§ 17-14-405 - Requirements for registration.
17-14-405. Requirements for registration.
(a) Before acting or offering to act as an appraisal management company in this state, a person shall make written application to the Arkansas Appraiser Licensing and Certification Board for registration accompanied by the fee and bond established by the board.
(b) The application shall include without limitation the following information:
(1) The name, business address, and telephone contact information of the person seeking registration;
(2) (A) If the applicant is a domestic organization, the information required by 4-20-105(a) to designate an agent for service of process; or
(B) (i) If the applicant is a foreign organization, documentation that the foreign organization is authorized to transact business in this state and has appointed an agent for service of process by submitting a copy of:
(a) The company's filing with the Secretary of State appointing an agent for service of process under 4-20-112; and
(b) A certificate of authority issued by the Secretary of State.
(ii) A foreign organization's failure to comply with subdivision (b)(2)(B)(i) of this section may result in the rejection of the application;
(3) The name, address, and contact information of any person that owns ten percent (10%) or more of the appraisal management company;
(4) The name, address, and contact information of a controlling person or a managing principal;
(5) A certification that the person:
(A) Has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company holds a license in good standing in this state under the Arkansas Appraiser Licensing and Certification Act, 17-14-101 et seq., 17-14-201 et seq., and 17-14-301 et seq.;
(B) Has a system in place to review the work of all independent appraisers that are performing appraisal services for the appraisal management company on a periodic basis to ensure that the appraisal services are being conducted in accordance with the minimum reporting standards under 17-14-202(b); and
(C) Maintains a detailed record of each request for appraisal services that it receives and the independent appraiser that performs the appraisal services for the appraisal management company; and
(6) Any other information required by the board.
(c) The board shall issue a certificate of registration to an applicant authorizing the applicant to act or offer to act as an appraisal management company in this state upon:
(1) Receipt of a properly completed application;
(2) Payment of the required fee;
(3) Posting of a bond; and
(4) Determination by the board that the activities of the applicant will be directed and conducted by persons of good moral character.
(d) (1) If the board finds that there is substantial reason to deny the application for registration, the board shall notify the applicant that the application has been denied and shall afford the applicant an opportunity for a hearing before the board to show cause why the application should not be denied.
(2) All proceedings concerning the denial of a certificate of registration shall be governed by the Arkansas Administrative Procedure Act, 25-15-201 et seq.
(e) The acceptance by the board of an application for registration does not constitute the approval of its contents or waive the authority of the board to take disciplinary action under this subchapter.