New Jersey Statutes 45:14F-32. Registration required for engaging in business as an AMC
Terms Used In New Jersey Statutes 45:14F-32
- 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.
- 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: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Service of process: The service of writs or summonses to the appropriate party.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- 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. The registration required by subsection a. of this section shall include the following written information on a form prescribed by the board and which shall be certified by the compliance officer of the appraisal management company:
(1) The name of the entity or individual seeking registration, and the fictitious name or names, if any, under which it does business in any state;
(2) The business address of the entity or individual seeking registration;
(3) The telephone number of the entity or individual seeking registration;
(4) The name and contact information for the individual’s or entity’s agent for service of process in this State, if the entity or individual is not a corporation that is domiciled in this State;
(5) 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;
(6) The name, address, and telephone number for one controlling person designated as the main contact for all communication between the appraisal management company and the board;
(7) A certification that the entity or individual has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company holds a license or certification in good standing in this State pursuant to the “Real Estate Appraisers Act,” P.L.1991, c.68 (C. 45:14F-1 et seq.);
(8) A certification that the entity or individual requires appraisers completing appraisals, including but not limited to appraisals and appraisal reviews, at its request to comply with the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Standards Board of the Appraisal Foundation, including the requirements for geographic and product competence;
(9) A certification that the entity or individual has a system in place to verify that only licensed or certified appraisers are used for federally related transactions;
(10) A certification that the entity or individual 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 1639e of the federal Truth in Lending Act, Pub.L.90-321 (15 U.S.C. § 1639e), including the requirements for payment of customary and reasonable compensation to fee appraisers when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer;
(11) A certification by the board that the entity maintains a detailed record of each service request that it receives and the name of the appraiser that performs the residential real estate appraisal services for the appraisal management company;
(12) Whenever applicable, an irrevocable Uniform Consent to Service of Process pursuant to section 8 of this act; and
(13) Any other information as required by the board that is reasonably necessary to implement this act.
c. An application for the renewal of a registration shall include information substantially similar to that required under subsection b. of this section for an initial registration, as determined by the board.
L.2017, c.72, s.6.