Kansas Statutes 58-4704. Application for registration; transmission of information to national registry
Terms Used In Kansas Statutes 58-4704
- AMC: means an individual, firm, partnership, association, corporation, limited liability company or any other business entity acting as an external third party authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of or other principal in the secondary mortgage markets:
(1) That performs appraisal management services, regardless of the use of any of the following terms: Appraisal management company, mortgage technology provider, mortgage services provider, lender processing services provider, loan processor, real estate closing services provider, vendor management company or any other like term; and
(2) such entity oversees an appraiser panel of:
(A) More than 15 appraisers who are certified or licensed in Kansas; or
(B) a total of more than 25 appraisers who are certified or licensed in Kansas and in any other jurisdiction. See Kansas Statutes 58-4703
- Appraisal: A determination of property value.
- Appraisal: has the meaning specified in Kan. See Kansas Statutes 58-4703
- Appraiser: means an individual who holds a credential issued by the Kansas real estate appraisal board pursuant to the state certified and licensed real property appraiser act entitling that individual to perform an appraisal of real property in the state of Kansas consistent with the scope of practice for such credential. See Kansas Statutes 58-4703
- Board: means the Kansas real estate appraisal board. See Kansas Statutes 58-4703
- Controlling person: means :
(1) An owner, officer, manager, or director of a corporation, partnership, firm, association, limited liability company, or other business entity seeking to offer appraisal management services in this state;
(2) an individual employed, appointed, or authorized by an AMC that has the authority to enter into a contractual relationship with other persons for the performance of appraisal management services and has the authority to enter into agreements with appraisers for the performance of appraisals; or
(3) an individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an AMC. See Kansas Statutes 58-4703
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credential: means a certificate, license or temporary permit issued by the board pursuant to the provisions of the state certified and licensed real estate appraisals act authorizing an individual to act as a temporary permitted appraiser, provisional appraiser, state licensed appraiser, certified residential appraiser or certified general appraiser in the state of Kansas. See Kansas Statutes 58-4703
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, firm, partnership, association, corporation, or any other entity. See Kansas Statutes 58-4703
- Service of process: The service of writs or summonses to the appropriate party.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
- USPAP: means the edition of the uniform standards of professional appraisal practice as specified in Kan. See Kansas Statutes 58-4703
(a) The application for the registration shall be on a form approved by the board and shall, at a minimum, include the following information:
(1) The legal name and any other trade or business name of the entity seeking registration;
(2) the mailing and physical addresses of the entity seeking registration;
(3) the telephone, email, website, and facsimile contact information of the entity seeking registration;
(4) if the entity is a corporation, limited liability company, partnership, association, sole proprietorship or any other business entity that is not domiciled in this state:
(A) The name and contact information for the entity’s agent for service of process in this state pursuant to Kan. Stat. Ann. 2023 Supp. 58-4707, and amendments thereto; and
(B) proof that the entity is properly and currently registered with the Kansas office of the secretary of state;
(5) the name, mailing and physical addresses, telephone, email and facsimile contact for any person that owns 10% or more of the AMC;
(6) the name, mailing and physical addresses, telephone, email and facsimile contact for the named controlling person;
(7) a certification that the entity has a system and process in place to verify that a person being added to the appraiser panel of the AMC for appraisal services being performed in Kansas:
(A) Holds a credential in good standing in this state pursuant to the state certified and licensed real estate appraisers act and the regulations adopted thereunder if a license or certification is required to perform appraisals, pursuant to Kan. Stat. Ann. 2023 Supp. 58-4711, and amendments thereto; and
(B) is geographically competent and performs appraisal assignments within the appraiser’s scope of practice;
(8) a certification that the entity has a system in place to review an amount or percentage of the appraisal reports submitted by each appraiser who is performing real estate appraisal services for the AMC within Kansas as specified in rules and regulations of the board on an annual basis to validate that the real estate appraisal services are being conducted in accordance with USPAP and the state certified and licensed real estate appraisers act and the regulations adopted thereunder, pursuant to Kan. Stat. Ann. 2023 Supp. 58-4712, and amendments thereto;
(9) a certification that the entity maintains a detailed record of each service request that it receives and the appraiser that performs real estate appraisal services for the AMC, pursuant to Kan. Stat. Ann. 2023 Supp. 58-4713, and amendments thereto;
(10) an irrevocable consent to service of process pursuant to Kan. Stat. Ann. 2023 Supp. 58-4707, and amendments thereto;
(11) any other information reasonably required by the board to evaluate compliance with the application requirements in this act; and
(12) a certification that the entity requires that appraisals are conducted independently and free from inappropriate influence and coercion pursuant to the appraisal independence standards established under section 129E of the truth in lending act, as specified in Kan. Stat. Ann. 2023 Supp. 58-4716(a), and amendments thereto.
(b) The board shall review each application that is properly submitted and either issue the registration to the applicant or deny such application in accordance with the provisions of this act.
(c) The board may transmit information and any disciplinary action taken on any appraisal management company to the national registry of the appraisal subcommittee.