Arizona Laws 32-3662. Registration
A. A person shall not directly or indirectly engage or attempt to engage in business as an appraisal management company, directly or indirectly perform or attempt to perform appraisal management services or advertise or hold itself out as engaging in or conducting business as an appraisal management company without first obtaining a registration issued by the deputy director pursuant to this article, regardless of the entity’s use of the term "appraisal management company" or "mortgage technology company" or any other name.
Terms Used In Arizona Laws 32-3662
- Appraisal: A determination of property value.
- Appraisal: means the act or process of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice published by the appraisal foundation, or any other definition used in state or federal laws. See Arizona Laws 32-3661
- Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary or other business entity that directly or indirectly performs appraisal management services, regardless of the use of the term "appraisal management company" "mortgage technology provider" "lender processing services" "lender services" "loan processor" "mortgage services" "real estate closing services provider" "settlement services provider" or "vendor management company" or any other term, and that does any of the following:
(a) Administers an appraiser panel of at least sixteen state-licensed or state-certified appraisers in one state who are independent contractors or at least twenty-five state-licensed or state-certified appraisers in at least two states who perform real property appraisal services in this state for clients. See Arizona Laws 32-3661
- Appraisal management services: means any of the following:
(a) Recruiting, selecting and retaining appraisers. See Arizona Laws 32-3661
- Appraiser: means a person who is licensed or certified as an appraiser pursuant to this chapter and who performs valuation services competently and in a manner that is independent, impartial and objective. See Arizona Laws 32-3661
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 32-3601
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: means one or more defined interests, benefits and rights inherent in the ownership of real estate. See Arizona Laws 32-3601
- Real property appraisal services: means the practice of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice published by the appraisal foundation. See Arizona Laws 32-3661
- Service of process: The service of writs or summonses to the appropriate party.
- Standards of professional appraisal practice: means the uniform standards of professional appraisal practice promulgated by the appraisal standards board of the appraisal foundation. See Arizona Laws 32-3601
- Trustee: A person or institution holding and administering property in trust.
B. A person who wishes to be registered as an appraisal management company in this state must file a written application with the deputy director on a form prepared and furnished by the deputy director and pay a fee in an amount to be determined by the deputy director. The registration required by subsection A of this section shall include:
1. The name, residence address, business address and telephone number of the applicant and the location of each principal office and branch office at which the appraisal management company will conduct business in this state.
2. The name under which the applicant will conduct business as an appraisal management company.
3. The name, residence address, business address and telephone number of each person who will have at least a ten percent ownership interest in the appraisal management company as a principal, partner, officer, director or trustee, specifying the capacity and title of each person.
4. If the person seeking registration is a corporation that is not domiciled in this state, the name and contact information for the company’s agent for service of process in this state.
5. A certification that the person seeking registration has a system and process in place to verify that a person being added to the appraiser panel for the appraisal management company’s appraisal management services in this state holds a license or certification in good standing in this state.
6. A certification that the person seeking registration has a system in place to review the work of all independent appraisers that are performing real property appraisal services for the appraisal management company on a periodic basis to confirm that the real property appraisal services are being conducted in accordance with uniform standards of professional appraisal practice.
7. A certification that the person maintains a detailed record of each service request that it receives and the independent appraiser that performs the real property appraisal services for the appraisal management company.
8. A certification that the person seeking registration has a system in place to train those who select individual appraisers for real property appraisal services in this state to ensure that the selectors have appropriate training in placing appraisal assignments.
9. An irrevocable consent to service of process.
10. A certification that allows the deputy director to examine the books and records of the appraisal management company and a written agreement that requires the appraisal management company to submit reports, information and documents to the deputy director as required by rule.
11. Any other information required by the deputy director deemed reasonable in scope and content and necessary for the implementation and administration of this chapter.
C. The deputy director may deny the application for an initial issuance or renewal of an appraisal management company registration if the applicant has been convicted of a felony or as otherwise prescribed by this chapter.