(a) No person shall directly or indirectly engage or attempt to engage in business as an appraisal management company, to directly or indirectly engage or attempt to perform appraisal management services, or to advertise or hold itself out as engaging in or conducting business as an appraisal management company without first obtaining a registration issued by the commission under this part.
(b) The registration required by subsection (a) shall, at a minimum, include the following:
(1) Name of the entity seeking registration;
(2) Business address of the entity seeking registration which must be located and maintained within this state;
(3) Phone contact information of the entity seeking registration;
(4) If the entity is not a corporation that is domiciled in this state, the name and contact information for the company's agent for service of process in this state;
(5) The name, address, and contact information for any individual or any corporation, partnership, or other business entity that owns ten percent (10%) or more of the appraisal management company;
(6) The name, address, and contact information for a designated controlling person to be the primary communication source for the commission;
(7) 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 appraisal management company for appraisal services to be performed in Tennessee holds a license or certification in good standing in Tennessee pursuant to part 3 of this chapter, if a license or certification is required to perform appraisals, pursuant to § 62-39-415;
(8) A certification that the entity has a system in place to review the work of all appraisers who are performing real estate appraisal services in Tennessee for the appraisal management company on a periodic basis to validate that the real estate appraisal services are being conducted in accordance with USPAP, pursuant to § 62-39-416;
(9) A certification that the entity maintains a detailed record of each service request that it receives for appraisal services within this state and the appraiser who performs the real estate appraisal services for the appraisal management company, pursuant to § 62-39-417;
(10) An irrevocable uniform consent to service of process, pursuant to § 62-39-407; and
(11) Any other reasonable information required by the commission to complete the registration process.
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