Alabama Administrative Code › Title 780 - ALABAMA REAL ESTATE APPRAISERS BOARD › Chapter 780-X-17 - APPRAISAL MANAGEMENT COMPANY › Section 780-X-17-.03 - Registration

Current through Register Vol. 42, No. 9, June 28, 2024
(a) An appraisal
			 management company applying for registration in Alabama may not be owned, in
			 whole or in part, directly or indirectly, by any person who has had an
			 appraiser license or certificate refused, denied, canceled, surrendered in lieu
			 of revocation, or revoked in any state unless the license or registration has
			 been restored or reissued.
(b) An
			 appraisal management company applying for registration in Alabama may not
			 employ for the purposes of appraisal review, analysis, or performance
			 evaluation any person who has ever had a registration, license, or certificate
			 to act as an appraiser in Alabama or any other state refused, denied, canceled,
			 or revoked unless a registration, license, or certificate has subsequently been
			 issued or reinstated by the state in which the appraisal registration, license,
			 or certificate had been refused, denied, canceled, or revoked.
(c) An employee of an appraisal management
			 company, or any contractor working in any capacity on behalf of an appraisal
			 management company, that has any involvement in the actual performance of
			 appraisal services, or the review and analysis or completed appraisals in
			 Alabama shall be an appraiser certified in Alabama. The license classification
			 shall qualify the employee to perform all applicable job functions.
(d) An appraisal management company applying
			 for registration in Alabama shall designate one principal contact for all
			 communication between the Board and the appraisal management company.
(e) The Board shall obtain a criminal
			 background check on all individuals who have more than ten percent (10%)
			 ownership in an appraisal management company applying for registration. For
			 companies owned by a sole proprietor, the individual owner shall furnish a
			 criminal background check. For companies owned by a partnership, each partner
			 shall furnish a background check. For any corporation, limited liability
			 company or other legal entity, each person who has a 10% or greater ownership
			 interest in the entity shall provide a criminal background check. Applicants
			 shall pay all required fees required to perform this check.
(f) In addition to the application fee an
			 applicant for registration shall post with the Board a surety bond in the
			 amount of twenty-five thousand dollars ($25,000). The bond shall be annually
			 maintained on renewal. The bond shall be in a form as provided in the appendix
			 of these regulations and shall accrue to the state for the benefit of a
			 claimant against the registrant to secure the faithful performance of
			 obligations under this article. The aggregate liability of the surety may not
			 exceed the principal sum of the bond.
(g) An appropriate deposit of cash or
			 security may be accepted by the Board in lieu of the required bond. The face
			 amount of the bond shall annually be restored upon renewal of registration.
			 Annual renewal of registration shall occur before the expiration date of the
			 registration. Failure to timely renew registration shall result in loss of
			 authority to operate an appraisal management company in Alabama. Request for
			 reinstatement after expiration shall be accompanied by the annual registration
			 fee and any late filing fee established by Board regulation.
(h) If the applicant for registration has
			 been in existence for more than one year, it shall submit, in addition to the
			 application fee and bond, a National Registry fee as determined by the
			 Appraisal Subcommittee.
(i) If the
			 applicant for registration has been in existence for less than one year, it
			 shall submit, in addition to the application fee and bond, a National Registry
			 fee as determined by the Appraisal Subcommittee.
Author:
Lisa Brooks, Executive Director, Alabama
				  Real Estate Appraisers Board
Statutory Authority:
Code of Ala.
				  1975
, §
										34-27A-54.