§ 45:14F-36 — Prohibitions relative to an AMC.

10. a. An appraisal management company applying to the board for registration in this State shall not: (1) in whole or in part, directly or indirectly, be owned by any person who has had an appraiser license or certificate in this State or in any other state, refused, denied, cancelled, surrendered in lieu of revocation, or revoked; (2) be subject to the ownership, control, direction, or authority of, or employ, appoint, or otherwise retain, a controlling person who is not of good moral character, which for purposes of this section shall require that such person has not been convicted of, or entered a plea of nolo contendere to, a crime relating to the practice of appraisal or any crime involving financial services, fraud, misrepresentation or moral turpitude. b. For purposes of paragraph (2) of subsection a. of this section, each controlling person of an appraisal management company shall submit to a background investigation to be carried out by the board, in accordance with standards as established by the board by regulation. c. The background investigation authorized under subsection b. of this section shall include but is not limited to a criminal history record information check conducted in accordance with sections 3 and 4 of P.L.1997, c.401 (C.45:14F-10.1 and C.45:14F-10.2). L.2017, c.72, s.10.