Section 40-60-370 - Requirements for owners of appraisal management companies applying for registration(A) An appraisal management company shall not be registered in this State or included on the national registry if:(1) it is owned, in whole or in part, directly or indirectly, by a person who has had an appraiser certificate or license refused, denied, canceled, surrendered in lieu of revocation, or revoked in this State or in another state for a substantive cause, as determined by the appropriate state appraiser certifying the licensing agency;(2) any person who owns more than ten percent of the appraisal management company if the board determines he does not have good moral character, which for purposes of this section requires that the person has not been convicted of or entered a plea of nolo contendere to a felony relating to the practice of appraisal, banking, mortgage lending, or the provision of financial services, or a crime involving fraud or misrepresentation; or(3) any controlling person or person who owns more than ten percent of the appraisal management company fails to submit to a criminal history background check as required by Section 40-60-31(5) of this chapter or regulations promulgated pursuant to it.(B) For purposes of this section, each owner of more than ten percent of an appraisal management company shall submit to a criminal background check.Amended by 2024 S.C. Acts, Act No. 196 (HB 3278),s 21, eff. 5/21/2024.Added by 2017 S.C. Acts, Act No. 32 (SB 279), s 1, eff. 5/11/2017. 2017 Act No. 32, Section 5, provides as follows:
"SECTION 5. This act takes effect upon approval by the Governor. In the event that a registration process is unavailable upon the effective date of this act, an appraisal management company already conducting business in this State may continue to conduct business until one hundred twenty days after a registration process becomes available."