Kansas Statutes 58-4709. Limitation on ownership interest in an AMC; conditions
Terms Used In Kansas Statutes 58-4709
- AMC: means an individual, firm, partnership, association, corporation, limited liability company or any other business entity acting as an external third party authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of or other principal in the secondary mortgage markets:
(1) That performs appraisal management services, regardless of the use of any of the following terms: Appraisal management company, mortgage technology provider, mortgage services provider, lender processing services provider, loan processor, real estate closing services provider, vendor management company or any other like term; and
(2) such entity oversees an appraiser panel of:
(A) More than 15 appraisers who are certified or licensed in Kansas; or
(B) a total of more than 25 appraisers who are certified or licensed in Kansas and in any other jurisdiction. See Kansas Statutes 58-4703
- Appraiser: means an individual who holds a credential issued by the Kansas real estate appraisal board pursuant to the state certified and licensed real property appraiser act entitling that individual to perform an appraisal of real property in the state of Kansas consistent with the scope of practice for such credential. See Kansas Statutes 58-4703
- Board: means the Kansas real estate appraisal board. See Kansas Statutes 58-4703
- Credential: means a certificate, license or temporary permit issued by the board pursuant to the provisions of the state certified and licensed real estate appraisals act authorizing an individual to act as a temporary permitted appraiser, provisional appraiser, state licensed appraiser, certified residential appraiser or certified general appraiser in the state of Kansas. See Kansas Statutes 58-4703
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means an individual, firm, partnership, association, corporation, or any other entity. See Kansas Statutes 58-4703
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(a) No single interest in an AMC applying for, holding or renewing a registration under this act shall be owned by:
(1) An individual who has held a credential issued by any appraiser-credentialing jurisdiction to act as an appraiser and such credential:
(A) Was refused, denied, suspended, revoked, or surrendered or nonrenewed in lieu of a pending disciplinary proceeding in any jurisdiction against such individual; and
(B) not subsequently granted or reinstated; or
(C) is otherwise not in good standing; or
(2) any person who owns an interest in an entity and such person has held a credential issued by any appraiser-credentialing jurisdiction to act as an appraiser that:
(A) Was refused, denied, revoked, suspended, or surrendered or nonrenewed in lieu of a pending disciplinary proceeding in any jurisdiction against such person; and
(B) (i) not subsequently granted or reinstated; or
(ii) is otherwise not in good standing.
(b) (1) Each individual that owns an interest in an AMC who applies for, holds, or renews a registration under this act shall be of good moral character as determined by the board by rules and regulations.
(2) As a part of an application for an original registration, and for a renewal registration if required by the board, the board shall require the individual to be fingerprinted and submit to a state and national criminal history record check. The individual’s fingerprints shall be used to identify the individual and to determine whether the individual has a record of criminal history in this state or other jurisdiction. The board shall require the individual to submit the fingerprints to the Kansas bureau of investigation and the federal bureau of investigation for a state and national criminal history record check. The board shall use the information obtained from the fingerprinting and the criminal history for purposes of verifying the identification of the individual and in the official determination of the qualifications and fitness of the applicant to be issued, maintain, or renew a registration.
(3) Local and state law enforcement officers and agencies shall assist the board in taking and processing fingerprints of individuals for any registration and shall release all records of adult convictions to the board.
(4) The board may fix and collect a fee in an amount necessary to reimburse the board for the cost of fingerprinting and the criminal history record check. Such fee shall be established by rules and regulations.
(c) Each AMC applying for registration or for renewal of a registration under this act shall certify to the board on a form prescribed by the board that:
(1) Such AMC has reviewed each person or entity that owns an interest in the AMC; and
(2) no person or entity that owns an interest in the AMC has held a credential issued by any appraiser-credentialing jurisdiction to act as an appraiser and such credential:
(A) Was refused, denied, suspended, revoked, or surrendered or nonrenewed in lieu of a pending disciplinary proceeding in any jurisdiction against such individual; and
(B) (i) was not subsequently granted or reinstated; or
(ii) is otherwise not in good standing.