Mo. Code Regs. tit. 20 § 2245-10.010

Current through Register Vol. 49, No. 13, July 1, 2024

Section 20 CSR 2245-10.010 - Appraisal Management Company Application Requirements

PURPOSE: This amendment removes the more than ten percent (10%) ownership requirement.

(1) To apply for a license, an appraisal management company (AMC) shall submit a nonrefundable initial application fee as established by rule in 20 CSR 2245-5.020(2) along with the written application on a form provided by the commission which shall include, but is not limited to, the following information:

(A) Name of entity seeking registration;

(B) Business address of entity seeking registration, which shall be located and maintained in this state;

(C) Phone contact information of the entity seeking registration;

(D) The name and contact information for the company's agent for service of process in this state;

(E) The name, address, and contact information for any individual or any corporation, partnership, or other business entity that owns more than ten percent (10%) of the appraisal management company;

(F) The name, address, and contact information for a designated controlling person to be the primary communication source for the commission;

(G) Proof of submission of fingerprints to the Missouri State Highway Patrol's approved vendor for both a Missouri State Highway Patrol and Federal Bureau of Investigation background check for the controlling person and each person who owns more than ten percent (10%) of an appraisal management company as listed on the application;

(H) A surety bond in the amount of twenty thousand dollars ($20,000); and

(I) Verification from each state, United States territory, province, or country regulatory entity in which a license, certificate, registration, or permit as an appraisal management company is held or has ever been held, submitted directly to the commission.

(2) An AMC which operates in this state under more than one (1) business name (d.b.a.s or "doing business as") shall disclose the name of each d.b.a. on the application for licensure.

(3) The initial application submitted by the appraisal management company shall include the following certifications:

(A) That the AMC has a system in place to verify appraisers on their panel are licensed by the Missouri Real Estate Appraisers Commission and hold a current, valid, unencumbered license to practice in the state of Missouri;

(B) That the AMC has in place a system to review the work of all appraisers performing appraisal services and that the services are conducted in compliance with the Uniform Standards of Professional Appraisal Practice;

(C) That the AMC maintains a detailed record of each service request that it receives for appraisal services in Missouri and the appraiser who performs the appraisal services for the AMC; and

(D) That the AMC has reviewed each person or entity that owns any percentage of the company and determined that no person or entity has held a license or certificate that was refused, denied, cancelled, revoked, or surrendered in lieu of revocation.

(4) An AMC shall notify the commission in writing within thirty (30) days of a change in its controlling person, agent of record, or ownership composition.

(5) Each application for an appraisal management company registration shall be made in the name of the person or business entity authorized to conduct business in Missouri. No registration shall be issued to a company that has no legal recognition. A Missouri AMC shall maintain a current and active authorization to conduct business in Missouri with the Missouri Secretary of State.

20 CSR 2245-10.010

AUTHORITY: sections 43.543, 339.509, 339.511, and 339.513, RSMo Supp. 2012, and section 339.544, RSMo 2000.* Original rule filed Nov. 13, 2012, effective June 30, 2013.

Amended by Missouri Register April 16, 2018/Volume 43, Number 8, effective 5/31/2018

Amended by Missouri Register March 1, 2022/Volume 47, Number 5, effective 4/30/2022

*Original authority: 43.543, RSMo 1993, amended 2003, 2005, 2008; 339.509, RSMo 1990, amended 1998, 2012; 339.511 , RSMo 1990, amended 1998, 2012; 339.513, RSMo 1990, amended 1990, 1998, 2007, 2012; and 339.544, RSMo 1998.