(a) A person or firm performing or offering to perform appraisal management services or acting as an appraisal management company within this state shall be registered with the board by July 1, 2014.
(b) A firm applying for a registration may not be owned, directly or indirectly, by any employee or consultant who is:
(1) A person who has had a license or certificate to act as an appraiser refused, denied, canceled or revoked in this state or any other jurisdiction, unless the license or certificate was subsequently granted or reinstated; or
(2) A firm that employs a person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked or surrendered in this state or any other jurisdiction, unless the license or certificate was subsequently granted or reinstated.
(c) The board may issue a registration to perform appraisal management services or act as an appraisal management company to a person or firm that:
(1) Makes written application to the board as set out in section six of this article;
(2) Submits certifications as set out in section seven of this article;
(3) Submits national and state criminal background checks as set out in section eight of this article;
(4) Posts a surety bond as set out in section nine of this article;
(5) Pays the applicable fees as set out in section ten of this article;
(6) Has a designated controlling person as set out in section eleven of this article; and
(7) Meets any other requirement set by the board.
(d) The registrations issued under the provisions of this article shall be renewed annually on July 1.
(e) Registrations not renewed in a timely manner are delinquent. To reinstate a delinquent registration, the registrant must pay a monthly penalty, as set by the board.
(f) A registration that has been delinquent for more than three months shall be considered expired and a new application for registration is required.
(g) The board shall issue a registration number to each appraisal management company registered in this state.
(h) The board shall keep a list of appraisal management company registered in this state and publish the list on its website.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.