Arkansas Administrative Code
Agency 151 - Arkansas Appraiser Licensing and Certification Board
Division 01 - Department of Labor and Licensing
Rule 151.01.20-002 - 19-0004 AMC National Registry Fees
Universal Citation: AR Admin Rules 151.01.20-002
Current through Register Vol. 49, No. 9, September, 2024
Section I - General - Creation, Purpose and Authority
1. The Arkansas
General Assembly created, by passage of HB 1694, an act to provide for
registration and regulation of appraisal management companies by amending
A.C.A. §
17-14-101 (The Arkansas Appraiser Licensing & Certification
Act). Act 628 of 2009 effectively added a subchapter 4 titled The Appraisal
Management Company Registration Act to the existing Appraiser Licensing &
Certification Board Statutes. The purpose and intent of this act is to give the
Arkansas Appraiser Licensing & Certification Board statutory authority to
develop and implement rules resulting in the registration and government
oversight of individuals or companies offering to or providing appraisal
management services in Arkansas.
2.
The Arkansas Appraiser Licensing & Certification Board and its staff have
been charged by statute the overall responsibilities of administering the act
in accordance with any and all officially promulgated rules. It is the
legislative intent of Act 628 to insure that no person (individual, company, or
organization) shall act as an appraisal management company or offer to perform
appraisal management services in this state unless registered by the Arkansas
Appraiser Licensing & Certification Board on or after January 1,
2010.
Section II - General Definitions
A. The following words and terms when used in
these rules will have the following meanings:
1.
"Act 628" - the Arkansas
Appraisal Management Company Registration Act of 2009 which amended Arkansas
Statute A.C.A. §
17-14-101 et seq. by adding a Subchapter 4.
2.
-"Assignment" - means:
a. An agreement between an appraiser and a
client to perform a valuation service;
b. The valuation service that is provided as
a consequence of such an agreement.
3.
"Audit" or
"auditing" - means a formal or official examination and
verification of the accounts, correspondence, memoranda, papers, books, and
other records of an appraisal management company for compliance with A.C.A.
§
17-14-401 et seq. through A.C.A. §
17-14-414 et seq.
4.
"Competency" or
"Competent" - refers to the Competency Rule as defined in the
Uniform Standards of Professional Appraisal Practice (USPAP).
5.
"Complaint" - means any
written document alleging a deficiency on the part of the appraiser or
appraisal management company in the completion of an assignment for real
property in Arkansas.
6.
"Owner" - means an individual owning more than ten percent (10%)
of an appraisal management company.
7.
"Registrant" - means an
appraisal management company or person that is registered under this
subchapter.
8.
-"Subject
Individual" - means:
a. A person
designated as the controlling person or managing principal as defined in A.C.A.
§
17-14-402(11);
b. An
individual with an ownership interest of ten (10) percent or more of an
appraisal management company; or
c.
In cases where ownership interest of ten (10) percent or more of the appraisal
management company is held by an entity other than an individual:
i. An individual who wholly owns a
corporation that owns ten (10) percent or more of an appraisal management
company;
ii. An individual wholly
owning and serving as the only general partner in a limited partnership that
owns ten (10) percent or more of an appraisal management company;
iii. An individual wholly owning and managing
a limited liability company that owns ten (10) percent or more of an appraisal
management company; or
iv. An
individual who wholly owns any other type of business entity that owns ten (10)
percent or more of an appraisal management company.
9.
"System" - means
an organized or established procedure or method.
Section III - Registration of appraisal management companies required
A person shall not act as an appraisal management company or perform appraisal management services in Arkansas unless they are registered by the Arkansas Appraiser Licensing and Certification Board.
Section IV
(A)
- Requirements for
registration and initial application
A. Before applying for registration in
Arkansas, the appraisal management company must be registered with the Arkansas
Secretary of State. For the purpose of this rule, "business name" means an
assumed name or the name of a business entity such as a corporation,
partnership, limited liability company, or other business entity recognized by
law. The appraisal management company must maintain the registered business
name with the Arkansas Secretary of State. The appraisal management company
must use the registered business name for all transactions in this state.
