§ 543E.17 — Grounds for disciplinary action

Iowa § 543E.17

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 543E: REAL ESTATE APPRAISAL MANAGEMENT COMPANIES

Text

1. After notice and hearing, the director may revoke, suspend, or refuse to issue, renew,
orreinstatearegistration; reprimand, censure, orlimitthescopeofpracticeofanyregistrant;
impose a civil penalty not to exceed ten thousand dollars per violation; require remedial
action; or place any registrant on probation; all with or without terms, conditions, or in
combinations of remedies, for any one or more of the following reasons:
a. Fraudordeceitinobtainingregistration,whichmayalsoresultinpermanentrevocation
of the registration.
b. Dishonesty, fraud, or gross negligence in the provision of appraisal management
services.
c. A violation of this chapter or implementing rules by the appraisal management
company or by an employee, owner, director, controlling person, or other agent of the
appraisal management company.
d. Conviction of a felony or other indictable offense, any element of which is dishonesty,
deception, or fraud, or is otherwise related to the performance of appraisal management
services, under the laws of any state or the United States.
e. Cancellation, revocation, suspension, or refusal to renew the authority to practice
as an appraisal management company, or the acceptance of the voluntary surrender of a
registration to practice as an appraisal management company to conclude a disciplinary
investigation or action, by any other state, a federal agency, or foreign authority for any
cause other than failure to pay appropriate fees in the other jurisdiction.
f. A violation of section 272C.10.
2. When determining whether to initiate a disciplinary proceeding against an appraisal
management company based on actions or omissions by an employee, owner, director,
controlling person, or other agent of the appraisal management company, the director shall
take into consideration all of the following:
a. Whether the appraisal management company took reasonable steps to prevent the
violation.
b. Whether the violation was or could have been discovered by the appraisal management
company upon reasonable inquiry.
c. What steps the appraisal management company took upon discovering the violation.
d. Whether the violation could have been avoided had the appraisal management
company established the systems or other procedures required under this chapter.
e. Whether the violation is an isolated matter or more systemic to the appraisal
management company’s performance.