Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2e - Appraisal Management Company Administrative Rules
Section R162-2e-201 - Registration Required - Qualification for Registration
Universal Citation: UT Admin Code R 162-2e-201
Current through Bulletin 2024-06, March 15, 2024
(1) The division may not register or renew the registration of an AMC that fails to:
(a)
comply with any provision of Utah Code Title 61, Chapter 2e, "Appraisal
Management Company Registration and Regulation Act";
(b) register with the Utah Division of
Corporations and Commercial Code and provide to the division its certificate of
existence;
(c) pursuant to this
Subsection (4)(a), evidence having secured a surety bond that:
(i) is in the amount of $25,000;
and
(ii) provides, throughout the
full period of registration, for the division to make a claim:
(A) on behalf of an appraiser; and
(B) for unpaid fees as awarded to the
appraiser in a final judgment entered by a court of competent jurisdiction;
or
(d) comply
with any provision of these rules.
(2) The division shall schedule a hearing before the board for an AMC that:
(a)
(i) applies for registration or renewal of
registration;
(ii) has a control
person who discloses, or the division finds through its own research, an issue
that might affect the control person's moral character; and
(iii) the division determines that the board
should be aware of the issue; or
(b) fails to provide an adequate explanation
for the AMC's:
(i) plan to ensure the use of
licensed appraisers in good standing;
(ii) plan to ensure the integrity of the
appraisal review process; or
(iii)
plan for record keeping.
(3)
(a) An
AMC shall register with the division in the name of the legal entity under
which it is registered with the Utah Division of Corporations and Commercial
Code and conducts the business of appraisal management in Utah and in other
states.
(b) An AMC shall notify the
division of a dba, trade name, or assumed business name under which the
registered legal entity operates in Utah:
(i)
at the time of registration; or
(ii) if applicable, immediately upon
beginning to operate under such dba, trade name, or assumed business
name.
(c) If an AMC
changes its registered name, a dba, a trade name, or an assumed business name,
the AMC shall notify the division:
(i) in
writing; and
(ii) within ten
business days of making the change.
(4)
(a) The
deadline by which an AMC shall demonstrate that the entity has obtained a
surety bond pursuant to Subsection (1)(c) is as follows:
(i) For an AMC that applies for registration
on or after October 1, 2012, the bond shall be obtained as a condition for
initial registration.
(ii) For an
AMC that obtained its initial registration prior to January 1 2011 and applies
for renewal on or after October 1, 2012, the bond shall be obtained as a
condition of the 2012 renewal.
(iii) For an AMC that is not described by
this Subsection (4)(a)(i) or (ii), the deadline for obtaining the surety bond
shall be January 1, 2013.
(b) Failure to comply with an applicable
deadline as outlined in this Subsection (4)(a) shall result in the automatic
suspension of an AMC's registration until such time as the AMC provides
evidence to the division that it is in compliance with the surety bond
requirement.
(c) If an AMC's surety
bond lapses or is cancelled during the period of registration, the division
shall:
(i) allow the AMC 30 days in which to
comply with the surety bond requirement; and
(ii) if the AMC fails to obtain or reinstate
a surety bond within 30 days, immediately and automatically suspend the AMC's
registration until such time as the AMC provides evidence to the division that
it is in compliance with the surety bond requirement.
Disclaimer: These regulations may not be the most recent version. Utah 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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