking registration;

4. If the entity is a corporation that is not domiciled in this state, the name and contact information for the entity's agent for service of process in this state;

5. If the entity is a corporation, limited liability company, or partnership that is not domiciled in this state, proof that the entity is properly and currently registered with the Office of the Secretary of State;

6. The name, mailing and physical addresses, and contact information for any person that owns the AMC;

7. The name, mailing and physical addresses, and contact information for all named controlling persons;

8. A certification that the entity has a system and process in place to verify that a person being added to the appraiser panel of the AMC for appraisal services being performed in Oklahoma holds a credential in good standing in this state pursuant to the Oklahoma Certified Real Estate Appraisers Act and the rules promulgated thereunder if a license or certification is required to perform appraisals, pursuant to Section 858-817 of this title;

9. A certification that the entity has a system in place to review the work of a statistically significant number of appraisal reports submitted by each appraiser who is performing real estate appraisal services for the AMC within Oklahoma on a periodic basis to validate that the real estate appraisal services are being conducted in accordance with USPAP and the Oklahoma Certified Real Estate Appraisers Act and the rules promulgated thereunder;

10. A certification that the entity maintains a detailed record of each service request that it receives and the appraiser that performs real estate appraisal services for the AMC, pursuant to Section 858-819 of this title;

11. An irrevocable Uniform Consent to Service of Process, pursuant to Section 858-807 of this title; and

12. Any other information reasonably required by the Board to evaluate compliance with the application requirements in the Oklahoma Appraisal Management Company Regulation Act.

Added by Laws 2010, c. 364, § 4, eff. Jan. 1, 2011. Amended by Laws 2016, c. 195, § 2, eff. Nov. 1, 2016; Laws 2019, c. 90, § 4, eff. Nov. 1, 2019.