(a) An appraisal management company applying for registration under this chapter shall designate one controlling person as the primary contact for all communication between the board and the company.
(b) The controlling person designated under Subsection (a):
(1) must:
(A) be certified as an appraiser in at least one state at all times during the designation; or
(B) have completed:
(i) the 15-hour national Uniform Standards of Professional Appraisal Practice course; and
(ii) the seven-hour national Uniform Standards of Professional Appraisal Practice update course not more than two years before the renewal of the appraisal management company’s registration;
(2) may not have had a license or certificate to act as an appraiser denied, revoked, or surrendered in lieu of revocation in any state unless:
(A) the person has subsequently had the license or certificate to act as an appraiser granted or reinstated; and
(B) the license or certificate to act as an appraiser was denied, revoked, or surrendered for a nonsubstantive reason as determined by the board; and
(3) shall submit to a background investigation, as determined by the board.