N.J. Admin. Code § 13:40A-9.12

Current through Register Vol. 56, No. 21, November 4, 2024

Section 13:40A-9.12 - Imposition, collection of Federal fees; reporting requirements

(a) With respect to reporting requirements for non-Federally regulated appraisal management companies, the Board will collect from each AMC registered, or each AMC seeking to be registered, in the State, the information and fees that the Appraisal Subcommittee requires to be submitted to it by the State.

(b) With respect to reporting requirements for Federally regulated appraisal management companies, a Federally regulated AMC operating in the State shall report to the Board, the information required by the Appraisal Subcommittee to be submitted by the State to the Appraisal Subcommittee. These reporting requirements shall include:

1. A report to the Board on a form prescribed by the Board of the AMC's intent to operate in this State;

2. Information related to whether the AMC is owned in whole or in part, directly or indirectly, by any person who has had an appraiser license or certification refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any state for a substantive cause, as determined by the Appraisal Subcommittee; and

3. If a person has had action taken on his or her appraisal license, the Board shall collect information related to whether the license was revoked for a substantive cause and if it has been reinstated by the state or states in which the appraiser was licensed or certified.

(c) The Board shall collect from a Federally regulated AMC operating in the State, for submission to the Appraisal Subcommittee, the AMC National Registry fee as established in accordance with 12 CFR Part 1102, Subpart E.

N.J. Admin. Code § 13:40A-9.12

Adopted by 51 N.J.R. 1124(a), effective 7/1/2019