§ 282 — Appraisal management companies; notice to board of designation of controlling person and employee in charge; change in designations; sole proprietorships

Section 282. An appraisal management company shall file a form, signed by the designated controlling person or employee in charge, with the board indicating the appraisal management company's designation of the controlling person and employee in charge and the individual's acceptance of the responsibility. The board shall establish a process, including appropriate timing, for administering any change in the designated controlling person or employee in charge. An appraisal management company that fails to comply with this section shall have its registration suspended pursuant to section 286 until it complies with this section. An individual operating an appraisal management company as a sole proprietorship shall be a state-certified general real estate appraiser or state-certified residential real estate appraiser and shall be considered the controlling person for purposes of sections 276 to 289, inclusive, unless another controlling person is designated.