New Hampshire Code of Administrative Rules
Rab - Real Estate Appraiser Board
Chapter Rab 300 - APPRENTICE CLASSIFICATION, CERTIFICATE, AND LICENSE REQUIREMENTS
Part Rab 308 - REGISTRATION OF APPRAISAL MANAGEMENT COMPANIES
Section Rab 308.01 - Appraisal Management Company Requirements

Universal Citation: NH Admin Rules Rab 308.01

Current through Register No. 13, March 27, 2025

(a) Appraisal management companies offering appraisal services in New Hampshire shall meet the requirements established pursuant to RSA 310-B:12-b through RSA 310-B:12-u.

(b) Each appraisal management company shall designate one controlling person who is an employee of the appraisal management company that will be the designated contact for all communication between the OPLC and the appraisal management company.

(c) No appraisal management company applying for a certificate of registration shall:

(1) Be owned by or employ any person to perform job functions related to the ordering, preparation, performance, or review of appraisals who has had an appraiser license or certificate in this state or in any other state, refused, denied, cancelled, surrendered in lieu of revocation, or revoked, unless such license or certificate was subsequently granted or reinstated; and

(2) Be more than 10 percent owned by a person who has been convicted of, or entered a plea of nolo contendere to, a felony relating to the practice of appraisal, banking, mortgage lending, or the provision of financial services, or any crime involving fraud, misrepresentation, or moral turpitude.

(d) Applicants for appraisal management company registration shall provide, or cause to be provided, on the "Appraisal Management Company (AMC) Application" supplied by the OPLC the following information:

(1) AMC's name as filed with the secretary of state's office;

(2) AMC's New Hampshire license number, if applicable;

(3) Names under which the company is doing business in any other state, if applicable;

(4) The company's business addresses;

(5) The contact person's full legal name, email address, and telephone numbers;

(6) The employer identification number (EIN);

(7) The name and address of the company's agent if the person is not a corporation that is domiciled in this state;

(8) Yes or no to the question "Is the AMC located in New Hampshire?";

(9) Yes or no to the questions "Is the AMC owned by a federally regulated depository institution?";

(10) Yes or no to the question "Is the company a single state company?"

(11) Yes or no to the question "Is the company a multi-state company?";

(12) Name, address, and email address of one controlling person designated as the main contact for all communication between the AMC and the board;

(13) The names, and addresses, of any individual, corporation, partnership, or other business entity that owns 10 percent or more of the AMC;

(14) If a company is wholly owned by another corporation list names and titles of the CEO or head of the AMC and the corporation, partnership, or other business entity they represent;

(15) Indicate yes or no to the following:
a. "Does the AMC require an appraiser completing appraisals at its request to comply with USPAP including the requirements for geographic and product competence?";

b. "The AMC is not owned and does not employ any person to perform job functions related to the ordering, preparation, performance, or review of appraisals who has had an appraiser license or certificate in this state or in any other state, refused, denied, cancelled, surrendered in lieu of revocation, or revoked? If no, was the license or certificate reinstated?";

c. "Does the AMC have an owner holding more than 10 percent of the entity who has been convicted of, or entered a plea of nolo contendere to, a felony relating to the practice of appraisal, banking, mortgage lending, or the provision of financial services, or any crime involving fraud, misrepresentation, or moral turpitude?";

d. "Will the AMC maintain a detailed record of each service request that it receives and the appraiser that performs the residential real estate appraisal services for the AMC?";

e. "Will the AMC have a system and process in place to verify that an individual being added to the appraiser panel of the AMC holds a license in good standing in this state?";

f. "Does the AMC have a system in place to verify that only licensed or certified appraisers are used for federally related transactions?";

g. "The AMC has a system or process to require that appraisals are conducted independently and free from inappropriate influence and coercion as required by the appraisal independence standards established under section 129E of the Truth in Lending Act, including the requirement that fee appraisers be compensated at a customary and reasonable rate when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer.";

h. "Has the AMC ever has been subject to any disciplinary action taken by any other real estate appraisal licensing entity and, if yes, attach a detailed description of any and all action(s)?";

i. "Has the entity for which the application is submitted ever been convicted of a crime and, if yes, attach a detailed description of such conviction and copies of relevant court documents?";

j. "Does the AMC for which the application is submitted have any criminal charges pending in any jurisdiction or country and, if yes, attach a detailed description of the charges including copies of the charging documents.";

k. "I give permission to the board or OPLC to examine books and records and will provide such records upon request."