1. A domestic appraisal management company
shall designate an agent for service of process pursuant to A.C.A. §
4-20-105(a).
2. A foreign appraisal
management company shall provide either a certificate of authority issued by
the Arkansas Secretary of State or a copy of the company's filing with the
Arkansas Secretary of State appointing an agent for service of
process.
B. An appraisal
management company shall submit to the Board the following information to apply
for initial registration.
1. A completed
written initial application form. The initial application form is available on
the Board's website or from the Board office. Required information includes,
but is not limited to:
a. The name, mailing
address, website address, and telephone number of the appraisal management
company. The name on the application form must match the name registered with
the Arkansas Secretary of State.
b.
The name, mailing address, email address and telephone contact information of
the controlling person or managing principal.
c. The name, mailing address, email address
and telephone contact information of any subject individual that owns ten (10)
percent or more of the appraisal management company.
d. For all subject individuals, the
credential numbers issued by any state to do business as an
appraiser.
e. For appraisal
management companies, the registration numbers issued by any state to do
business as an appraisal management company.
f. If the appraisal management company is not
domiciled in Arkansas, the name, mailing address, email address and telephone
contact information for the entity's agent for service of process in this
state.
g. The application shall be
accompanied with a surety bond in the amount of $20,000 in a form and format
approved by the Board. Cash or securities may, with the Board's approval, be
deposited in lieu of a bond.
h. The
appraisal management company shall submit with the application the required
filing fee stipulated on the form.
i. A completed criminal history report
authorization form for all subject individuals.
2. A disclosure and documentation of any
administrative disciplinary action must be included with the application, if an
appraisal management company, in whole or in part, directly or indirectly, is
owned by any person or subject individual, who has had his or her appraiser
credential refused, denied, cancelled, surrendered in lieu of revocation, or
revoked in any state.
3. The
initial application for registration shall include a signed and dated
certification attesting to all of the requirements found in A.C.A. §
17-14-405(a)(6).
4. A signed and
dated certification attesting the following.
a. That the appraisal management company
maintains for a least five (5) years:
i. A
record of each appraisal management services request the company receives and
the appraiser who performs the real estate appraisal activity contained in the
request;
ii. A copy of each written
complaint received by the appraisal management company, along with proof of
documentation showing the complaint was forwarded to the appraisal management
company's client for the appraisal assignment; and
b. A certification that any employee of the
appraisal management company that performs the act or process of developing and
communicating a reviewer's own opinion of value as part of the appraisal review
for a property located in this state is an Arkansas credentialed real estate
appraiser.
c. Maintain a system to
verify the competency of appraisers on the appraisal management company's
appraiser panel that meets the minimum requirements in A.C.A. §
17-14-405(6) (E).
5. If
the Board finds that there is substantial reason to deny the application for
registration, the Board shall notify the applicant that the application has
been denied and shall afford the applicant an opportunity for a hearing before
the Board to show cause why the application should not be denied. All
proceeding concerning the denial of a certificate of registration shall be
governed by the Arkansas Administrative Procedures Act, §
25-15-201 et
seq.
6. The acceptance by the Board
of an application for registration does not constitute the approval of its
contents or waive the authority of the Board to take disciplinary
action.
7. Initial registrations
are issued for a period of twelve (12) months.
8. It is the policy of the Board to mail or
send electronically a renewal notice to registrants at the last mailing address
or email address on file with the Board at least thirty (30) days prior to the
expiration date of the registration. Neither the failure of the Board to send
such a notice nor the registrant's failure to receive such a notice shall
excuse the requirement to timely renew and pay the renewal fee. Registrants
must ensure that the address on file with the Board office is current and that
the Board is notified within thirty (30) days of any mailing address or email
address change.
