Arizona Laws 32-3669. Controlling person requirements
A. Each appraisal management company applying to the deputy director for registration in this state shall designate one controlling person who will be the main contact for all communication between the deputy director and the appraisal management company.
Terms Used In Arizona Laws 32-3669
- 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
- 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
- Controlling person: means any of the following:
(a) An owner, officer or director of a corporation, partnership or other business entity seeking to offer appraisal management services in this state. 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. To serve as a controlling person of an appraisal management company, a person shall:
1. Certify to the deputy director that the person has never had any financial, real estate or mortgage lending industry license or certificate issued by this state, or any other state, refused, denied, canceled, revoked or voluntarily surrendered. This requirement may be waived by appeal and at the discretion of the deputy director.
2. Apply for a valid fingerprint clearance card issued pursuant to Section 41-1758.03.