Current through April 3, 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 more than ten percent (10%) 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. §§
62-39-403,
62-39-407,
62-39-408,
62-39-409,
62-39-410, and 62-39-423.