l. "I will only employ appraisers duly certified or licensed by the OPLC to perform appraisals within the state, and I will verify such licensure prior to issuing an appraisal assignment.";

(16) The applicant's dated signature below the following statement:

"I attest that the information contained in this form is true and accurate to the best of my knowledge and belief and acknowledge that the provision of false information in the application is a basis for disciplinary action by the board."; and

(17) The application fee required by Plc 1002.44.

(e) Each applicant shall complete and submit the "Appraisal Management Company (AMC) National Registry Eligibility and Fee Calculation Sheet" providing the following information:

(1) Name;

(2) Business address;

(3) Business telephone number;

(4) E-mail address of the business;

(5) Employer identification number;

(6) Indicate whether the employer is a single state company or a multi-state company;

(7) Answer yes or no to the following questions:
a. "Does the AMC oversee a panel of 16 or more certified or licensed appraisers in only this state within a given year that have been recruited, selected, and retained to perform appraisals in connection with a covered transaction?";

b. "Does the AMC oversee a panel of 25 or more certified or licensed appraisers in more than one state within a given year that have been recruited, selected, and retained to perform appraisals in connection with a covered transaction?";

c. "Is this a federally regulated AMC?";

d. "Does the AMC have any owner, in whole or in part, directly or indirectly, that has had an appraiser credential refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any state?";

e. "Has each credential referred to in question 4 been reinstated?"; and

f. "Does the AMC have an owner of 10% or more who:
1. Has been a defendant in any lawsuit involving claims of gross negligence, fraud, misrepresentation, mismanagement of funds, conversion, breach of fiduciary duty, breach of conduct, or deceit?";

2. "Has been found by any civil court to have failed to account to a client or customer for money or property collected for or on behalf of the client or customer"; or

3. "Has been charged with, indicted for, or convicted of, or entered a plea to, any criminal offense (felony, gross misdemeanor, or misdemeanor), other than traffic violations, in any state or federal court?";

(8) Under the fee calculation indicate the following:
a. Indicate how many appraisers, on the AMC's panel, performed appraisals in connection with a covered transaction in New Hampshire between the period of October 1 of the previous year and September 30 of the current year; and

b. Times the total number calculated in a. above by $25.00 and that is the total amount due with the "Appraisal Management Company (AMC) Application"; and

(9) The controlling person shall sign and date the form under the following statement:

I, ___________________________ (Print Name of Designed Controlling Person) attest that the panelist information reported on this document is true and correct to the best of my knowledge and belief and acknowledge that the provision of false information in the application is a basis for disciplinary action by the board.

(f) If the appraisal management company is not domiciled in New Hampshire, then it will need to complete and submit an irrevocable uniform consent to service of process, described in Rab 301.02(h).

(g) The applicant shall submit the application fee required by Plc 1002.44.

(h) Each individual who owns 10 percent or more of the appraisal management company shall submit to the department of safety, division of state police, a notarized criminal record release authorization along with any required fee, with the board identified as the recipient of the record or records.

(i) Applicants for appraisal management company registration shall be of good moral character, as evidenced by:

(1) The past disciplinary history with this board of any individual that owns 10% or more of the appraisal management company. If the appraisal management company is wholly owned by another company, the past disciplinary history of the CEO or head of that company;

(2) The answers to questions Rab 308.01(d)(15), as provided on the "Appraisal Management Company (AMC) Application" form; and

(3) Any criminal offender record reports obtained pursuant to (e) above.

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