(A) An appraisal management company applying for registration in this State may not:
(1) be owned by a person who has had an appraiser certificate or license refused, denied, canceled, surrendered in lieu of revocation, or revoked in this State or in another state unless the certificate or license was subsequently granted or reinstated; or
(2) be more than ten percent owned by a person who is not of good moral character, which for purposes of this section requires that the person has not been convicted of or entered a plea of nolo contendere to a felony relating to the practice of appraisal, banking, mortgage lending, or the provision of financial services, or a crime involving fraud, misrepresentation, or moral turpitude.
(B) For purposes of this section, each owner of more than ten percent of an appraisal management company shall submit to a criminal background check.
HISTORY: 2017 Act No. 32 (S.279), Section 1, eff May 10, 2017.
Editor's Note
2017 Act No. 32, Section 5, provides as follows:
"SECTION 5. This act takes effect upon approval by the Governor. In the event that a registration process is unavailable upon the effective date of this act, an appraisal management company already conducting business in this State may continue to conduct business until one hundred twenty days after a registration process becomes available."