§ 5-20.9-9. Grounds for denial, suspension, or revocation of registration — Fines and penalties.
(a) The department may deny, censure, suspend, or revoke a registration of an appraisal
management company issued under this chapter, levy fines or impose civil penalties
not to exceed five thousand dollars ($5,000) per violation, if in the opinion of the
department, an appraisal management company is attempting to perform, has performed,
or has attempted to perform any of the following acts:
(1) The appraisal management company has filed an application for registration that, as
of its effective date or as of any date after filing, contained any statement that,
in light of the circumstances under which it was made, is false or misleading with
respect to any material fact;
(2) The appraisal management company has violated or failed to comply with any provision
of this chapter, or any rule adopted by the department;
(3) The appraisal management company is permanently or temporarily enjoined by any court
of competent jurisdiction from engaging in or continuing any conduct or practice involving
any aspect of the real estate appraisal management business;
(4) The appraisal management company or a controlling person thereof is the subject of
an order of the department or any other state appraiser regulatory agency denying,
suspending, or revoking that person's license as a real estate appraiser;
(5) The appraisal management company acted as an appraisal management company while not
properly registered with the department;
(6) The appraisal management company has failed to pay the proper filing or renewal fee
under this chapter;
(7) The appraisal management company has demonstrated incompetence, untrustworthiness,
or conduct or practices that render the applicant unfit to perform appraisal management
services; or
(8) The appraisal management company has committed any of the prohibited practices set
forth in this chapter or in the department's regulations.
(b) The department shall provide written notice of the denial, suspension, or revocation
of a registration under this chapter. Any party aggrieved by the department's decision
regarding registration issuance or renewal may, within ten (10) days of the decision,
appeal the matter to the director by submitting a written request for a formal hearing
to be conducted in accordance with the provisions of § 5-20.9-18.