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Securities Division - Real Estate Division | |
Appraisal Management Company Registration and Regulation Act | |
Section 201 | Registration required -- Qualification for registration. |
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61-2e-201. Registration required -- Qualification for registration. (1) Unless registered under this chapter or exempt under Section 61-2e-104, an entity may not with regard to a real estate appraisal activity for real estate located in this state: (a) directly or indirectly engage or attempt to engage in business as an appraisal management company; (b) directly or indirectly engage or attempt to perform an appraisal management service; or (c) advertise or hold itself out as engaging in or conducting business as an appraisal management company. (2) To qualify to be registered as an appraisal management company under this chapter: (a) each individual who owns, directly or indirectly, more than 10% of the appraisal management company shall: (i) be of good moral character, as determined by the board; and (ii) not have had a license or certificate to engage in an act related to a real estate or mortgage transaction refused, denied, canceled, or revoked in this state or in another state; and (b) the appraisal management company shall designate a main contact for communication between the appraisal management company and either the board or division who: (i) is a controlling person; (ii) is of good moral character, as determined by the board; and (iii) has not had a license or certificate to engage in an act related to a real estate or mortgage transaction refused, denied, canceled, or revoked in this state or in another state. (3) This section applies without regard to whether the entity uses the term: (a) "appraisal management company"; (b) "mortgage technology company"; or (c) another name.
Enacted by Chapter 269, 2009 General Session |
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