§ 281 — Appraisal management companies; designation of employee in charge

Section 281. In order to serve as the employee in charge for a registered appraisal management company, a designee, in addition to holding a valid license as an appraiser, shall:(i) not have had a license to practice as an appraiser or to engage in any activity related to the transfer of real property refused, denied, canceled, surrendered in lieu of revocation or revoked in the commonwealth or in any other state;(ii) be of good moral character;(iii) submit to a background investigation; and(iv) be responsible for:(A) the management of the process of selecting appraisers for the performance of real estate appraisal services;(B) the management of the process of conducting appraisal reviews; provided, however, that an employee of an appraisal management company or a contractor working on behalf of such company who has any involvement in the performance of an appraisal review of completed appraisals of real property located in the commonwealth shall be licensed or certified in the commonwealth and in good standing pursuant to sections 276 to 289, inclusive; and(C) maintaining the documentation required by sections 276 to 289, inclusive.