West Virginia Code 30-38A-11 – Controlling person requirements
(a) An appraisal management company shall have a designated controlling person who will ensure compliance with this article and will be the main contact for all communication between the board and the appraisal management company.
Terms Used In West Virginia Code 30-38A-11
- Appraisal: A determination of property value.
- Appraisal: means an analysis, opinion, or conclusion prepared by a real estate appraiser relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate or identified real property. See West Virginia Code 30-38A-3
- Appraisal Management Company: means a person or firm that provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates. See West Virginia Code 30-38A-3
- Appraisal management services: means the business of managing the process of having an appraisal performed for compensation or pecuniary gain, including but not limited to any of the following actions:
(1) Conducting business directly or indirectly by telephone, electronically, mail, or in person. See West Virginia Code 30-38A-3
- Appraiser: means a person licensed or certified, under the provisions of §. See West Virginia Code 30-38A-3
- Board: means the West Virginia Real Estate Appraiser Licensing and Certification Board established under the provisions of §. See West Virginia Code 30-38A-3
- Controlling person: means a person authorized by an appraisal management company to contract or enter into agreements with clients and independent appraisers for the performance of appraisal services and who has the power to manage the appraisal management company. See West Virginia Code 30-38A-3
- Firm: means a corporation, limited liability company, partnership, sole proprietorship, or any other business entity. See West Virginia Code 30-38A-3
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- State: means the State of West Virginia. See West Virginia Code 30-38A-3
(b) The controlling person shall:
(1) Be of good character and reputation;
(2) Submit to national and state criminal background checks as set out in section eight of this article;
(3) Never have had a license or certificate to act as an appraiser refused, denied, canceled, revoked or surrendered in this state or any other jurisdiction and not subsequently granted or reinstated;
(4) Never have been a part of a firm that was permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing any conduct or practice involving appraisals, appraisal management services or operating an appraisal management company; and
(5) Never have been the subject of an order of the board or any other jurisdiction's appraisal management company regulatory agency that denied or revoked the applicant's or firm's privilege to operate as an appraisal management company.