Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 2245 - Real Estate Appraisers
Chapter 10 - Appraisal Management Company
Section 20 CSR 2245-10.030 - Renewal

Universal Citation: 20 MO Code of State Regs 2245-10.030

Current through Register Vol. 49, No. 18, September 16, 2024

PURPOSE: This amendment requires appraisal management companies to have a process to verify active licensure.

(1) Every license issued shall expire on June 30 of every even numbered year after the date of issuance. The commission shall mail to each registrant, at least sixty (60) days prior to the expiration date of each renewal year, a notice of the expiration and application for renewal of the license to the address on file with the commission. The commission may issue a new registration for each renewal period upon receipt of a properly completed renewal application, nonrefundable fee as established by rule in 20 CSR 2245-5.020(2), and satisfactory proof that the appraisal management company (AMC) meets all requirements for licensure renewal postmarked before midnight on June 30 of each year of expiration. Delinquent renewals shall be accompanied by a nonrefundable delinquent fee as established by rule in 20 CSR 2245-5.020(2).

(2) At the time of renewal the AMC shall certify to the commission on the renewal form that-

(A) The AMC has a system and process in place to verify that an individual being added to the appraiser panel holds an active license in good standing in this state;

(B) The AMC has a system in place to verify that an individual whom the AMC is making an assignment for the completion of an appraisal has not had a license or certificate refused, denied, cancelled, revoked, or surrendered in lieu of pending revocation and not subsequently granted or reinstated;

(C) The AMC has a system in place to perform an appraisal review on a periodic basis of the work of all appraisers who are performing appraisals for the AMC to validate the appraisals are being conducted in compliance with the Uniform Standards of Professional Appraisal Practice; and

(D) The AMC maintains a detailed record of each service request for appraisal services within the state of Missouri that it receives from each appraiser who performs an appraisal for the AMC in Missouri.

(3) Failure to receive the notice and application to renew from the commission shall not excuse the registrant from the requirements for renewal contained in this rule.

*Original authority: 339.511 , RSMo 1990, amended 1998, 2012; 339.525, RSMo 1990, amended 1997, 2007, 2012; and 339.544, RSMo 1998.

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