West Virginia Code of State Rules
Agency 190 - Real Estate Appraiser Licensing And Certification Board
Title 190 - LEGISLATIVE RULE WEST VIRGINIA REAL ESTATE APPRAISER LICENSING AND CERTIFICATION BOARD
Series 190-05 - Requirements for Registration and Renewal of Appraisal Management Companies
Section 190-5-3 - Registration Requirements
Universal Citation: 190 WV Code of State Rules 190-5-3
Current through Register Vol. XLI, No. 38, September 20, 2024
3.1 Every person or firm who desires to be registered as an appraisal management company in this State shall comply with the provisions of W. Va. Code § 30-38A-1 et seq. and submit a written application on a form prescribed by the board setting forth the following:
3.1.a. The legal name of the applicant, the
name under which the applicant will do business in West Virginia, and the
physical and mailing address, telephone number, website, facsimile, and email
address of the appraisal management company;
3.1.b. The name, the physical and mailing
address and the contact information, including telephone number and e-mail
address, of the controlling person of the appraisal management company seeking
registration;
3.1.c. The name, the
physical and mailing address and the contact information, including telephone
number and e-mail address, of an individual that will be the initial point of
contact or register agent for all communications with the board, if it is not
the controlling person;
3.1.d If
the applicant is a domestic firm, the designation of an agent for service of
process; if the applicant is a foreign firm, documentation that the foreign
firm is authorized to do business in this State and that an agent for service
of process has been designated. The applicant shall submit a copy of the filing
with the Secretary of State's Office appointing an agent service of
process;
3.1.e. A certificate of
authority issued by the Secretary of State;
3.1.f. Every appraisal management company
shall file with the board a copy of the annual Report required to be filed with
the Secretary of State under W. Va. Code §
59-1-2a on or before the
30th day of June on an annual basis; and
3.1.g. The fees required pursuant to W. Va.
Code §
30-38A-10 and this rule shall accompany each application for
registration. The board shall reject and return to the applicant any
application which is incomplete or not accompanied by the required
fees.
3.2 Every person or firm seeking to be registered as an appraisal management company in this State shall certify on a form prescribed by the board the following:
3.2.a. That the appraisal management company
has written policies and procedures demonstrating compliance with W. Va. Code
§
30-38A-7 et seq., and such policies and procedures shall be provided to
the board upon request;
3.2.b. That
the appraisal management company will have a system in place to require
appraisals are conducted independently and without inappropriate influence and
coercion as required by the appraisal independence standards established under
section 129E of the Truth in Lending Act and the rules and regulations issued
pursuant to the Appraisal Act;
3.2.c That the appraisal management company
requires the appraisers completing Appraisals at the company's request to
comply with the Uniform Standards of Professional Appraisal Practice
(USPAP);
3.2.d. That the appraisal
management company will not compensate employee, a real estate broker or real
estate agent to perform a BPO or comparative market analysis pursuant to W.Va.
Code 30-38-1;
3.2.e. That the
appraisal management company will maintain records required per WV Code §
30-38A-13 for a minimum period of five years, or at least two years after final
disposition of any judicial proceeding related to the assignment, whichever
period expires last;
3.2.f. That
the appraisal management company will provide proof of valid sufficient surety
bond as required by W. Va. Code §
30-38A-9; and
3.2.g That individuals required by W.Va. Code
§
30-38A-8 will submit to Required state and national criminal history
record checks.
Disclaimer: These regulations may not be the most recent version. West Virginia 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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