54-4126. OWNERSHIP REQUIREMENTS — CONTROLLING PERSONS. (1) No AMC shall be registered in this state if the AMC is owned in whole or in part, directly or indirectly, by any person who has had an appraiser license or certificate refused, denied, canceled, surrendered in lieu of revocation, or revoked in any state for substantive cause, as determined by the appropriate state appraiser certifying and licensing agency. An AMC is not barred from registration in this state if the license or certificate of the appraiser with an ownership interest was not revoked for a substantive cause and has been reinstated by the state or states in which the appraiser was licensed or certified.
(2) No AMC shall be registered in this state if any natural person that owns more than ten percent (10%) of the appraisal management company:
(a) Is determined by the board to not be in compliance with all minimum federal requirements; or
(b) Fails to submit to a background investigation, including a fingerprint-based criminal history check, carried out by the board.
(3) Each appraisal management company applying to the board for a registration in this state shall designate one (1) controlling person that will be the main contact for all communication between the board and the appraisal management company and notify the board of any change in the appraisal management company’s controlling person. The controlling person designated pursuant to this subsection shall:
(a) Have never had a license or certificate to act as an appraiser refused, denied, canceled, revoked or surrendered in lieu of revocation for a substantive reason in any state, unless the person has subsequently had the license or certificate to act as an appraiser granted or reinstated;
(b) Be in compliance with all minimum federal requirements, as determined by the board; and
(c) Submit to a background investigation, including a fingerprint-based criminal history check, carried out by the board.
History:
[54-4126, added 2016, ch. 131, sec. 1, p. 391; am. 2020, ch. 104, sec. 3, p. 280.]
Structure Idaho Code
Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES
Chapter 41 - IDAHO REAL ESTATE APPRAISERS ACT
Section 54-4101 - SHORT TITLE.
Section 54-4102 - LEGISLATIVE INTENT.
Section 54-4103 - USE OF TERM “LICENSED” OR “CERTIFIED” APPRAISER — UNLAWFUL PRACTICE OF APPRAISAL.
Section 54-4104 - DEFINITIONS.
Section 54-4105A - APPRAISAL REVIEW.
Section 54-4107 - DISCIPLINARY PROCEEDINGS.
Section 54-4109 - RETENTION OF RECORDS.
Section 54-4110 - QUALIFICATIONS FOR LICENSURE OR CERTIFICATION — EXAMINATIONS.
Section 54-4111 - USE OF DESIGNATION — CORPORATION, PARTNERSHIPS.
Section 54-4112 - REGULAR EXAMINATIONS.
Section 54-4113 - FEES — ISSUANCE OF LICENSES OR CERTIFICATES.
Section 54-4114 - TERM OF LICENSE OR CERTIFICATE — RENEWAL AND REINSTATEMENT.
Section 54-4115 - NONRESIDENT LICENSURE OR CERTIFICATION AND TEMPORARY PRACTICE.
Section 54-4116 - RENEWAL LICENSES OR CERTIFICATES.
Section 54-4117 - INJUNCTIVE RELIEF.
Section 54-4118 - PROOF OF COMPLAINT — PROSECUTION BY COUNTY ATTORNEY.
Section 54-4119 - PENALTY FOR VIOLATION.
Section 54-4120 - SHORT TITLE.
Section 54-4122 - DEFINITIONS.
Section 54-4123 - APPRAISAL PANEL — ANNUAL SIZE CALCULATION.
Section 54-4124 - REGISTRATION REQUIRED.
Section 54-4126 - OWNERSHIP REQUIREMENTS — CONTROLLING PERSONS.
Section 54-4127 - LIMITATIONS ON AGREEMENTS.
Section 54-4128 - APPRAISER ENGAGEMENT.
Section 54-4129 - APPRAISAL REVIEW.
Section 54-4130 - APPRAISER COMPENSATION.
Section 54-4131 - APPRAISER INDEPENDENCE.
Section 54-4132 - ADDITIONAL POWERS OF THE BOARD.