2012 Utah Code
Title 61 - Securities Division - Real Estate Division
Article 2e - Appraisal Management Company Registration and Regulation Act
Section 201 - Registration required -- Qualification for registration.
(1) Unless exempted under Section 61-2e-104, an appraisal management company is required to register under this chapter if the company:
(a) contracts with one or more appraisers for the performance of 10 or more appraisals in the state in a calendar year; or
(b) oversees a network or panel of more than 15 appraisers certified or licensed in the state.
(2) Unless registered under this chapter or exempt under Section 61-2e-104, an entity may not with regard to a real estate appraisal activity for real estate located in this state:
(a) directly or indirectly engage or attempt to engage in business as an appraisal management company;
(b) directly or indirectly engage or attempt to perform an appraisal management service; or
(c) advertise or hold itself out as engaging in or conducting business as an appraisal management company.
(3) To qualify to be registered as an appraisal management company under this chapter:
(a) each individual who owns, directly or indirectly, more than 10% of the appraisal management company shall:
(i) be of good moral character, as determined by the board; and
(ii) not have had a license or certificate to engage in an act related to a real estate or mortgage transaction refused, denied, canceled, or revoked in this state or in another state; and
(b) the appraisal management company shall designate a main contact for communication between the appraisal management company and either the board or division who:
(i) is a controlling person;
(ii) is of good moral character, as determined by the board; and
(iii) has not had a license or certificate to engage in an act related to a real estate or mortgage transaction refused, denied, canceled, or revoked in this state or in another state.
(4) This section applies without regard to whether the entity uses the term:
(a) "appraisal management company";
(b) "mortgage technology company"; or
(c) another name.
Amended by Chapter 166, 2012 General Session
