D.C. Mun. Regs. tit. 26, r. 26-C3102

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 26-C3102 - REGISTRATION REQUIREMENT; APPLICATION CONTENT AND AMC QUALIFICATIONS

3102.1

No person or entity shall directly or indirectly engage or attempt to engage in business as an appraisal management company in the District of Columbia ("District"),or perform or attempt to perform appraisal management services in the District without first obtaining a registration from the Commissioner.

3102.2

To register, an AMC shall file with the Department of Insurance, Securities and Banking ("Department") a registration application on a form prescribed by the Commissioner that includes all information required under the Act, and the following:

(a) The application fee set forth in Section 3109 of this rulemaking;

(b) All trade names and fictitious names used by the AMC;

(c) Identification of whether the AMC is a single state or multistate AMC;

(d) A designated controlling person that will be the principal point of contact for all communication between the AMC and the Department;

(e) A Certificate of Clean Hands from the District of Columbia Office of Tax and Revenue pursuant to D.C. Official Code §§ 47-2861 -2866;

(f) A Certificate of Good Standing or a Certificate of Registration from the District of Columbia Department of Consumer and Regulatory Affairs pursuant to D.C. Official Code § 29-102.08;

(g) A signed biographical affidavit from each person that owns ten percent (10%) or more of the AMC;

(h) Consent to service of process and identification of a registered agent for service of process in the District;

(i) A certification that the AMC has systems in place to comply with the requirements of the Act;

(j) A completed taxpayer status affidavit; and

(k) The names and addresses of the independent fee appraisers on the AMC's appraisal panel that performed an appraisal for the AMC in connection with a covered transaction in the District during the previous year due no later than September 1 ^st of a given year.

3102.3

An AMC that fails to file by the deadline in Subsection 3102.2(k) shall be subject to the covered transaction report late fee in Section 3109. The Department also may refuse to renew the registration.

3102.4

An applicant shall notify the Department of any confidential information submitted pursuant to this section. Confidential information shall be exempt from disclosure pursuant to the Freedom of Information Act of 1976, effective March 25, 1977 (D.C. Law 1-96; D.C. Official Code § 2-531et seq. ).

D.C. Mun. Regs. tit. 26, r. 26-C3102

Final Rulemaking published at 68 DCR 5678 (5/28/2021)