Sec. 1104.102. ELIGIBILITY FOR REGISTRATION; OWNERSHIP. (a) A person who has had a license or certificate to act as an appraiser denied, revoked, or surrendered in lieu of revocation in any state may not own in any manner more than one percent of an appraisal management company registered or applying for registration under this chapter unless the person has subsequently had a license or certificate to act as an appraiser granted or reinstated.
(b) An entity more than 10 percent of which is owned by a person who has had a license or certificate to act as an appraiser denied, revoked, or surrendered in lieu of revocation in any state may not own more than 10 percent of an appraisal management company registered or applying for registration under this chapter unless the person has subsequently had a license or certificate to act as an appraiser granted or reinstated.
(c) A person owning more than 10 percent of an appraisal management company in this state must:
(1) be of good moral character, as determined by the board; and
(2) submit to a background investigation, as determined by the board.
(d) An appraisal management company applying for registration under this chapter shall certify to the board that:
(1) it has reviewed each entity that owns more than 10 percent of the company; and
(2) no entity reviewed under Subdivision (1) is more than 10 percent owned by a person who has had a license or certificate to act as an appraiser denied, revoked, or surrendered in lieu of revocation and who has not subsequently had a license or certificate to act as an appraiser granted or reinstated.
Added by Acts 2011, 82nd Leg., R.S., Ch. 256 (H.B. 1146), Sec. 2, eff. September 1, 2011.
Section: Previous 1104.001 1104.002 1104.003 1104.004 1104.051 1104.052 1104.101 1104.102 1104.103 1104.104 1104.105 1104.106 1104.107 1104.151 1104.152 NextLast modified: September 28, 2016