N.Y. Executive Law 160-IIII – Controlling persons
§ 160-iiii. Controlling persons. 1. Each appraisal management company applying for a certificate of registration shall designate one controlling person who shall be the main contact for all communication between the department and the appraisal management company. Such designated controlling person shall never have had a license or certificate to act as an appraiser denied, revoked, or surrendered in lieu of possible discipline in any state and shall be of good moral character, as determined by the department. Applicants shall cooperate with any such background investigation conducted by the department.
Terms Used In N.Y. Executive Law 160-IIII
- Appraisal: A determination of property value.
- Appraiser: means a person licensed or certified pursuant to article six-E of this chapter. See N.Y. Executive Law 160-AAAA
- Controlling person: means :
(a) an owner, officer or director of an appraisal management company, or an individual who holds an ownership interest of ten percent or more of such company;
(b) an individual employed, appointed or authorized by an appraisal management company that has the authority to enter into a contractual relationship with other persons for the performance of appraisal management services and has the authority to enter into agreements with appraisers for the performance of appraisals; or
(c) an individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company. See N.Y. Executive Law 160-AAAA - Department: means the New York state department of state. See N.Y. Executive Law 160-AAAA
- Person: means an individual, partnership, corporation, or any other entity recognized under New York state law. See N.Y. Executive Law 160-AAAA
2. Each person that owns more than ten percent of an appraisal management company shall be of good moral character, as determined by the department. Applicants shall cooperate with any such background investigation conducted by the department.
3. Each appraisal management company applying for a certificate of registration shall certify to the department that it has reviewed each entity that owns more than ten percent of the appraisal management company and that no entity that owns more than ten percent of the appraisal management company is more than ten percent owned by any person that has had a license or certificate to act as an appraiser denied, revoked, or surrendered in lieu of a pending revocation.