Current through September 24, 2024
(1) An applicant
for registration as an Appraisal Management Company or an entity that is exempt
from the registration requirements pursuant to T.C.A. § 62-39-404(1) must
submit a written application on the prescribed form. The application shall
include the following information and certifications:
(a) The name, business address, telephone
number and email address of the person or entity seeking
registration.
(b) Designation of an
agent for service of process within the state and an irrevocable Uniform
Consent to Service of Process.
(c)
If the entity is not a corporation that is domiciled in this state, the name
and contact information for the company's agent for service of process in this
state.
(d) The name, address and
contact information for any individual or entity owning ten percent (10%) or
more of the Appraisal Management Company.
(e) The name, address and contact information
for an individual designated as the controlling person.
(f) Certification that any person owning the
entity, in whole or in part, directly or indirectly, has never had a license or
certificate to act as an appraiser refused, revoked or surrendered in lieu of
disciplinary action in any state.
(g) Certification that the Appraisal
Management Company is not owned by any person who has been convicted of any
felony or a misdemeanor involving the theft of services, money or property, or
has had an appraiser license, certification or registration denied, revoked or
suspended subject to a disciplinary proceeding in any state.
(2) A registration fee of two
thousand dollars ($2,000.00) is required at the time of application.
(3) The applicant shall post with the
Commission at the time of application a surety bond in the amount of twenty
thousand dollars ($20,000.00).
(a) The bond
shall accrue to the State for the benefit of a claimant against the registrant
to secure the performance of the registrant's obligation.
(b) Any claims reducing the face amount of
the bond must be restored at the time of the biennial renewal.
(4) Upon completion of the
registration application and payment of all fees, the Commission shall issue
the registrant a unique registration number and shall publish a list of all
registered Appraisal Management Companies.
(5) For purposes of Chapter 1255-08 and the
Tennessee Appraisal Management Company Registration and Regulation Act, unless
context otherwise requires:
(a) "Good Moral
Character" means a person has not been convicted of or pled nolo contendere to
any felony or a misdemeanor involving theft of services, money or property, and
has never had an appraiser license, certification or registration denied,
revoked or suspended in any state.
Authority: T.C.A. §§
62-39-203,
62-39-403, 62-39-407, 62-39-408, 62-39-409, 62-39-410, and
62-39-423.
