California Code of Regulations › Title 10 - Investment › Chapter 6.5 - Bureau of Real Estate Appraisers › Article 4 - Application Process › Section 3576 - Background Requirements for Controlling Persons in Appraisal Management Companies

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				No individual can act as a Controlling Person of an Appraisal Management
				Company who has had a license or certificate to act as an appraiser, or to
				engage in any activities related to real estate lending or the transfer of real
				property refused, denied, canceled, or revoked in California or any other
				state.
(b) A Controlling Person of
				an Appraisal Management Company that holds a Certificate of Registration who
				has entered a plea of guilty or no contest to, or been convicted of, a felony,
				must report this occurrence to the Bureau within 10 calendar days of the date
				of the action above. Any owner of any Appraisal Management Company that holds a
				certificate of registration, without regard to the percentage owned, who has
				had a real estate appraiser's license or certificate refused, denied,
				cancelled, revoked, or surrendered in lieu of revocation, in California or any
				other state must report the action to the Bureau within 10 calendar days of the
				date he or she has knowledge of the action.
(c) Any Controlling Person applicant who is
				licensed or certified as a real estate appraiser in any other jurisdiction must
				have a license in good standing in that jurisdiction and provide the Bureau
				with a certificate of license history.
(d) Any Controlling Person applicant who is
				not licensed or certified by the Bureau must submit fingerprint images to be
				used by the Department of Justice for the purpose of obtaining information
				relating to the existence or content of state and federal records of arrests or
				convictions.
(e) An Appraisal
				Management Company must disclose the name of the Designated Officer of the
				Appraisal Management Company.
(f)
				An Appraisal Management Company shall notify the Bureau in writing within 10
				days of its registration being refused, denied, canceled, suspended, or revoked
				in any state.
1. New section
				  filed 1-21-2010 as an emergency; operative 1-21-2010 (Register 2010, No. 4). A
				  Certificate of Compliance must be transmitted to OAL by 7-20-2010 or emergency
				  language will be repealed by operation of law on the following
				  day.
2. New section refiled 7-21-2010 as an emergency; operative
				  7-21-2010 (Register 2010, No. 30). A Certificate of Compliance must be
				  transmitted to OAL by 10-19-2010 or emergency language will be repealed by
				  operation of law on the following day.
3. New section refiled
				  10-18-2010 as an emergency; operative 10-18-2010 (Register 2010, No. 43). A
				  Certificate of Compliance must be transmitted to OAL by 1-18-2011 or emergency
				  language will be repealed by operation of law on the following
				  day.
4. Certificate of Compliance as to 10-18-2010 order transmitted
				  to OAL 12-17-2010 and filed 1-31-2011 (Register 2011, No. 5).
5.
				  Change without regulatory effect amending subsections (c)-(e) filed 2-11-2014
				  pursuant to section
				  100, title 1, California Code of
				  Regulations (Register 2014, No. 7).
6. Repealer of subsection (a),
				  subsection relettering, new subsection (f) and amendment of NOTE filed
				  2-20-2019; operative 4-1-2019 (Register 2019, No. 8).
7. Amendment
				  of subsection (b) and NOTE filed 8-28-2023; operative 10-1-2023 (Register 2023,
				  No. 35).
Note: Authority cited: Sections
					 11313
					 and
					 11314,
					 Business and Professions Code. Reference: Sections
					 11302,
					 11343
					 and
					 11345.2,
					 Business and Professions Code.