(B)
- Requirements for renewal
applications
A. An
appraisal management company shall submit to the Board the following
information to apply for renewal registration.
1. A completed written renewal application
form. The renewal application form is available on the Board's website or from
the Board office. Required information includes, but is not limited to:
a. The name, mailing address, website
address, and telephone number of the appraisal management company. The name on
the application form must match the name registered with the Arkansas Secretary
of State.
b. The name, mailing
address, email address and telephone contact information of the controlling
person or managing principal.
c.
The name, mailing address, email address and telephone contact information of
any subject individual that owns ten (10) percent or more of the appraisal
management company.
d. For all
subject individuals, the credential numbers issued by any state to do business
as an appraiser.
e. For appraisal
management companies, the registration numbers issued by any state to do
business as an appraisal management company.
f. If the appraisal management company is not
domiciled in Arkansas, the name, mailing address, email address and telephone
contact information for the entity's agent for service of process in this
state.
g. The renewal application
shall be accompanied with a surety bond in the amount of $20,000 in a form and
format approved by the Board. Cash or securities may, with the Board's
approval, be deposited in lieu of a bond.
h. The appraisal management company shall
submit with the application the required renewal fee stipulated on the
form.
i. A completed criminal
history report authorization form for all subject individuals.
2. A disclosure and documentation
of any administrative disciplinary action must be included with the renewal
application, if an appraisal management company, in whole or in part, directly
or indirectly, is owned by any person or subject individual, who has had his or
her appraiser credential refused, denied, cancelled, surrendered in lieu of
revocation, or revoked in any state.
3. The renewal application for registration
shall include a signed and dated certification attesting to all of the
requirements found in A.C.A. §
17-14-405(a)(6).
4. A signed and dated certification attesting
the following.
a. That the appraisal
management company maintains for a least five (5) years:
i. A record of each appraisal management
services request the company receives and the appraiser who performs the real
estate appraisal activity contained in the request;
ii. A copy of each written complaint received
by the appraisal management company, along with proof of documentation showing
the complaint was forwarded to the appraisal management company's client for
the appraisal assignment; and
b. A certification that any employee of the
appraisal management company that performs the act or process of developing and
communicating a reviewer's own opinion of value as part of the appraisal review
for a property located in this state is an Arkansas credentialed real estate
appraiser.
c. Maintain a system to
verify the competency of appraisers on the appraisal management company's
appraiser panel that meets the minimum requirements in A.C.A. §
17-14-405(6) (E).
5. If
the Board finds that there is substantial reason to deny the renewal
application for registration, the Board shall notify the applicant that the
renewal application has been denied and shall afford the applicant an
opportunity for a hearing before the Board to show cause why the application
should not be denied. All proceeding concerning the denial of a certificate of
registration shall be governed by the Arkansas Administrative Procedures Act,
§
25-15-201 et seq.
6. The
acceptance by the Board of a renewal application for registration does not
constitute the approval of its contents or waive the authority of the Board to
take disciplinary action.
7. An
appraisal management company's registration will be placed in an inactive
status if the renewal fees are not paid by the expiration date.
8. An appraisal management company whose
registration is in an inactive status shall cease operating as an appraisal
management company in Arkansas.
9.
Renewal applications received after the expiration date and within six months
of the expiration of the registration shall be assessed a late fee of $50 per
month or partial month, in addition to the renewal fee.
10. If an appraisal management company whose
registration is in an inactive status does not submit a complete renewal
application within six months from the date of expiration of the registration,
the appraisal management company must reapply and pay all applicable
fees.
Section V
(A)
-
Appraisal Management Company National Registry fees
A. An appraisal management company shall
annually submit to the Board on February 28 an annual appraisal management
company national registry fee that is determined by the Appraisal Subcommittee
on a form provided by the Board.
B.
The fee will be based on the number of appraisers who have performed an
appraisal for the appraisal management company on a covered transaction in
Arkansas during January 1 to December 31 of the previous year. The calculations
are as follows.
