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24.207.1501    REGISTRATION AND RENEWAL OF APPRAISAL MANAGEMENT COMPANIES

(1) An applicant for registration as an appraisal management company in Montana must:

(a) submit a complete application on forms prescribed by the department and approved by the board;

(b) submit the appropriate fees;

(c) provide the appraisal management company employer identification number (EIN) or Tax ID number for Montana;

(d) provide the information required in 37-54-501, MCA;

(e) provide contact information for the persons described in 37-54-501, MCA. Such persons must provide contact information for all forms of communication used by the person in connection with the appraisal management company, including the person's physical office address, mailing address, telephone number, facsimile number, electronic mail address, and web site address;

(f) include proof that the entity and all persons described in 37-54-501, MCA, have satisfied the registration requirements, if any, of Title 35 of the Montana Code Annotated and the Montana Secretary of State's Office;

(g) provide a list of all states in which the appraisal management company is currently located and/or providing appraisal management services;

(h) provide verifications from all states in which the appraisal management company is licensed, registered, or has ever been licensed or registered; and

(i) provide specific information requested by the board regarding the business practices, any civil, criminal, or administrative actions, ethical practice of the appraisal management company's individual owners of more than ten percent of the company, and controlling and contact persons as part of the background examination pursuant to 37-54-503, MCA.

(2) An appraisal management company registration shall be renewed annually on or before the date set by ARM 24.101.413. In order to renew a registration, the contact person designated by the appraisal management company must submit the renewal application prescribed by the department and approved by the board, pay the appropriate renewal fee, and be the point of contact for questions and concerns regarding the application and annual renewal processes.

(3) When the ownership or business structure of a currently registered appraisal management company changes, the appraisal management company is required to complete a new appraisal management company registration application and pay the appropriate fees within 30 days of the change. Failure to notify and submit the appropriate application and fees to the board within 30 days shall be cause for suspension or revocation of the appraisal management company's registration.

(4) When the individual designated as a controlling person by the registered appraisal management company is no longer employed, appointed, or contractually authorized by the appraisal management company to serve as the controlling person, the appraisal management company must submit an application to redesignate the controlling person. The application to redesignate the controlling person must be made on a form prescribed by the department, accompanied by the appropriate fees, and submitted to the board office within 30 days. Failure to notify and submit the appropriate application and fees to the board within 30 days shall be cause for suspension or revocation of the appraisal management company's registration.

(5) When the individual designated as the contact person by the registered appraisal management company is no longer the contact person and is not the designated owner or the controlling person of the appraisal management company, the appraisal management company must submit an application for change of contact person prescribed by the department and the appropriate fees to the board office within 30 days. Failure to notify and submit the appropriate application and fees to the board within 30 days shall be cause for suspension or revocation of the appraisal management company's registration.

(6) A registered appraisal management company must report all pending, current, or completed license disciplinary action or investigation against the company, controlling person, or other licensed individuals affiliated with the company to the board within 30 days of the proposed action or notice of such action or investigation. Failure to report such information shall be cause for suspension or revocation of the appraisal management company's registration.

(7) Annually, the registered appraisal management company must report to the board whether it had more than 200 engagements or 200 or fewer engagements during the previous renewal year. This requirement is subject to audit. The subsequent renewal fee will be based on the appraisal management company's reporting of engagements for the previous renewal year. If the AMC's report of 200 or fewer engagements is found to be inaccurate, the board will notify the AMC and the AMC shall pay an additional engagement fee of $2500 within 30 days of notification.

(8) When the registered appraisal management company adds or deletes a licensed or certified appraiser from the appraisal management company's appraiser panel, the appraisal management company must notify the board office within ten days by submitting an amended appraiser panel list with the appropriate fees. Failure to provide such information shall be cause for suspension or revocation of the appraisal management company's registration.

(9) If a registered appraisal management company is no longer providing appraisal management services in Montana, the appraisal management company must notify the board office within 30 days that they are no longer providing services. If an appraisal management company that is no longer providing services in Montana wishes to maintain its registration, it must comply with all applicable requirements, including renewal and reporting provisions. Prior to resuming services in this state, the appraisal management company must notify the board office that it intends to resume services in Montana and must provide updates regarding any changes in the information collected by the board, pursuant to this rule. Failure to provide such information shall be cause for suspension or revocation of the appraisal management company's registration.

History: 37-1-131, 37-54-105, MCA; IMP, 37-1-131, 37-54-501, MCA; NEW, 2011 MAR p. 2401, Eff. 11/11/11; AMD, 2016 MAR p. 217, Eff. 2/6/16.

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