Current through Register Vol. XLI, No. 50, December 13, 2024
Section 190-5-3 - Registration Requirements3.1 Every person or firm who desires to be registered as an appraisal management company in this State shall comply with the provisions of W. Va. Code § 30-38A-1et seq. and submit a written application on a form prescribed by the board setting forth the following: 3.1.a. The legal name of the applicant, the name under which the applicant will do business in West Virginia, and the physical and mailing address, telephone number, website, facsimile, and email address of the appraisal management company;3.1.b. The name, the physical and mailing address and the contact information, including telephone number and e-mail address, of the controlling person of the appraisal management company seeking registration;3.1.c. The name, the physical and mailing address and the contact information, including telephone number and e-mail address, of an individual that will be the initial point of contact or register agent for all communications with the board, if it is not the controlling person;3.1.d If the applicant is a domestic firm, the designation of an agent for service of process; if the applicant is a foreign firm, documentation that the foreign firm is authorized to do business in this State and that an agent for service of process has been designated. The applicant shall submit a copy of the filing with the Secretary of State's Office appointing an agent service of process;3.1.e. A certificate of authority issued by the Secretary of State;3.1.f. Every appraisal management company shall file with the board a copy of the annual Report required to be filed with the Secretary of State under W. Va. Code § 59-1-2a on or before the 30th day of June on an annual basis; and3.1.g. The fees required pursuant to W. Va. Code § 30-38A-10 and this rule shall accompany each application for registration. The board shall reject and return to the applicant any application which is incomplete or not accompanied by the required fees.3.2 Every person or firm seeking to be registered as an appraisal management company in this State shall certify on a form prescribed by the board the following: 3.2.a. That the appraisal management company has written policies and procedures demonstrating compliance with W. Va. Code § 30-38A-7 et seq., and such policies and procedures shall be provided to the board upon request;3.2.b. That the appraisal management company will have a system in place to require appraisals are conducted independently and without inappropriate influence and coercion as required by the appraisal independence standards established under section 129E of the Truth in Lending Act and the rules and regulations issued pursuant to the Appraisal Act;3.2.c That the appraisal management company requires the appraisers completing Appraisals at the company's request to comply with the Uniform Standards of Professional Appraisal Practice (USPAP);3.2.d. That the appraisal management company will not compensate employee, a real estate broker or real estate agent to perform a BPO or comparative market analysis pursuant to W.Va. Code 30-38-1;3.2.e. That the appraisal management company will maintain records required per WV Code § 30-38A-13 for a minimum period of five years, or at least two years after final disposition of any judicial proceeding related to the assignment, whichever period expires last;3.2.f. That the appraisal management company will provide proof of valid sufficient surety bond as required by W. Va. Code § 30-38A-9; and3.2.g That individuals required by W.Va. Code § 30-38A-8 will submit to Required state and national criminal history record checks.