Amend the bill, as and if amended, page 4, by striking lines 30-43 and inserting:
/ (12) authorization for the board to conduct a criminal background check of all controlling persons and any individual who owns ten percent or more of the appraisal management company; and
(13) certification that the person has a system in place to require that appraisals are conducted independently and free from inappropriate influence and coercion, as required by the appraisal independence standards established under Section 129E of the Truth in Lending Act, 15 U.S.C. Section 1639e.
(C) A change of an entity's name, address, organizational status, or federal identification number must be reported to the department within fifteen days. Failure to do so may result in registration cancellation and the requirement of the new entity to submit an initial application and meet all requirements for registration.
(D) The board shall review and approve or deny the registration of an appraisal management company. /
Amend the bill further, as and if amended, page 5, by striking lines 27-35 and inserting:
/ (4) an appraisal management company that maintains an appraiser panel that consists of:
(a) fifteen or fewer certified or licensed appraisers who are independent contractors in this State, or
(b) a total of twenty-four or fewer certified or licensed appraisers who are independent contractors in two or more states; and
(5) an appraisal management company that is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution regulatory agency, except that each appraisal management company exempt from registration pursuant to this subsection shall comply with the requirements of Section 40-60-360(C). /
Amend the bill further, as and if amended, page 5, by striking lines 40-41 and inserting:
/ (B) To renew biennially, an entity actively registered under this article shall submit all information required by the board before June thirtieth, and the board shall review and renew or review and deny the renewal of the registration of an appraisal management company. /
Amend the bill further, as and if amended, page 6, by striking lines 24-25 and inserting:
/ (C) The board shall collect the information and the national registry fees established by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council pursuant to 12 U.S.C. Section 3338 and regulations adopted pursuant to it from each appraisal management company exempt from registration pursuant to Section 40-60-340(5).
(D) All appraisal management company national registry fees collected must be transferred to the appraisal subcommittee.
(E) The board shall adopt regulations regarding the determination of the size of the appraiser panel of an appraisal management company in accordance with the rules of the Appraisal Subcommittee of the Federal Financial Institutions Examination Council pursuant to 12 U.S.C. Section 3338. /
Amend the bill further, as and if amended, page 6 by striking lines 39-42 and inserting:
/ (B) For purposes of this section, each owner of more than ten percent of an appraisal management company shall submit to a criminal background check. /
Amend the bill further, as and if amended, page 10, by striking line 26 and inserting:
/consistent with the requirements of 15 U.S.C. Section 1639e and /
Renumber sections to conform.
Amend title to conform.