Current through Register Vol. 49, No. 18, September 16, 2024
PURPOSE: This amendment removes the more than ten
percent (10%) ownership requirement.
(1) To apply for a license, an appraisal
management company (AMC) shall submit a nonrefundable initial application fee
as established by rule in
20 CSR
2245-5.020(2) along with the written
application on a form provided by the commission which shall include, but is
not limited to, the following information:
(A) Name of entity seeking
registration;
(B) Business address
of entity seeking registration, which shall be located and maintained in this
state;
(C) Phone contact
information of the entity seeking registration;
(D) The name and contact information for the
company's agent for service of process in this state;
(E) The name, address, and contact
information for any individual or any corporation, partnership, or other
business entity that owns more than ten percent (10%) of the appraisal
management company;
(F) The name,
address, and contact information for a designated controlling person to be the
primary communication source for the commission;
(G) Proof of submission of fingerprints to
the Missouri State Highway Patrol's approved vendor for both a Missouri State
Highway Patrol and Federal Bureau of Investigation background check for the
controlling person and each person who owns more than ten percent (10%) of an
appraisal management company as listed on the application;
(H) A surety bond in the amount of twenty
thousand dollars ($20,000); and
(I)
Verification from each state, United States territory, province, or country
regulatory entity in which a license, certificate, registration, or permit as
an appraisal management company is held or has ever been held, submitted
directly to the commission.
(2) An AMC which operates in this state under
more than one (1) business name (d.b.a.s or "doing business as") shall disclose
the name of each d.b.a. on the application for licensure.
(3) The initial application submitted by the
appraisal management company shall include the following certifications:
(A) That the AMC has a system in place to
verify appraisers on their panel are licensed by the Missouri Real Estate
Appraisers Commission and hold a current, valid, unencumbered license to
practice in the state of Missouri;
(B) That the AMC has in place a system to
review the work of all appraisers performing appraisal services and that the
services are conducted in compliance with the Uniform Standards of Professional
Appraisal Practice;
(C) That the
AMC maintains a detailed record of each service request that it receives for
appraisal services in Missouri and the appraiser who performs the appraisal
services for the AMC; and
(D) That
the AMC has reviewed each person or entity that owns any percentage of the
company and determined that no person or entity has held a license or
certificate that was refused, denied, cancelled, revoked, or surrendered in
lieu of revocation.
(4)
An AMC shall notify the commission in writing within thirty (30) days of a
change in its controlling person, agent of record, or ownership
composition.
(5) Each application
for an appraisal management company registration shall be made in the name of
the person or business entity authorized to conduct business in Missouri. No
registration shall be issued to a company that has no legal recognition. A
Missouri AMC shall maintain a current and active authorization to conduct
business in Missouri with the Missouri Secretary of State.
*Original authority: 43.543, RSMo 1993, amended 2003, 2005,
2008; 339.509, RSMo 1990, amended 1998, 2012; 339.511 , RSMo 1990, amended
1998, 2012; 339.513, RSMo 1990, amended 1990, 1998, 2007, 2012; and 339.544,
RSMo 1998.
