TITLE 5
Businesses and Professions

CHAPTER 5-20.9
Real Estate Appraisal Management Company Registration Act [Effective July 1, 2018]

SECTION 5-20.9-9


§ 5-20.9-9. Grounds for denial, suspension or revocation of registration – Fines and penalties. [Effective July 1, 2018.].

(a) The department may deny, censure, suspend, or revoke a registration of an appraisal management company issued under this chapter, levy fines or impose civil penalties not to exceed five thousand dollars ($5,000) per violation, if in the opinion of the department, an appraisal management company is attempting to perform, has performed, or has attempted to perform any of the following acts:

(1) The appraisal management company has filed an application for registration that, as of its effective date or as of any date after filing, contained any statement that, in light of the circumstances under which it was made, is false or misleading with respect to any material fact;

(2) The appraisal management company has violated or failed to comply with any provision of this chapter, or any rule adopted by the department;

(3) The appraisal management company is permanently or temporarily enjoined by any court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of the real estate appraisal management business;

(4) The appraisal management company or a controlling person thereof is the subject of an order of the department or any other state appraiser regulatory agency denying, suspending, or revoking that person's license as a real estate appraiser;

(5) The appraisal management company acted as an appraisal management company while not properly registered with the department;

(6) The appraisal management company has failed to pay the proper filing or renewal fee under this chapter;

(7) The appraisal management company has demonstrated incompetence, untrustworthiness, or conduct or practices that render the applicant unfit to perform appraisal management services; or

(8) The appraisal management company has committed any of the prohibited practices set forth in this chapter or in the department's regulations.

(b) The department shall provide written notice of the denial, suspension, or revocation of a registration under this chapter. Any party aggrieved by the department's decision regarding registration issuance or renewal may, within ten (10) days of the decision, appeal the matter to the director by submitting a written request for a formal hearing to be conducted in accordance with the provisions of § 5-20.9-17.

History of Section.
(P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.)