New Jersey Statutes 45:14F-40. Collection of information and fees; reporting requirements
Terms Used In New Jersey Statutes 45:14F-40
- Appraisal: A determination of property value.
- 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
- 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
b. With respect to reporting requirements for federally regulated appraisal management companies: a federally regulated AMC operating in the State shall report to the board the information required to be submitted by the State to the Appraisal Subcommittee, pursuant to the Appraisal Subcommittee’s policies regarding the determination of the AMC National Registry fee. These reporting requirements will be set forth by the board by rule, and shall include:
(1) a report to the board on a form prescribed by the board of intent to operate in this State;
(2) information related to whether the AMC is owned in whole or in part, directly or indirectly, by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any state for a substantive cause, as determined by the Appraisal Subcommittee; and
(3) if a person has had action taken on his or her appraisal license, the board shall collect information related to whether the license was revoked for a substantive cause and if it has been reinstated by the state or states in which the appraiser was licensed or certified.
c. The board is authorized to collect from a federally regulated AMC operating in the State for submission to the Appraisal Subcommittee the AMC National Registry fee.
L.2017, c.72, s.14.