New Hampshire Revised Statutes 310-B:12-b – Registration of Appraisal Management Companies
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I. It is unlawful for a person to directly or indirectly engage in or attempt to engage in business as an appraisal management company or to advertise or hold itself out as engaging in or conducting business as an appraisal management company in this state without first obtaining a registration issued by the office under the provisions of this chapter.
(a) An applicant for registration as an appraisal management company in this state shall submit to the office an application using the method prescribed and furnished by the office of professional licensure and certification.
(b) In the event a registration process is unavailable upon the effective date of this chapter, an appraisal management company already conducting business in this state may continue to conduct business in accordance with this chapter until the 120th day after a registration process becomes available.
II. An application for the registration required by paragraph I of this section shall include the following information:
(a) Name of the person seeking registration and the fictitious name or names (if any) under which it does business in any state;
(b) Business address of the person seeking registration;
(c) Phone contact information of the person seeking registration;
(d) If the person is not a corporation that is domiciled in this state, the name and contact information for the company’s agent for service of process in this state;
(e) The name, address, and contact information for any individual or any corporation, partnership, or other business entity that owns 10 percent or more of the appraisal management company;
(f) The name, address, and contact information for one controlling person designated as the main contact for all communication between the appraisal management company and the board;
(g) A certification that the person has a system and process in place to verify that an individual being added to the appraiser panel of the appraisal management company holds a license in good standing in this state under this chapter if a license or certification is required to perform appraisals;
(h) A certification that the person requires appraisers completing appraisals at its request to comply with the Uniform Standards of Professional Appraisal Practice (USPAP) including the requirements for geographic and product competence;
(i) A certification that the person has a system in place to verify that only licensed or certified appraisers are used for federally related transactions;
(j) A 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, including the requirement that fee appraisers be compensated at a customary and reasonable rate when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer;
(k) A certification that the person maintains a detailed record of each service request that it receives and the appraiser that performs the residential real estate appraisal services for the appraisal management company;
(l) An irrevocable uniform consent to service of process, pursuant to N.H. Rev. Stat. § 310-B:12-d;
(m) Any other information required by the board which is reasonably necessary to implement this chapter.
III. An application for the renewal of a registration shall include substantially similar information required for the initial registration as noted in paragraph II, as determined by the board.
IV. A registration granted by the board pursuant to this chapter shall be valid for one year from the date on which it is issued.
(a) An applicant for registration as an appraisal management company in this state shall submit to the office an application using the method prescribed and furnished by the office of professional licensure and certification.
Terms Used In New Hampshire Revised Statutes 310-B:12-b
- Appraisal: A determination of property value.
- 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.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- 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: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- real estate: shall include lands, tenements, and hereditaments, and all rights thereto and interests therein. See New Hampshire Revised Statutes 21:21
- Service of process: The service of writs or summonses to the appropriate party.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- 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
(b) In the event a registration process is unavailable upon the effective date of this chapter, an appraisal management company already conducting business in this state may continue to conduct business in accordance with this chapter until the 120th day after a registration process becomes available.
II. An application for the registration required by paragraph I of this section shall include the following information:
(a) Name of the person seeking registration and the fictitious name or names (if any) under which it does business in any state;
(b) Business address of the person seeking registration;
(c) Phone contact information of the person seeking registration;
(d) If the person is not a corporation that is domiciled in this state, the name and contact information for the company’s agent for service of process in this state;
(e) The name, address, and contact information for any individual or any corporation, partnership, or other business entity that owns 10 percent or more of the appraisal management company;
(f) The name, address, and contact information for one controlling person designated as the main contact for all communication between the appraisal management company and the board;
(g) A certification that the person has a system and process in place to verify that an individual being added to the appraiser panel of the appraisal management company holds a license in good standing in this state under this chapter if a license or certification is required to perform appraisals;
(h) A certification that the person requires appraisers completing appraisals at its request to comply with the Uniform Standards of Professional Appraisal Practice (USPAP) including the requirements for geographic and product competence;
(i) A certification that the person has a system in place to verify that only licensed or certified appraisers are used for federally related transactions;
(j) A 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, including the requirement that fee appraisers be compensated at a customary and reasonable rate when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer;
(k) A certification that the person maintains a detailed record of each service request that it receives and the appraiser that performs the residential real estate appraisal services for the appraisal management company;
(l) An irrevocable uniform consent to service of process, pursuant to N.H. Rev. Stat. § 310-B:12-d;
(m) Any other information required by the board which is reasonably necessary to implement this chapter.
III. An application for the renewal of a registration shall include substantially similar information required for the initial registration as noted in paragraph II, as determined by the board.
IV. A registration granted by the board pursuant to this chapter shall be valid for one year from the date on which it is issued.