§ 1222.24. Ownership limitations for State-registered appraisal management companies.
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/us/cfr/t12/s§ 1222.24·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Appraiser certification or licensing of owners.
(1)An AMC subject to State registration pursuant to § 1222.23 shall not be registered by a State or included on the AMC National Registry if such AMC, in whole or in part, directly or indirectly, is owned by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any State for a substantive cause, as determined by the appropriate State appraiser certifying and licensing agency.
(2)An AMC subject to State registration pursuant to § 1222.23 is not barred by paragraph (a)(1) of this section from being registered by a State or included on the AMC National Registry if the license or certificate of the appraiser with an ownership interest was not revoked for a substantive cause and has been reinstated by the State or States in which the appraiser was licensed or certified.
(b)Good moral character of owners. An AMC shall not be registered by a State if any person that owns more than 10 percent of the AMC—
(1)Is determined by the State appraiser certifying and licensing agency not to have good moral character; or
(2)Fails to submit to a background investigation carried out by the State appraiser certifying and licensing agency.
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- Notices60-Day notice of submission of information collection for approval from Office of Management and Budget
- Notices30-Day notice of submission of information collection for approval from Office of Management and Budget
- Rules and Regulations30-Day notice of submission of information collection for approval from the Office of Management and Budget
- Notices60-Day notice of submission of information collection for approval from the Office of Management and Budget
- Notices30-Day notice of submission of information collection for approval from Office of Management and Budget
- Rules and Regulations60-Day notice of submission of information collection for approval from the Office of Management and Budget
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§ 1222.24
Ownership limitations for State-registered appraisal management companies.
Fed. Reg.×12
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