Arizona Laws 32-3668. Owner requirements
A. An appraisal management company applying for registration may not be owned by a person or have any principal of the company who has had any financial, real estate or mortgage lending industry license or certificate refused, denied, canceled, revoked or voluntarily surrendered in this state or in any other state. This requirement may be waived at the discretion of the deputy director.
Terms Used In Arizona Laws 32-3668
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- 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
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 32-3601
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Real estate: means an identified parcel or tract of land, including improvements, if any. See Arizona Laws 32-3601
B. Each person that owns, is an officer of or has a financial interest in an appraisal management company in this state shall:
1. Apply for a valid fingerprint clearance card issued pursuant to Section 41-1758.03.
2. Certify to the deputy director that the person has never had any financial, real estate or mortgage lending industry license or certificate refused, denied, canceled, revoked or voluntarily surrendered in this state or in any other state. This requirement may be waived by appeal and at the discretion of the deputy director.