1. If the appraisal
management company has been existence for more than a year, twenty-five dollars
($25) multiplied by the number of appraisers who have performed an appraisal
for the appraisal management company on a covered transaction in Arkansas
during the previous year; and
2. If
the appraisal management company has not been in existence for more than a
year, twenty-five dollars ($25) multiplied by the number of appraisers who have
performed an appraisal for the appraisal management company on a covered
transaction in Arkansas since the appraisal management company commenced doing
business.
C. The fee
will also apply to appraisal management companies that are subsidiaries of
Federal Financial Institutions that are exempt from state regulation but are
subject to the national registry fees.
D. If the report and fees are not paid by
February 28 of each calendar year, the appraisal management company will be
placed on inactive status on the Appraisal Management Company National
Registry.
E. A late fee of fifty
dollars ($50) must be paid for each month or partial month the form and
appraisal management company national registry fees are delinquent.
F. The Appraisal Management Company national
registry fees collected will be remitted to the Appraisal Subcommittee as
invoiced.
(B)
- Fees
A. The initial application fee for each
appraisal management company shall not exceed one thousand five hundred dollars
($1,500).
B. The renewal
application fee for each appraisal management company shall not exceed one
thousand five hundred dollars ($1,500).
C. Late fees are assessed at fifty dollars
($50) per month or partial month from the appraisal management company's
expiration date or when the appraisal management company national registry fees
are delinquent.
D. A criminal
history report fee not to exceed fifty dollars ($50) must be paid by the
appraisal management company for each person owning more than ten (10%) percent
of the appraisal management company. The amount to be paid is included on the
criminal history report authorization form.
E. The Appraisal Management Company National
Registry Fee of twenty-five dollars ($25) is calculated according to Section
V(A) (B) (1) and (2) of these rules.
Section VI - Reqistrant responsibilities and duties
A. The registrant shall comply with the
responsibilities and duties outlined in A.C.A. §
17-14-407 et
seq.
B. The registrant shall
disclose to an appraiser within their engagement documents verification of
their appraisal management company Arkansas Registration.
C. An appraisal management company must
submit to the Board a notice of business name change within thirty (30)
calendar days of the change. Such notification shall be in writing on a form
prescribed by the Board along with the following:
1. A corrected surety bond.
2. A copy of the Arkansas Secretary of State
business registration with the company's new name.
D. An appraisal management company with a
change of individual ownership greater than fifty (50) percent interest in the
appraisal management company, shall submit to the Board a notice of change of
ownership. Such notification shall be in writing on a form prescribed the by
the Board, along with the following:
1. A
completed surety bond.
2. A copy of
the Arkansas Secretary of State business registration showing a change of
registered agent;
3. A completed
background check authorization form for the new owner.
E. If the surety bond maintained by an
appraisal management company is terminated or cancelled, the appraisal
management company shall file a replacement surety bond as soon as practicable
or within ten (10) calendar days of the cancellation or termination, whichever
occurs sooner. An appraisal management company that does not file a replacement
surety bond shall surrender the appraisal management company's registration and
cease operating as an appraisal management company effective on the date of
cancellation of the surety bond.
F.
Every subject individual and employee of an appraisal management company must
cooperate with the Board and must respond fully and truthfully to Board
inquiries and comply with any requests from the Board, subject only to the
exercise of any applicable right or privilege. Failure to cooperate with the
Board is unethical and is grounds for discipline including revocation or
suspension of a registration, imposition of a civil penalty, or denial of a
registration, or any combination thereof.
Section VII - Disciplinary authority, enforcement and hearings
A. In addition to the registering of
appraisal management companies, the Board has been granted authority to
consider and prosecute complaints against registrants for practices that are
alleged to be in violation of Arkansas state law and/or these rules.
