Code of Massachusetts Regulations
264 CMR - BOARD OF REGISTRATION OF REAL ESTATE APPRAISERS
Title 264 CMR 13.00 - Appraisal Management Companies
Section 13.06 - Duties and Authority of the Board
Universal Citation: 264 MA Code of Regs 264.13
Current through Register 1531, September 27, 2024
(1) In addition to the powers necessary to implement and enforce these regulations, the Board shall have the authority to:
(a) Discipline,
suspend, terminate or deny renewal of the registration of an appraisal
management company that violates applicable appraisal-related laws, regulations
or orders;
(b) Report an appraisal
management company's violation of applicable appraisal-related laws,
regulations or orders, as well as disciplinary and enforcement actions and
other relevant information about the operations of an appraisal management
company, to the Appraisal Subcommittee;
(c) Submit to the Appraisal Subcommittee, in
writing, the following information:
1.
Information regarding registered appraisal management companies requested by
the Appraisal Subcommittee for inclusion in the national AMC
registry;
2. Information received
from an AMC that operates as a subsidiary of a federally regulated financial
institution related to determination of that AMC's annual national AMC registry
fee;
3. As soon as practicable,
notice that an AMC is no longer registered with the Commonwealth;
4. Timely reports of supervisory activities
involving AMCs, including investigations resulting in disciplinary action
against an AMC;
5. Within five
business days after it becomes final, disciplinary action taken against an AMC;
and
6. Remit the annual national
AMC registry fee received from each appraisal management company and each AMC
that operates as a subsidiary of a federally regulated financial
institution.
(2) Nothing in 264 CMR 13.00 shall diminish the authority of the Board to regulate natural persons licensed as appraisers under M.G.L. c. 112, §§ 173 through 195 and 264 CMR 1.00 through 12.00.
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