Iowa Administrative Code › Agency 187 - Banking Division › Chapter 25 - Appraisal Management Companies › Rule 187-25.3 - Grounds for Denial of a Registration

Current through Register Vol. 47, No. 3, July 24, 2024
The administrator may deny an application for registration to
				operate an appraisal management company, or issue a registration subject to
				restriction, for any of the reasons that follow.
(1) This state or another state or
			 jurisdiction has canceled, revoked, denied, suspended, or refused to renew the
			 applicant's registration to operate an appraisal management company or has
			 denied, suspended, or refused to renew a similar registration under this
			 state's or the other state's or jurisdiction's law. An agreement made between a
			 person and this state or another state or jurisdiction not to operate as an
			 appraisal management company may be considered a denial of that person's
			 registration to operate an appraisal management company in this state or the
			 other state or jurisdiction.
(2) An
			 owner or controlling person of the applicant has been barred, removed, or
			 prohibited from owning or serving as the controlling person of an appraisal
			 management company, or from serving in any capacity in a financial institution
			 by any state or federal regulatory agency, including but not limited to the
			 Office of the Comptroller of the Currency, the Federal Deposit Insurance
			 Corporation (FDIC), the Board of Governors of the Federal Reserve System, or
			 the U.S. Department of Housing and Urban Development.
(3) An owner or controlling person of the
			 applicant is or was the owner or controlling person of another appraisal
			 management company in another state or jurisdiction, if such other state or
			 jurisdiction has canceled, revoked, denied, suspended, or refused to renew the
			 registration or application for registration of such other appraisal management
			 company under this state's or the other state's or jurisdiction's law. An
			 agreement made between a person and this state or another state or jurisdiction
			 not to operate as the owner or controlling person of an appraisal management
			 company may be considered a denial of that person's application to serve as the
			 owner or controlling person of an appraisal management company in this state or
			 the other state or jurisdiction.
(4) An owner or controlling person of the
			 applicant has been convicted of forgery, embezzlement, obtaining money under
			 false pretenses, theft, extortion, conspiracy to defraud, tax evasion, or
			 another similar offense, in a court of competent jurisdiction in this state or
			 in any other state, territory, or district of the United States or in any
			 foreign jurisdiction. For the purposes of this subrule, "convicted of includes
			 a guilty plea, deferred judgment, deferred sentence, or other similar finding
			 of guilt by a court of competent jurisdiction.
(5) The applicant, or an owner or controlling
			 person of the applicant, has made a false submission of material fact on an
			 application for registration or has been otherwise implicated in the submission
			 of a false application.
(6) An
			 owner or controlling person of the applicant has demonstrated a lack of moral
			 character in a manner that the administrator reasonably believes will impair
			 the ability of the owner or controlling person to operate an appraisal
			 management company in full compliance with the public interest and state
			 policies described in Iowa Code chapter 543E.
(7) For any reason listed in Iowa Code
			 section
			 543E.17(1).
(8) The applicant has failed to include all
			 of the information required in the application or has failed to pay any fee
			 required under Iowa Code chapter 543E or this chapter.