Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.6 - Changes in the Registrant's Name, Location, or Ownership

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A registrant wishing to change the
			 principal location of an appraisal management company shall notify the
			 administrator through the NMLS, or as otherwise prescribed by the
			 administrator, within 15 days of making the change. The notice shall include
			 proof that the registrant has either obtained a new bond or amended the
			 existing mandatory bond to reflect the new location. The registrant shall
			 submit a fee as specified in subrule 25.8(5) in association with the
			 change.
(2) Registrants must notify
			 the administrator no later than 15 days following a change in name and must
			 submit to the administrator a fee as specified in subrule 25.8(5).
(3) The prior written approval of the
			 administrator is required whenever a change in ownership of a registrant is
			 proposed. When a change in ownership of a registrant is proposed, the party
			 that will assume ownership of the registrant shall give notice to the
			 administrator through the NMLS, or as otherwise prescribed by the
			 administrator, at least 30 days before the proposed change will take effect.
			 The party that will assume ownership of the registrant shall furnish the
			 administrator through the NMLS, or as otherwise prescribed by the
			 administrator, with the same information required of initial applicants for
			 registration, along with a fee as specified in subrule 25.8(5). The
			 administrator shall approve or deny the request in accordance with the
			 provisions of rule 187-25.3 (17A,543E).
(4) The prior written approval of the
			 administrator is required whenever a change of the designated controlling
			 person of a registrant is proposed. When change of the designated controlling
			 person of a registrant is proposed, the party that will become the designated
			 controlling person of the registrant shall give notice to the administrator
			 through the NMLS, or as otherwise prescribed by the administrator, at least 30
			 days before the proposed change will take effect. The party that will become
			 the designated controlling person of the registrant shall furnish the
			 administrator through the NMLS, or as otherwise prescribed by the
			 administrator, with the same information required of initial applicants for
			 designation as a controlling person, along with the appropriate fee. The
			 administrator shall approve or deny the request in accordance with the
			 provisions of rule 187-25.3 (17A,543E).
(5) Failure to notify the administrator
			 within the prescribed time as required by this rule may subject the registrant
			 to disciplinary action. However, in the event the death, incapacity, or
			 unexpected resignation of a designated controlling person, or a similar
			 circumstance, makes it impossible for a registrant to provide 30 days' advance
			 notice, no disciplinary action shall be taken if the party that will become the
			 designated controlling person of the registrant provides the notice described
			 in subrule 25.6(4) promptly and no later than 10 days after learning that a new
			 controlling person must be designated.