Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.13 - Preregistration

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A person who is
			 not required to register as an appraisal management company because its
			 appraiser panel does not meet or exceed the size requirements specified in Iowa
			 Code section
			 543E.3(2)
			  may apply to the administrator for
			 preregistration as an appraisal management company. If the administrator
			 approves the application, the applicant will receive a preliminary notice
			 indicating that the administrator intends to approve the applicant for
			 registration as an appraisal management company, based on the information
			 submitted, as soon as the appraiser panel that the applicant oversees meets or
			 exceeds the statutory size requirements. The administrator's preliminary intent
			 to approve registration will remain subject to change in the event that the
			 administrator receives additional information indicating that registration
			 should be denied.
(2) An applicant
			 seeking preregistration as an appraisal management company must follow the
			 application procedures prescribed in rule 187-25.2 (17A,543E), including
			 providing all required information. The applicant shall indicate that the
			 applicant is applying for preregistration as an appraisal management company.
			 The applicant shall submit the application fee required by rule
			 187-25.2(17A,543E), but an applicant under this provision need not submit the
			 initial registration fee or the fee required by the appraisal management
			 company national registry. The administrator shall approve or deny the
			 application for preregistration based on the criteria enumerated in rule
			 187-25.3 (17A,543E). Even if the administrator approves the application for
			 preregistration, the applicant will not be registered on the appraisal
			 management company national registry.
(3) A person who has received preregistration
			 as an appraisal management company must apply for registration as an appraisal
			 management company at least 3 0 days before the appraisal panel that the
			 preregistered person oversees meets or exceeds the size requirements specified
			 in Iowa Code section 5 43 E. 3 (2). The applicant shall submit a conversion
			 application to the administrator, through the NMLS or as otherwise prescribed
			 by the administrator, specifying the new size of the applicant's appraiser
			 panel as required by subrule 25.2(2), updating all required information as
			 necessary, and including any other information as prescribed by the
			 administrator. The applicant shall also submit a conversion fee, the initial
			 registration fee, and the fee required by the appraisal management company
			 national registry as specified in subrule 25.8(5).
(4) The administrator shall approve the
			 application for registration unless additional information submitted by the
			 applicant, or otherwise received by the administrator, indicates that the
			 applicant is ineligible for registration based on the criteria enumerated in
			 rule 187-25.3 (17A,543E). After the administrator approves registration, the
			 applicant will be registered on the appraisal management company national
			 registry and must comply with the provisions of Iowa Code chapter 543E and this
			 chapter.