Ohio Code 4768.07 – Renewal license
(A) An appraisal management company licensed under this chapter may obtain a renewal license by filing an annual renewal application with the superintendent of real estate and professional licensing and paying the renewal fee established under division (A)(2) of section 4768.03 of the Revised Code. The renewal application shall include a statement, signed by the licensee’s controlling person, that states all of the following:
Terms Used In Ohio Code 4768.07
- Appraisal: A determination of property value.
- appraisal: means the act or process of developing an opinion of value of real property in conformity with the uniform standards of professional appraisal practice. See Ohio Code 4768.01
- Appraisal management company: means any person authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling, or by an underwriter o f or other principal in the secondary mortgage markets, that performs appraisal management services in connection with valuing properties collateralizing mortgage loans or valuing properties collateralizing mortgages incorporated in a securitization. See Ohio Code 4768.01
- Appraisal management services: means to perform any of the following functions on behalf of a lender, financial institution, client, or any other person in conjunction with a consumer credit transaction that is secured by a consumer's primary dwelling:
(1) Administer an appraiser panel;
(2) Recruit, retain, or select appraisers;
(3) Qualify, verify licensure or certification, and negotiate fees and service level expectations with persons who are part of an appraiser panel;
(4) Contract with appraisers to perform appraisal assignments;
(5) Receive an order for an appraisal from one person and deliver the order for the appraisal to an appraiser who is part of an appraiser panel for completion;
(6) Manage the process of having an appraisal performed, including providing administrative duties, such as receiving appraisal orders and reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed;
(7) Track and determine the status of orders for appraisals;
( 8) Conduct quality control of a completed appraisal prior to the delivery of the appraisal to the person that ordered the appraisal;
(9) Provide a completed appraisal performed by an appraiser to one or more clients. See Ohio Code 4768.01
- Appraiser: means a person licensed or certified under Chapter 4763 of the Revised Code. See Ohio Code 4768.01
- Appraiser panel: means a network of appraisers who are independent contractors to the appraisal management company and who have been approved by the appraisal management company, after responding to an invitation or request from the appraisal management company, to perform appraisals for any client of the appraisal management company or for the appraisal management c ompany directly, on a periodic basis, as assigned by the appraisal management company. See Ohio Code 4768.01
- Client: means any person that contracts with, or otherwise enters into an agreement with, an appraisal management company for residential or commercial real estate appraisal services. See Ohio Code 4768.01
- Controlling person: means any of the following:
(1) An owner, officer, or director of a business entity seeking to offer appraisal management services in this state;
(2) An individual employed, appointed, or authorized by an appraisal management company, who has the authority to enter into contractual relationships with clients for the performance of appraisal management services and the authority to enter into agreements with appraisers for the performance of residential or commercial real estate appraisal services;
(3) An individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company. See Ohio Code 4768.01
- Owner: means a person who owns or controls ten per cent or more of an appraisal management company. See Ohio Code 4768.01
- Person: means an individual, corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity. See Ohio Code 4768.01
- real estate appraisal services: means a real estate appraisal or appraisal review. See Ohio Code 4768.01
- state: means the state of Ohio. See Ohio Code 1.59
(1) The licensee has a system or process in place to verify that any appraiser added to the appraisal management company’s appraiser panel for the purpose of performing real estate appraiser services in this state holds a license or certificate under Chapter 4763 of the Revised Code and is in good standing with this state.
(2) The licensee has a system or process in place to review the work of appraisers who are performing real estate appraisal services for compliance with the uniform standards of professional appraisal practice.
(3) The controlling person of the licensee who is the main contact between the appraisal management company and the division of real estate and professional licensing and the real estate appraiser board described in division (A)(2) of section 4 768.06 of the Revised Code has successfully completed an initial fifteen hours of uniform standards of professional appraisal practice and thereafter completes seven hours of instruction in uniform standards of professional appraisal practice at least once every two years.
(4) The licensee has a system or process in place to disclose to its client the actual fees paid to an appraiser for appraisal services separately from any other fees or charges for appraisal management services.
(5) The licensee has a system or process in place to disclose the license, certificate, or registration number of the appraisal management company on each engagement letter used in assigning an appraisal request for real estate appraisal assignments within the state.
(6) Each owner and controlling person of the licensee continues to satisfy the requirements provided for under divisions (B)(1) to (4) of section 4768.06 of the Revised Code;
(7) The licensee acknowledges that it is required to report suspected violations of Chapter 4763 of the Revised Code by a person licensed, registered, or certified under that chapter;
(8) The licensee acknowledges that the real estate appraiser board or the superintendent may require the licensee to submit to an audit, conducted by the staff of the division of real estate and professional licensing, of the applicant’s operations or books;
(9) The licensee acknowledges that it is required to comply with section 129e of the “Truth in Lending Act,” 82 Stat. 146, 15 U.S.C. § 1639e.
(B) The licensee shall file the renewal application at least thirty days, but not earlier than one hundred twenty days, prior to expiration of the license. Subject to section 4768.08 of the Revised Code, the superintendent shall renew the license if the applicant has complied with division (A) of this section. Each license renewed under this section shall expire one year after the date of renewal.
(C) A licensee who fails to renew a license prior to its expiration is ineligible to obtain a renewal license and shall comply with section 4768.06 of the Revised Code to regain licensure, except that a licensee may, within three months after the expiration of the license, renew the license without having to comply with section 4768.06 of the Revised Code by paying all the renewal fees and the late filing fee established under division (A)(2) of section 4768.03 of the Revised Code. A licensee who applies for late renewal of the licensee’s license shall not engage in any activities permitted by the license being renewed during the three-month period following the license’s normal expiration date until all renewal fees and the late filing fee have been paid.