(a)  An appraisal management company applying for a registration in this state may not be owned or controlled by a person if such person has had a license or certification to act as an appraiser denied or revoked in this state or in any other state, or who is not of good moral character as determined by the director.

Terms Used In Rhode Island General Laws 5-20.9-10

  • Appraisal: A determination of property value.
  • Appraisal: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate. See Rhode Island General Laws 5-20.9-2
  • Controlling person: means :

    (i)  An owner, officer, or director of a corporation, partnership, or other business entity seeking to offer appraisal management services in this state; or

    (ii)  An individual employed, appointed, or authorized by an appraisal management company who has the authority to enter into a contractual relationship with clients for the performance of appraisal management services and has the authority to enter into agreements with independent appraisers for the performance of residential real estate appraisal services; or

    (iii)  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 Rhode Island General Laws 5-20.9-2

  • Department: means the department of business regulation. See Rhode Island General Laws 5-20.9-2
  • Director: means the director of the department of business regulation. See Rhode Island General Laws 5-20.9-2
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6

(b)  Each owner or controlling person of an appraisal management company in this state shall certify to the department that such person has never had a license to act as an appraiser denied, suspended, or revoked in this state or in any other state.

History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.