§ 37:3415.8 — Owner requirements

Louisiana § 37:3415.8

• Jurisdiction: Louisiana
• Title 37: Professions and Occupations

Text

§3415.8. Owner requirements
A. An appraisal management company applying for a license in this state shall not
be owned by any person who has had a license or certificate to act as an appraiser, real estate
broker or agent, mortgage broker, or mortgage originator, which combined are considered
to be "real estate or lending-related licenses" refused, denied, suspended, canceled,
surrendered in lieu of revocation, or revoked in the past in any state.
B. Any licensed appraisal management company with an owner or employee who
is subsequently refused or denied a real estate or lending-related license in any state, shall
notify the board in writing within ten days of such action.
C. Any licensed appraisal management company with an owner or employee whose
real estate or lending-related license has been refused, denied, suspended, canceled,
surrendered in lieu of revocation, or revoked subsequent to being registered shall notify the
board in writing within ten days of such action.
D. Either refusal or revocation of any real estate or lending-related license in any
state shall be grounds for denying renewal of the appraisal management company's license.
However, failure to notify the board of refusal, suspension, revocation, or cancellation of the
licenses within ten days of such action shall be cause for revocation of an appraisal
management company's license.
E. Each person that has any ownership interest in an appraisal management company
in this state shall comply with all of the following:
(1) Be of good moral character, as determined by the board.
(2) Submit to a background investigation, as determined by the board.
(3) Certify to the board that the person has never had a license to act as an appraiser
refused, denied, canceled, suspended, surrendered in lieu of revocation, or revoked in this
state or in any other state.

Legislative History

Acts 2009, No. 502, §1, eff. Jan. 1, 2010; Acts 2022, No. 415, §1, eff. June 15, 2022.