Iowa Code 543E.7 – Designation of controlling person
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Terms Used In Iowa Code 543E.7
- Appraisal: A determination of property value.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
543E.7 Designation of controlling person.
1. An appraisal management company registered or applying for registration in this state
shall designate a controlling person who shall be the main contact for all communications between the director and the appraisal management company, and who shall be responsible for assuring the appraisal management company complies with the provisions of this chapter when performing appraisal management services in connection with real estate located in this state.
2. The designated controlling person shall not have had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of revocation in any state for a substantive reason. A designated controlling person may have had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of revocation in a state for a nonsubstantive reason if the license or certificate was subsequently granted or reinstated.
3. The designated controlling person shall be of good moral character, as prescribed by rules adopted by the director consistent with applicable federal law and regulations, and shall submit to a background investigation, as prescribed by rules adopted by the director consistent with applicable federal law and regulations.
2016 Acts, ch 1124, §7, 32; 2023 Acts, ch 19, §1681
Referred to in §543E.8, 543E.20
Subsections 1 and 3 amended
1. An appraisal management company registered or applying for registration in this state
shall designate a controlling person who shall be the main contact for all communications between the director and the appraisal management company, and who shall be responsible for assuring the appraisal management company complies with the provisions of this chapter when performing appraisal management services in connection with real estate located in this state.
2. The designated controlling person shall not have had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of revocation in any state for a substantive reason. A designated controlling person may have had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of revocation in a state for a nonsubstantive reason if the license or certificate was subsequently granted or reinstated.
3. The designated controlling person shall be of good moral character, as prescribed by rules adopted by the director consistent with applicable federal law and regulations, and shall submit to a background investigation, as prescribed by rules adopted by the director consistent with applicable federal law and regulations.
2016 Acts, ch 1124, §7, 32; 2023 Acts, ch 19, §1681
Referred to in §543E.8, 543E.20
Subsections 1 and 3 amended