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324A.162 Disciplinary action -- Injunctive relief.
(1)
(2)
(3)
The board may deny, suspend, revoke, or refuse to issue or renew the
registration of an appraisal management company, or may restrict or limit the
activities of an appraisal management company or of a person who owns an
interest in or participates in the business of an appraisal management
company if the board finds that any of the following circumstances apply to the
applicant, a registrant, a person owning ten percent (10%) or more of the
applicant or registrant, a partner, member, manager, officer, director, managing
principal, controlling person, a person occupying a similar status or performing
similar functions, or a person directly or indirectly controlling the applicant or
registrant:
(a) The application for registration contained a statement that in light of the
circumstances under which it was made is false or misleading with
respect to a material fact;
(b) The person has violated or failed to comply with KRS 324A.152,
324A.154, 324A.156, or 324A.158 or failed to comply with administrative
regulations promulgated by the board for the implementation and
enforcement of KRS 324A.150 to 324A.164;
(c) The person has pled guilty or nolo contendere to, or has been found
guilty of, a felony or, within the past ten (10) years, a misdemeanor
involving mortgage lending or real estate appraising or an offense
involving a breach of trust or fraudulent or dishonest dealing;
(d) The person is permanently or temporarily enjoined by a court of
competent jurisdiction from engaging in or continuing any conduct or
practice involving appraisal management services or operating an
appraisal management company;
(e) The person is the subject of an order of the board or any other state's
appraisal management company regulatory agency denying, suspending,
or revoking the person's privilege to operate as an appraisal management
company;
(f) The person acted as an appraisal management company while not
properly registered by the board; or
(g) The person failed to pay the proper filing or renewal fee as provided
under KRS 324A.152 and 324A.154.
Upon its own motion or the written complaint of a person reporting a violation
of subsection (1) of this section, and after notice and the opportunity for a
hearing in accordance with KRS Chapter 13B, the board may:
(a) Suspend or revoke the registration of a registrant;
(b) Impose a fine not to exceed five thousand dollars ($5,000) per violation;
or
(c) Take other appropriate disciplinary actions as established by the board
through promulgation of administrative regulations.
The board may appear in its own name in Franklin Circuit Court, or the Circuit
Court of the county where the alleged violation occurred, to obtain injunctive
relief to prevent a person from violating this section or KRS 324A.154,
324A.156, or 324A.158. The Circuit Court may grant a temporary or permanent
injunction regardless of whether:
(a) Criminal prosecution has been or may be instituted as a result of the
violation; or
(b) The person is the holder of a registration issued by the board.
Effective:June 8, 2011
History: Created 2011 Ky. Acts ch. 58, sec. 7, effective June 8, 2011.
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