Section 36.304. Content of application

(a) An application for registration as an appraisal management company must include:

(1) Primary information of the appraisal management company, including:

(i) Legal name.

(ii) Mailing address, which will be the address of record.

(iii) Street address, if different from the mailing address.

(iv) Primary telephone number.

(2) Secondary information of the appraisal management company, including:

(i) State or place of incorporation or organization.

(ii) Documentation that the applicant is authorized to transact business in this Commonwealth if the applicant is not an individual and is incorporated or otherwise formed under the laws of a jurisdiction other than the Commonwealth.

(iii) Each fictitious name under which the applicant trades or does business in this Commonwealth.

(iv) Web site address.

(v) Primary electronic mail address.

(vi) Fax number.

(vii) Each state or jurisdiction in which applicant is registered as an appraisal management company.

(viii) If the applicant began offering appraisal management services before June 8, 2013, and if so, the month and year on which the applicant began offering appraisal management services in this Commonwealth.

(ix) Owner information, including for each owner:

(A) Legal name.

(B) Street address.

(C) Telephone number.

(D) Electronic mail address.

(3) Key person information, including for each key person:

(i) Legal name.

(ii) Mailing address.

(iii) Street address, if different from the mailing address.

(iv) Telephone number.

(v) Title or titles and each status that qualifies the person as a key person, including one or more of the following:

(A) Officer.

(B) Director.

(C) Manager, supervisor, or similar function or title.

(vi) Electronic mail address.

(vii) If the key person is an owner.

(4) Compliance person information, including:

(i) Legal name.

(ii) Mailing address, if different from the applicant’s mailing address.

(iii) Residential address.

(iv) Telephone number.

(v) Electronic mail address.

(vi) Title or titles.

(vii) Each certificate or license held for the practice of real estate appraising, if any, including the state or jurisdiction of issuance.

(viii) If the compliance person is an owner.

(5) Disciplinary history of the applicant, each owner, key person and the compliance person, including:

(i) Any discipline imposed in this Commonwealth or any other jurisdiction under any law regulating appraisers, appraisal management companies or real estate brokers or salespersons.

(ii) Any discipline imposed in this Commonwealth or any other jurisdiction under any law regulating mortgage brokers or salespersons, the sale of securities, the practice of law or the practice of accounting.

(iii) A verification by each owner or key person subject to penalties of 18 Pa.C.S. § 4904 (relating to unsworn falsification to authorities) that the disciplinary history is true and correct.

(6) An official criminal history record information report from the Pennsylvania State Police or other state agency for each state in which the applicant, owner, key person or compliance person has resided for the 5-year period immediately preceding the date of application.

(7) A surety bond or letter of credit in the form and the amount required under § § 36.351—36.356 (relating to surety bonds and letters of credit).

(b) The individual designated by the applicant as compliance person shall certify that the applicant has:

(1) A system in place to verify that a person being added to an appraiser panel of the applicant or who will otherwise perform appraisals for the applicant of property in this Commonwealth is a certified appraiser and in good standing in this Commonwealth under REACA.

(2) A system in place for the performance of appraisal reviews with respect to the work of appraisers that are performing appraisals for the applicant of property in this Commonwealth to determine if the appraisals are being conducted in conformance with the minimum standards under REACA on a periodic basis and whenever requested by a client.

(3) A system in place to comply with § 36.335 (relating to recordkeeping).

(4) Authorized the compliance person to file the application and verify the contents of the application subject to the penalties of 18 Pa.C.S. § § 4904 and 4911 (relating to unsworn falsification to authorities; and tampering with public records or information).

(c) The individual designated as the compliance person shall sign the application and verify that the contents of the application are true and correct and is subject to the penalties of 18 Pa.C.S. § § 4904 and 4911.

Notation

Cross References

This section cited in 49 Pa. Code § 36.314 (relating to reporting change of information).