79003454.1-2021.1Virginia Decodedhttps://vacode.org2016Professions And OccupationsProfessions And Occupations Regulated By The Department Of Professional And Occupational Regulation And Boards Within The DepartmentReal Estate Appraisal Management CompaniesAppraisal management companies; license required; posting of bond or letter of credit2012, c. 405; 2014, c. 210.http://law.lis.virginia.gov/vacode/54.1-2021.1//54.1-2021.1/54.1/II/20.2/54.1-2021.154.1-2011

No person shall engage in business as an appraisal management company without a license issued by the Board.section

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The Board may issue a license to do business as an appraisal management company in the Commonwealth to any applicant who has submitted a complete application and provides satisfactory evidence that he has successfully:section

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Completed all requirements established by the Board that are consistent with this chapter and are reasonably necessary to implement, administer, and enforce the provisions of this chapter; andsection

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Certified to the Board the following information, and such other information as may be reasonably required by the Board, regarding the person or entity seeking licensure: section

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The name of the person or entity;section

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The business address of the person or entity;section

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Phone contact information for the person or entity, and email address;section

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section

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If the entity is not an entity domiciled in the Commonwealth, proof that the entity is properly and currently registered with the Virginia State Corporation Commission;section

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The name, address, and contact information for any person or any entity that owns 10 percent or more of the appraisal management company;section

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The name, address, and contact information for a responsible person for the appraisal management company located in the Commonwealth, who shall be a person or entity licensed under Chapter 20.1 (§ 54.1-2009 et seq.);section

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That any person or entity that owns 10 percent or more of the appraisal management company has never had a license to act as an appraiser refused, denied, canceled, or revoked by the Commonwealth or any other state;section

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That the entity has a system in place to review the work of all appraisers that may perform appraisal services for the appraisal management company on a periodic basis to ensure that the appraisal services are being conducted in accordance with the Uniform Standards of Professional Appraisal Practice;section

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section

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That the entity has a system in place to ensure compliance with § 129E of the Truth in Lending Act (15 U.S.C. § 1601 et seq.).section

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Any person that owns 10 percent or more of an appraisal management company and any controlling person of an appraisal management company seeking to be licensed pursuant to this chapter shall be of good moral character, as determined by the Board, and shall submit to a background investigation, as determined by the Board.section

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In addition to the filing fee, each applicant for licensure shall post either a bond or a letter of credit as follows:section

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section

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