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Securities Division - Real Estate Division | |
Appraisal Management Company Registration and Regulation Act | |
Section 202 | Initial registration process. |
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61-2e-202. Initial registration process. (1) (a) To register under this chapter as an appraisal management company, an entity shall: (i) file with the division a registration application in a form prescribed by the division; (ii) pay to the division a fee determined in accordance with Section 63J-1-504; (iii) if the entity is not a resident of this state, submit an irrevocable consent for service of process meeting the requirements of Subsection (3); and (iv) have the application for registration approved by the division. (b) The division shall approve an application if the division finds that the entity: (i) complies with this Subsection (1); and (ii) meets the qualifications under Section 61-2e-201. (c) The division may, upon compliance with Title 63G, Chapter 4, Administrative Procedures Act, deny the issuance of a registration to an applicant on any ground enumerated in this chapter. (d) If an entity pays a fee or costs to the division with a negotiable instrument or other method that is not honored for payment: (i) the transaction for which the payment is submitted is voidable by the division; (ii) the division may reverse the transaction if payment of the applicable fee or costs is not received in full; and (iii) the entity's registration is automatically suspended: (A) beginning the day on which the payment is due; and (B) ending the day on which payment is made in full. (2) A registration application shall include the following: (a) the name of the entity seeking registration; (b) a business address of the entity seeking registration; (c) telephone contact information of the entity seeking registration; (d) if the entity is not an entity domiciled in this state, the name and contact information for the entity's agent for service of process in this state; (e) for each individual who owns 10% or more of the entity: (i) the individual's name, address, and contact information; (ii) a statement of whether or not the individual has 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 (iii) (A) fingerprint cards in a form acceptable to the division at the time the registration application is filed; and (B) consent to a criminal background check by the Utah Bureau of Criminal Identification and the Federal Bureau of Investigation regarding the application; (f) the name, address, and contact information for each controlling person; (g) for the controlling person designated as the contact as required by Section 61-2e-201: (i) a statement of whether or not the individual has 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 (ii) (A) fingerprint cards in a form acceptable to the division at the time the registration application is filed; and (B) consent to a criminal background check by the Utah Bureau of Criminal
Identification and the Federal Bureau of Investigation regarding the application;
Amended by Chapter 289, 2011 General Session |
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