B. A violation of the prohibited activities
outlined in A.C.A. §
17-14-408 et seq. are grounds on which the Board may
file its own complaint against the appraisal management company or on which any
party may make a written complaint.
C. The Board will accept anonymous
complaints.
D. The Board may deny,
suspend, revoke, or refuse to issue a renewal registration of an appraisal
management company or may restrict or limit the activities of said company or a
person who owns an interest in or participates in the business of the appraisal
management company if the Board finds that any of the following circumstances
apply to the applicant, owner, registrant, a partner, a member, a manager or
officer, director, managing principal, controlling person, or persons occupying
a similar status or performing similar functions or a person directly or
indirectly controlling the registrant.
1. The
application for registration is found to contain statements that in light of
the circumstances under which it was made is false or misleading with respect
to a material fact.
2. The
registrant has violated or failed to comply with these Rules and Arkansas
Statutes.
3. The appraisal
management company's controlling person or managing principal or other subject
individuals has pleaded guilty or nolo contendere to or been found guilty of:
a. a felony listed under Act 990 of 2019
except those permanently disqualifying offenses found in subsection (e);
or
b. Within the past five (5)
years:
i. a misdemeanor involving mortgage
lending or real estate appraising; or
ii. an offense involving breach of trust or
fraudulent or dishonest dealing.
4. The registrant is permanently or
temporarily enjoined by a court of competent jurisdiction from engaging in or
continuing to conduct any practice involving appraisal management services or
operating an appraisal management company.
5. The registrant is the subject of an order
by the Board or appraisal management company regulatory agency denying,
suspending, or revoking the registrant's privilege to operate as an appraisal
management company in that jurisdiction.
6. The applicant/registrant acted as an
appraisal management company while not properly registered by this
Board.
7. The applicant/registrant
failed to pay the proper filing or renewal fees at the appropriate
time.
E. Upon receipt of
a written complaint or its own motion the Board shall proceed in processing a
complaint as follows.
1. First, establish that
the issue raised in the complaint is within the Board's jurisdiction.
2. A written notice and a copy of the
complaint shall be provided to the registrant advising of the allegations and a
request made of the respondent to submit a response within twenty (20)
days.
3. Upon timely receipt of the
registrant's response or a lack thereof, an investigation is initiated and a
report is subsequently provided to a Probable Cause Panel consisting of three
(3) Board members who will determine if the complaint should be dismissed,
resolved at the level of an informal conference or warrants a full Board
(Administrative) hearing. The recommendation of the Probable Cause Panel shall
be ratified by the Board before any further action is taken.
F. Subsequent to ratification of a
Probable Cause Panel recommendation by the Board, the respondent is advised of
the status of the complaint and the direction in which it is being
processed.
G. Upon the Board's
recommendation that a complaint be referred for a full Board (Administrative)
Hearing, it shall proceed as prescribed under the "Arkansas Administrative
Procedures Act" (A.C.A. §
25-15-201 et seq.) and the Board may suspend or
revoke the registration of an appraisal management company; or impose a fine
not to exceed $1,000 per violation; or take any other appropriate disciplinary
action as determined appropriate by the Board.
1. Prior to the Board imposing any penalty to
the registrant, the Board shall first notify the registrant in writing (via an
Order and Notice of Hearing) at least twenty (20) days prior to any hearing on
the charges and allegations made.
2. The Board shall afford the registrant an
opportunity to be heard in person or by counsel.
3. Upon the Board making a Findings of Fact,
Conclusions of Law, and Order, the Order shall be delivered by certified mail
to the registrant.
4. Pursuant to
the Administrative Procedures Act §
25-15-208(b), the Board has the option
of resolving company complaints against an appraisal management company without
a formal hearing if deemed appropriate by an action of the Board and consented
to by the responding appraisal management company.
Section VIII - Background Check
Any owner of an appraisal management company shall submit to a state criminal background check and a national fingerprint-based criminal background check performed by the Federal Bureau of Investigation. Each owner shall apply for state and national fingerprint-based criminal background checks, using forms furnished by and pursuant to instructions provided by the Board.
