Registration required -- Qualification for registration.
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(1) Unless exempted under Section 61-2e-104, an appraisal management company is required to register under this chapter if, in a calendar year, the company:
(a) contracts with one or more appraisers for the performance of 10 or more appraisals in the state;
(b) oversees an appraiser panel of more than 15 appraisers certified or licensed in the state in accordance with Title 61, Chapter 2g, Part 3, Licensure, Certification, or Registration; or
(c) oversees an appraiser panel of 25 or more certified or licensed appraisers, including:
(i) at least one appraiser certified or licensed in the state in accordance with Title 61, Chapter 2g, Part 3, Licensure, Certification, or Registration; and
(ii) at least one appraiser certified or licensed in a state other than Utah, a territory, or the District of Columbia.
(2)
(a) For the purposes of Subsection (1):
(i) an appraiser is considered part of an appraisal management company's appraiser panel as of the earlier of the day on which the appraisal management company:
(A) accepts the appraiser for the appraisal management company's consideration for future appraisal assignments; or
(B) engages the appraiser to perform an appraisal on behalf of a client; and
(ii) an appraiser who is part of the appraisal management company's appraiser panel under Subsection (2)(a)(i) remains a part of the appraiser panel until the earlier of the day on which the appraisal management company:
(A) sends written notice to the appraiser removing the appraiser from the appraiser panel, in accordance with Section 61-2e-306;
(B) receives written notice from the appraiser asking to be removed from the appraiser panel; or
(C) receives notice of the death or incapacity of the appraiser.
(b) An appraisal management company shall consider an appraiser as never having been removed from the appraisal management company's appraiser panel under Subsection (2)(a)(ii) if, within 12 months after the day on which the appraisal management company removes the appraiser, the appraisal management company:
(i) accepts the appraiser for consideration for a future assignment; or
(ii) engages the appraiser to perform an appraisal on behalf of a client.
(3) Unless registered under this chapter or exempt under Section 61-2e-104, an entity may not with regard to a real estate appraisal activity for real estate located in this state:
(a) directly or indirectly engage or attempt to engage in business as an appraisal management company;
(b) directly or indirectly engage or attempt to perform an appraisal management service; or
(c) advertise or hold itself out as engaging in or conducting business as an appraisal management company.
(4) To qualify to be registered or to have registration renewed as an appraisal management company under this chapter:
(a) the appraisal management company may not have had a license or registration revoked by a government regulatory body at any time, unless the revocation is subsequently vacated or converted;
(b) the appraisal management company may not be owned, in whole or in part, directly or indirectly, by an individual who has had an appraiser license or certificate refused, denied, canceled, surrendered in lieu of revocation, or revoked by any state, territory, or the District of Columbia, unless the state, territory, or District of Columbia:
(i) refused, denied, canceled, surrendered in lieu of revocation, or revoked the license or certificate for a nonsubstantive cause, as determined by the board; and
(ii) reinstated the individual's license or certificate;
(c) each individual who owns, directly or indirectly, more than 10% of the appraisal management company shall:
(i) be of good moral character, as determined by the board; and
(ii) not have had a license or certificate to engage in an act related to a real estate or mortgage transaction refused, denied, canceled, surrendered in lieu of revocation, or revoked in any state, territory, or the District of Columbia; and
(d) the appraisal management company shall designate a main contact for communication between the appraisal management company and either the board or division who:
(i) is a controlling person;
(ii) is of good moral character, as determined by the board; and
(iii) has not had a license or certificate to engage in an act related to a real estate or mortgage transaction refused, denied, canceled, or revoked in any state, territory, or the District of Columbia.
(5) This section applies without regard to whether the entity uses the term: