(a) A person shall register as a real estate appraisal management company with the board to perform appraisal management services if the person
(1) provides an appraisal management service
(A) to a creditor or secondary mortgage market participant, including an affiliate; and
(B) in connection with valuing a borrower's principal dwelling as security for a consumer credit transaction or incorporating consumer credit transactions into a securitization; and
(2) oversees an appraiser panel.
(b) A person is guilty of a class B misdemeanor if the person engages in business as or holds out as a real estate appraisal management company, or performs or attempts to perform appraisal management services, at a time when the
(1) person does not hold a registration issued by the board; or
(2) registration issued by the board to the person is suspended, revoked, lapsed, or surrendered.