South Carolina Code 40-60-330. Registration; requirements
(2) To register as an appraisal management company, an applicant shall submit to the board an application on a form or forms prescribed by the board.
Terms Used In South Carolina Code 40-60-330
- Appraisal: A determination of property value.
- appraisal: means of or pertaining to appraising and related functions including, but not limited to, appraisal practice and appraisal services. See South Carolina Code 40-60-20
- Appraiser: means a person who holds a permit, license, or certification issued by the board that allows the person to appraise real property. See South Carolina Code 40-60-20
- Board: means the South Carolina Real Estate Appraisers Board established pursuant to the provisions of this chapter. See South Carolina Code 40-60-20
- 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.
- Department: means the Department of Labor, Licensing and Regulation;
(5) "Director" means the Director of the Department of Labor, Licensing and Regulation or the director's official designee;
(6) "Licensee" means a person granted an authorization to practice pursuant to this article and refers to a person holding a license, permit, certification, or registration granted pursuant to this article;
(7) "Licensing act" means the individual statute or regulations, or both, of each regulated profession or occupation which include, but are not limited to, board governance, the qualifications and requirements for authorization to practice, prohibitions, and disciplinary procedures;
(8) "Person" means an individual, partnership, or corporation;
(9) "Profession" or "occupation" means a profession or occupation regulated or administered, or both, by the department pursuant to this article. See South Carolina Code 40-1-20 - 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: means an individual, corporation, partnership, or association, foreign and domestic. See South Carolina Code 40-60-20
- Real estate: means an identified parcel or tract of land including improvements, if any. See South Carolina Code 40-60-20
- Service of process: The service of writs or summonses to the appropriate party.
- 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
(3) In the event that a registration process is unavailable upon the effective date of this article, an appraisal management company already conducting business in this State may continue to conduct business pursuant to the article until one hundred twenty days after a registration process becomes available.
(B) The registration required in subsection (A) must include:
(1) the name of the entity seeking registration;
(2) the business address of the entity seeking registration;
(3) contact information of the entity seeking registration;
(4) the name and contact information for the company’s agent for service of process in this State if the entity seeking registration is not a corporation that is domiciled in this State;
(5) contact information for an individual, corporation, partnership, or other business entity that owns ten percent or more of the appraisal management company;
(6) the name, address, and contact information of a controlling person;
(7) certification that the entity seeking registration 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 certification or license in good standing in this State pursuant to the South Carolina Real Estate Appraisers Act;
(8) certification that the applicant has a system in place to review the work of all certified or licensed appraisers who are independent contractors and perform real estate appraisal services for the appraisal management company on a periodic basis to validate that the real estate appraisal services are being conducted pursuant to Uniform Standards of Professional Appraisals Practice;
(9) certification that the entity maintains a detailed record of each service request that it receives and the certified or licensed appraisers who are independent contractors and who perform the real estate appraisal services for the appraisal management company;
(10) an irrevocable consent to service of process;
(11) a detailed statement of current financial condition of the entity on a form approved by the board or a surety bond in an amount not to exceed fifty thousand dollars, whichever the registering appraisal management company selects;
(12) authorization for the board to conduct a criminal background check of all controlling persons and any individual who owns ten percent or more of the appraisal management company; and
(13) 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, 15 U.S.C. § 1639e.
(C) A change of an entity’s name, address, organizational status, or federal identification number must be reported to the department within fifteen days. Failure to do so may result in registration cancellation and the requirement of the new entity to submit an initial application and meet all requirements for registration.
(D) The board shall review and approve or deny the registration of an appraisal management company.
(E) The registration requirement provided in subsection (B)(11), whether a financial statement or a surety bond is selected, does not apply to individual appraisers or individual appraisers serving on an appraisal panel of an appraisal management company. Appraisal management companies shall be responsible for any cost of a surety bond as required by subsection (B)(11).