(a) A person applying for registration as an appraisal management company may not be owned in whole or in part, directly or indirectly, by:
(1) a person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in any state; or
(2) another entity that is owned by a person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in any state.
(b) The owner of an appraisal management company shall:
(1) be of good character and reputation, as determined by the Commission; and
(2) submit to a background investigation, as determined by the Commission.
(c) A person applying for registration as an appraisal management company shall certify to the Commission that it has reviewed each entity that owns the person and that no other entity that owns the person is directly owned by a person that has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in any state.
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