Code of Massachusetts Regulations
264 CMR - BOARD OF REGISTRATION OF REAL ESTATE APPRAISERS
Title 264 CMR 13.00 - Appraisal Management Companies
Section 13.03 - Application Procedure

Universal Citation: 264 MA Code of Regs 264.13

Current through Register 1531, September 27, 2024

(1) An appraisal management company must register with the Corporations Division of the Secretary of the Commonwealth before submitting an application for registration with the Board.

(2) An application for registration as an appraisal management company shall be submitted on a form prescribed by the Board and the applicant must certify, under the pains and penalties of perjury, that the information provided in the application is truthful and accurate.

(3) With the application, each applicant shall submit to the Board:

(a) The applicable application and registration fees as determined by the Secretary of Administration and Finance pursuant to M.G.L. c. 7, § 3B, together with the national AMC registry fee calculated as $25 or other amount determined by the federal Appraisal Subcommittee under 12 CFR 1102.403, multiplied by the number of appraisers who have performed an appraisal for the AMC in connection with a covered transaction in Massachusetts during the 12 month period preceding the date of the submitted application, and that number of appraisers shall be calculated in accordance with 264 CMR 13.05(4);

(b) A true and complete copy of the Business Entity Summary for the applicant issued by the Secretary of the Commonwealth, dated not fewer than ten business days prior to the date the application is submitted;

(c) The name and address of the applicant's registered agent located in the Commonwealth;

(d) Irrevocable Uniform Consent to Service of Process;

(e) A surety bond in the amount of $20,000.00 to secure the faithful performance of the company's obligations, in a form prescribed or approved by the Board, to accrue to the Commonwealth for the benefit of a claimant against the appraisal management company;

(f) A completed, signed and notarized Criminal Offender Record Information (CORI) Authorization Form for every person who owns more than 10% or is an officer, controlling person, or employee in charge of the applicant; and

(g) Other information reasonably required by the Board.

(4) Prior to an application being considered complete, each applicant for registration as an AMC must submit a list of all persons who directly or indirectly own more than 10% of the applicant and all officers, controlling persons, and employees in charge of the applicant, and information for each natural person identified in said list, including:

(a) The person's full legal name and any aliases;

(b) The person's address;

(c) The person's date of birth;

(d) A photocopy of the person's driver's license or other government-issued identification card;

(e) A CORI Acknowledgment Form, pursuant to 803 CMR 2.11: Requirements for Requestors to Request CORI, provided by the Commission, signed by the person and notarized;

(f) Authorization to obtain a full set of fingerprints, if required by the board, in accordance with U.S. Public Law 92-544 and M.G.L. c. 112, §§ 279(c) and 289, submitted in a form and manner as determined by the board; and

(g) Any other information, authorization or disclosure deemed necessary by the Board for the purposes of conducting a background check.

(5) Any and all persons required to submit fingerprints shall pay a fee to be established by the Massachusetts Secretary of Administration and Finance, in consultation with the Massachusetts Secretary of Public Safety and Security and the board, to offset the costs of operating and administering a fingerprint-based criminal background-check system.

Any fees collected from fingerprinting activity under 264 CMR 13.00 shall be deposited into the Fingerprint-based Background Check Trust Fund established in M.G.L. c. 29, § 2HHHH.

(6) The Board may return to the applicant any application that is incomplete or is not accompanied by the required fee or documentation. Applications shall be valid for one year from the date of receipt by the board, and the one-year period shall not be extended.

(7) The application shall be submitted using the name or names of the legal entity under which the appraisal management company offers or provides appraisal management services in Massachusetts and in other states, and must include in the application any and all trade names or assumed business names under which it operates in any manner in Massachusetts.

(8) The Board may refuse to register or renew the registration of an appraisal management company that fails to comply with any provision of M.G.L. c. 112, §§ 276 through 289 and 264 CMR 13.00.

Disclaimer: These regulations may not be the most recent version. Massachusetts 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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