Each owner shall authorize the release of criminal background check reports to the Board and pay any applicable fees associated with the state and federal criminal background checks pursuant to the written instructions provided by the Board.
Application Procedure
All personnel for the Arkansas Appraiser Licensing and Certification Board (Board) will be trained and authorized to have access to each owner's criminal history report.
When an owner applies for his or her background check, and the Board receives the appropriate application form and required fees the Board Staff will provide the owner with instructions to obtain his or her background check.
1. If the owner does not have a
criminal history, agency personnel will issue the registration when all other
requirements are fulfilled.
2. If
the owner's criminal history report contains a disqualifying conviction(s), the
appraisal management company's application or renewal will not be approved. A
letter indicating there is a disqualifying conviction will be sent to the owner
by Restricted and Certified mail with the owner as the only individual who may
sign for the receipt of the letter at the United States Postal
Service.
3. It is the policy of the
Board not to provide a copy of the FBI criminal history record to the owner.
The owner may obtain a copy of the record by submitting fingerprints and a fee
to the FBI. Information regarding this process may be obtained on the FBI's
website.
4. If, after viewing
his/her criminal identification record, he/she believes that it is incorrect or
incomplete in any respect and wish changes, corrections, or updating of the
alleged deficiency he/she should make application directly to the agency which
contributed the questioned/deficient information. He/she may also direct
his/her challenge as to the accuracy or completeness of any entry on his/her
record to the FBI, Criminal Justice Information Service (CJIS) Division, and
Attn: SCU, Mod. D2, 1000 Custer Hollow Road, Clarksburg, WV 26306. The FBI will
then forward the challenge to the agency which submitted the data, requesting
that agency to verify or correct the questioned/deficient entry. Upon the
receipt of an official communication directly from the agency which contributed
the original information, the FBI CJIS Division will make any changes necessary
in accordance with the information supplied by that agency.
5. Should an owner challenge his/her criminal
identification record, he/she shall notify the Board in writing. After receipt
of such notice, the Board shall not determine whether an owner is qualified
until the owner has had a reasonable opportunity to challenge said criminal
identification record and shall not process the application until the challenge
of said record is resolved by the State Identification Bureau and/or Arkansas
Crime Information Center. The owner shall notify the Identification Bureau to
forward to the Board changes in the owner's record as a result of such
challenge.
6. If an applicant with
a disqualifying conviction chooses to appeal the decision to deny his/her
application, he/she may appeal to the Board for a waiver to be credentialed.
The applicant has (30) thirty calendar days from the date notification is
received from the AALCB in which to appeal the decision.
7. Each applicant with a disqualifying
conviction who requests a waiver may appear before the AALCB or may choose to
allow the Board to make a determination on the request for a waiver based on
the file documentation obtained by the Board and that submitted by the
applicant.
8. If an individual has
been convicted of an offense listed in Act 990 of 2019 except those permanently
disqualifying offenses found in subsection (e), the Board may waive
disqualification of a potential applicant or revocation of a registration based
on the conviction if a request for a waiver is made by:
1. An affected applicant for registration;
or
2. An individual holding a
registration subject to revocation.
9. The Board may grant a waiver upon
consideration of the following, without limitation:
1. The age at which the offense was
committed;
2. The circumstances
surrounding the offense;
3. The
length of time since the offense was committed;
4. Subsequent work history since the offense
was committed;
5. Employment
references since the offense was committed;
6. Character references since the offense was
committed;
7. Relevance of the
offense to the registration; and
8.
Other evidence demonstrating that registration of the applicant does not pose a
threat to the health or safety of the public.
10. A request for a waiver, if made by an
applicant, must be in writing.
11.
The Board will respond with a decision in writing and will state the reasons
for the decision.
12. An appeal of
a determination under this section will be subject to the Administrative
Procedures Act §
25-15-201
et seq.
