Section 457.25 - Requirements for registration(a) Application.--Before acting or offering to act as an appraisal management company in this Commonwealth, a person that is not an exempt company shall make written application to the board for registration accompanied by the required fee and bond or letter of credit.(b) Required information.--The application shall contain such information as the board shall require, including the following information: (1) The name, business street address, telephone number and other contact information of the applicant.(2) If the applicant is not an individual and is incorporated or otherwise formed under the laws of a jurisdiction other than this Commonwealth, documentation that the applicant is authorized to transact business in this Commonwealth.(3) The name, street address, telephone number and other contact information of any person that owns 10% or more of the applicant.(4) The name, street address, telephone number and other contact information of the applicant's compliance person.(5) A certification that the applicant:(i) Has a system in place to verify that a person being added to an appraiser panel of the applicant or who will otherwise perform appraisals for the applicant of property located in this Commonwealth is a certified appraiser and in good standing in this Commonwealth under REACA.(ii) Has a system in place for the performance of appraisal reviews with respect to the work of all appraisers that are performing appraisals for the applicant of property located in this Commonwealth to determine whether the appraisals are being conducted in conformance with the minimum standards under REACA both on a periodic basis and whenever requested by a client.(iii) Maintains a detailed record of each request for an appraisal that it receives, the appraiser assigned to perform the appraisal, the fees received from the client for the appraisal and the fees paid to the appraiser.(6) Any discipline imposed on the applicant in this Commonwealth or any other state under any law regulating appraisers, appraisal management companies or real estate brokers or salespersons.(7) Any criminal conviction of the applicant during the previous ten years in this Commonwealth or any other state or federal jurisdiction.(8) Any other information required by rules and regulations of the board.(c) Requirements for registration.--The board shall register an applicant as an appraisal management company in this Commonwealth upon: (1) Receipt of a properly completed application.(2) Payment of the required fee.(3) Posting of the required bond or letter of credit.(4) A determination by the board that the activities of the applicant will be directed and conducted by persons of good moral character as defined in the rules and regulations of the board.(d) Denial of application.--(1) If the board finds that there is reason to deny the application for registration, the board shall notify the applicant that the application has been denied and shall afford the applicant an opportunity for a hearing before the board to show cause why the application should not be denied.(2) All proceedings concerning the denial of an application for registration shall be governed by 2 Pa.C.S. (relating to administrative law and procedure).(e) Construction.--The acceptance by the board of an application for registration does not constitute the approval of its contents or waive the authority of the board to take disciplinary action under this act.Added by P.L. 30 2012 No. 4, § 5, eff. 7/31/2012.