La. Admin. Code tit. 46 § LXVII-30301

Current through Register Vol. 50, No. 12, December 20, 2024

Section LXVII-30301 - Initial License Applications

A. Applications for initial licensing as an appraisal management company shall be in such form and detail as prescribed by the board. Applicants shall submit all documentation requested on the application and shall adhere to any directions and deadlines prescribed therein.

B. Applications for initial licensing as an appraisal management company shall include, at a minimum, the following information:

1. the name, business address, telephone number, and the email address of the applicant;

2. the name, address, and contact information of each individual or entity that has any interest in the appraisal management company;

3. the name, address, and contact information of the controlling person, as defined by R.S. 37:3415.2;

4. the designation of an agent for service of process.

C. Applications for initial licensing as an appraisal management company shall include, at a minimum, the following certifications.

1. The applicant has a system in place to verify that all Louisiana appraisers on the panel of the appraisal management company are Certified Residential or Certified General Appraisers.

2. The applicant has a system in place to review the work of all independent appraisers performing appraisal services.

a. The appraisal services shall be conducted in conformity with the Uniform Standards of Professional Appraisal Practice.

3. The applicant will maintain a record of each request for appraisal services applicable to Louisiana properties, as well as the name of the independent appraiser that performs appraisal services, and the fee paid to the appraiser for each assignment.

4. The designated controlling person has accepted the responsibilities attendant to acting as such.

5. The applicant can attest to the good moral character of the individuals that are directed to manage the appraisal management company business.

D. Applications for initial licensing as an appraisal management company shall be submitted, at a minimum, with the following documentation:

1. a license history verification from each jurisdiction in which the applicant is currently licensed or has been licensed as an appraisal management company;

2. a copy of any trade name and trademark registration issued by the Louisiana Secretary of State for use by the applicant;

3. a copy of the resolution or other document executed by a principal of the appraisal management company designating a controlling person;

4. a copy of any corporation, partnership, or limited liability company registration certificate issued to the applicant by the Louisiana Secretary of State.

E. When an applicant has made a false statement of material fact on an initial license application or in any related document submitted therein, such false statement may in itself be grounds for refusal of an initial license.

F. If the board denies an application for initial licensing, the applicant shall be notified in writing and shall be afforded an opportunity for a hearing before the board to show cause as to why the application should not be denied.

G. If the board determines that an applicant has satisfactorily met the prescribed requirements for initial licensing, a Louisiana appraisal management company license shall be issued to the applicant.

H. Initial licenses shall be issued for a period of 12 months and shall expire one year from the date the initial license is issued. Conducting any activity authorized by the license after the date of expiration shall be deemed a violation of this Chapter.

La. Admin. Code tit. 46, § LXVII-30301

Promulgated by the Office of the Governor, Real Estate Appraisers Board, LR 37:2407 (August 2011).

AUTHORITY NOTE: Promulgated in accordance with R.S. 37:3415.1 et seq.