TITLE 54

PROFESSIONS, VOCATIONS, AND BUSINESSES

CHAPTER 41

IDAHO REAL ESTATE APPRAISERS ACT

54-4126.  ownership requirements — controlling persons. (1) No AMC shall be registered in this state if the AMC is owned in whole or in part, directly or indirectly, by any person who has had an appraiser license or certificate refused, denied, canceled, surrendered in lieu of revocation, or revoked in any state for substantive cause, as determined by the appropriate state appraiser certifying and licensing agency. An AMC is not barred from registration in this state if the license or certificate of the appraiser with an ownership interest was not revoked for a substantive cause and has been reinstated by the state or states in which the appraiser was licensed or certified.

(2)  No AMC shall be registered in this state if any natural person that owns more than ten percent (10%) of the appraisal management company:

(a)  Is determined by the board to not be in compliance with all minimum federal requirements; or

(b)  Fails to submit to a background investigation, including a fingerprint-based criminal history check, carried out by the board.

(3)  Each appraisal management company applying to the board for a registration in this state shall designate one (1) controlling person that will be the main contact for all communication between the board and the appraisal management company and notify the board of any change in the appraisal management company’s controlling person. The controlling person designated pursuant to this subsection shall:

(a)  Have never had a license or certificate to act as an appraiser refused, denied, canceled, revoked or surrendered in lieu of revocation for a substantive reason in any state, unless the person has subsequently had the license or certificate to act as an appraiser granted or reinstated;

(b)  Be in compliance with all minimum federal requirements, as determined by the board; and

(c) Submit to a background investigation, including a fingerprint-based criminal history check, carried out by the board.

History:

[54-4126, added 2016, ch. 131, sec. 1, p. 391; am. 2020, ch. 104, sec. 3, p. 280.]