Ariz. Admin. Code § 4-46-405

Current through Register Vol. 30, No. 50, December 13, 2024

Section R4-46-405 - Certifications; National Registry Reporting

A. Under A.R.S. § 32-3672, the controlling person of a registered AMC is required to make certain certifications to the Department at the time the AMC's registration is renewed.

B. To make the certifications required under A.R.S. § 32-3672, the controlling person of a registered AMC shall use a form that is available from the Department and on its website.

C. The controlling person of a registered AMC shall make available to the Department, upon request, evidence that the certifications are true and that the systems, processes, and records certified are effective in protecting the public.

D. In accordance with the provisions contained in 12 U.S.C. § 3338, each authorized representative or controlling person of an AMC that is either registered with the state or federally regulated and operating in Arizona shall annually submit an AMC National Registry Report to the Department at least 15 days prior to March 1st of each year for the period from January 1 to December 31 of the previous year. The AMC National Registry Report shall include:

1. Identifying information for the AMC;

2. The number of appraisers who have performed an appraisal for the AMC in connection with a covered transaction in the state during the previous year, or from the commencement of business for AMCs not in existence for the entire previous year; and

3. A signed affirmation by written declaration.

E. The AMC shall pay, at the time it submits the National Registry Report to the Department, the fee required under 12 U.S.C. § 3338(a)(4).

F. A registered AMC or federally regulated AMC operating in Arizona who fails to timely submit a National Registry Report to the Department and to remit the AMC National Registry fee shall not appear on the AMC National Registry.

G. Under A.R.S. § 32-3678, failure to comply with this Section is grounds for disciplinary action.

Ariz. Admin. Code § R4-46-405

Adopted by Final rulemaking at 21 A.A.R. 1675, effective 10/6/2015. Amended by final rulemaking at 25 A.A.R. 1139, effective 6/10/2019. Amended by final rulemaking at 28 A.A.R. 893, effective 6/11/2022.