13. The criminal history information, along
with all supporting documentation, will be destroyed after (7) seven years by
having authorized agency personnel cross-shred all information including the
file folder. This time limit will be confirmed with the State of Arkansas
Records Retention policy in effect at the time the documents are scheduled to
be destroyed.
14. The exchange of
the Criminal History Report Information is subject to cancellation if
dissemination is made outside the receiving departments or related agencies and
if Criminal History Record Information is used for any other reason that is not
stated in Arkansas State law. Furthermore, depending upon the nature of the
offense and the identity of the offender, federal or state crimes may be
charged for the willful, unauthorized disclosure of Criminal History Report
Information. Misuse of the Criminal History Report Information is a Class A
Misdemeanor or a Class D Felony depending on the circumstances. ACA
12-12-212
and
12-12-1002(b)
and Title 28, U.S.C., § 534, Pub. L. 92-544, Title 28, CFR, 20.33 (d).
Misuse of the Criminal History Report Information may result in termination of
agency personnel involved.
Pre-Licensure Criminal Background Check
A. Pursuant to Act 990 of 2019, an individual
may petition for a pre-registration determination of whether the individual's
criminal record will disqualify the individual from registration and whether a
waiver may be obtained.
B. The
individual must obtain the pre-registration criminal background check petition
form from the Board.
C. The Board
will respond with a decision in writing to a completed petition within a
reasonable time.
D. The Boards
response will state the reason(s) for the decision.
E. All decisions of the Board in response to
the petition will be determined by the information provided by the
individual.
F. Any decision made by
the Board in response to a pre-registration criminal background check is not
subject to appeal.
G. The Board
will retain a copy of the petition and response and it will be reviewed during
the formal application process.
Section IX - Audits
A. An audit of an
appraisal management company registered to provide appraisal management
services in Arkansas may be conducted by the Board.
B. In the case of a subsidiary or affiliate
of a financial institution engaging in business as an appraisal management
company without obtaining a registration to provide appraisal management
services in Arkansas, the Board may conduct an audit of the appraisal
management company in a joint or alternating manner with the appropriate
federal banking agency or the Consumer Financial Protection Bureau as permitted
or requirement by applicable law.
C. The Board may audit an appraisal
management company at any time or times and may require the production of such
records at the office of the Board as often as necessary.
D. An appraisal management company that
refuses to submit to an audit shall be considered to have failed the
audit.
Section X - Injunctive Relief- Criminal Penalty
It is unlawful for an appraisal management company or a person not registered under A.C.A. § 17-14-401 et seq. to perform any act for which registration is required. In order for the Appraiser Licensing and Certification Board to fulfill its legislated responsibilities, it may appear in its own name before a Circuit Court of competent jurisdiction to obtain injunctive relief to prevent a person from violating any provision of this Act. The Circuit Court has the option of granting a temporary or permanent injunction regardless of whether any criminal prosecution has been or may be instituted as a result of the violation or the individual or company is a holder of a registration issued by the Board.
Section XI - Applicability
A. Act 628
of 2009 clearly sets forth the following specific entities and conditions for
which an appraisal management company registration is not required. These rules
of registration shall not apply to:
1. An
agency of the federal, state, county, or municipal government;
2. A person authorized to engage in business
as a bank, farm credit system, savings institution, or credit union under the
laws of the United States, the State of Arkansas, or any other state;
3. A licensed real estate broker or licensed
real estate agent performing activities regulated by the Arkansas Real Estate
Commission unless the licensed real estate broker or licensed real estate agent
received compensation or other pecuniary gain in connection with the referral,
placement, or execution of a request for appraisal services; or
4. An officer or employee of a government
agency, person, licensed real estate broker, or licensed real estate agent
described in this section when acting within the scope of employment of the
officer or employee.
A violation of A.C.A. § 17-14-401 et seq. is a class D felony.
Disclaimer: These regulations may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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