(A) In addition to the grounds for disciplinary action pursuant to Section 40-1-110, the board may discipline, publicly or privately reprimand, or fine an appraisal management company or suspend or revoke a registration issued under this article if, in the opinion of the board, an appraisal management company is attempting to perform, has performed, or has attempted to:
(1) commit an act in violation of this article;
(2) violate a rule or regulation adopted by the board in the interest of the public and consistent with the provisions of this article;
(3) procure a registration, license, or certification by fraud, misrepresentation, or deceit; or
(4) violate the South Carolina Real Estate Appraisers Act or the federal Financial Institutions Reform Recovery and Enforcement Act of 1989.
(B) In addition to the sanctions provided in Section 40-1-120, the board may impose a fine not to exceed ten thousand dollars for an initial violation and not to exceed twenty thousand dollars for subsequent violations and may require payment of investigative costs. A fine is payable immediately upon the effective date of discipline unless otherwise provided by the board. A registrant against whom a fine is levied is not eligible for reinstatement until the fine is paid in full.
(C) A decision by the board to publicly or privately reprimand, fine, revoke, suspend, or otherwise restrict a registrant or to limit or otherwise discipline a registrant becomes effective upon delivery of a copy of the decision to the registrant.
(D) Nothing in this section prevents a registrant from voluntarily entering into a consent agreement with the board in which a violation is not contested and a sanction is accepted.
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."