Section 58-4709 - Same; limitation on ownership interest in an AMC; conditions(a) No single interest in an AMC applying for, holding or renewing a registration under this act shall be owned by: (1) An individual who has held a credential issued by any appraiser-credentialing jurisdiction to act as an appraiser and such credential: (A) Was refused, denied, suspended, revoked, or surrendered or nonrenewed in lieu of a pending disciplinary proceeding in any jurisdiction against such individual; and(B) not subsequently granted or reinstated; or(C) is otherwise not in good standing; or(2) any person who owns an interest in an entity and such person has held a credential issued by any appraiser-credentialing jurisdiction to act as an appraiser that:(A) Was refused, denied, revoked, suspended, or surrendered or nonrenewed in lieu of a pending disciplinary proceeding in any jurisdiction against such person; and(B)(i) not subsequently granted or reinstated; or(ii) is otherwise not in good standing.(b)(1) Each individual that owns an interest in an AMC who applies for, holds, or renews a registration under this act shall be of good moral character as determined by the board by rules and regulations.(2) As a part of an application for an original registration, and for a renewal registration if required by the board, the board shall require an applicant to be fingerprinted and submit to a state and national criminal history record check in accordance with section 2, and amendments thereto. (3) The board may fix and collect a fee in an amount necessary to reimburse the board for the cost of fingerprinting and the criminal history record check. Such fee shall be established by rules and regulations.
(c) Each AMC applying for registration or for renewal of a registration under this act shall certify to the board on a form prescribed by the board that: (1) Such AMC has reviewed each person or entity that owns an interest in the AMC; and(2) no person or entity that owns an interest in the AMC has held a credential issued by any appraiser-credentialing jurisdiction to act as an appraiser and such credential:(A) Was refused, denied, suspended, revoked, or surrendered or nonrenewed in lieu of a pending disciplinary proceeding in any jurisdiction against such individual; and(B)(i) was not subsequently granted or reinstated; or(ii) is otherwise not in good standing.Amended by L. 2024, ch. 15,§ 43, eff. 7/1/2024.Amended by L. 2018, ch. 69,§ 3, eff. 7/1/2018.Added by L. 2012, ch. 93,§ 9, eff. 7/1/2012.