Cal. Code Regs. tit. 10 § 3576

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 3576 - Background Requirements for Controlling Persons in Appraisal Management Companies

(a) No individual can act as a Controlling Person of an Appraisal Management Company who has had a license or certificate to act as an appraiser, or to engage in any activities related to real estate lending or the transfer of real property refused, denied, canceled, or revoked in California or any other state.

(b) A Controlling Person of an Appraisal Management Company that holds a Certificate of Registration who has entered a plea of guilty or no contest to, or been convicted of, a felony, must report this occurrence to the Bureau within 10 calendar days of the date of the action above. Any owner of any Appraisal Management Company that holds a certificate of registration, without regard to the percentage owned, who has had a real estate appraiser's license or certificate refused, denied, cancelled, revoked, or surrendered in lieu of revocation, in California or any other state must report the action to the Bureau within 10 calendar days of the date he or she has knowledge of the action.

(c) Any Controlling Person applicant who is licensed or certified as a real estate appraiser in any other jurisdiction must have a license in good standing in that jurisdiction and provide the Bureau with a certificate of license history.

(d) Any Controlling Person applicant who is not licensed or certified by the Bureau must submit fingerprint images to be used by the Department of Justice for the purpose of obtaining information relating to the existence or content of state and federal records of arrests or convictions.

(e) An Appraisal Management Company must disclose the name of the Designated Officer of the Appraisal Management Company.

(f) An Appraisal Management Company shall notify the Bureau in writing within 10 days of its registration being refused, denied, canceled, suspended, or revoked in any state.

Cal. Code Regs. Tit. 10, § 3576

1. New section filed 1-21-2010 as an emergency; operative 1-21-2010 (Register 2010, No. 4). A Certificate of Compliance must be transmitted to OAL by 7-20-2010 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 7-21-2010 as an emergency; operative 7-21-2010 (Register 2010, No. 30). A Certificate of Compliance must be transmitted to OAL by 10-19-2010 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 10-18-2010 as an emergency; operative 10-18-2010 (Register 2010, No. 43). A Certificate of Compliance must be transmitted to OAL by 1-18-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 10-18-2010 order transmitted to OAL 12-17-2010 and filed 1-31-2011 (Register 2011, No. 5).
5. Change without regulatory effect amending subsections (c)-(e) filed 2-11-2014 pursuant to section 100, title 1, California Code of Regulations (Register 2014, No. 7).
6. Repealer of subsection (a), subsection relettering, new subsection (f) and amendment of NOTE filed 2-20-2019; operative 4-1-2019 (Register 2019, No. 8).
7. Amendment of subsection (b) and NOTE filed 8-28-2023; operative 10-1-2023 (Register 2023, No. 35).

Note: Authority cited: Sections 11313 and 11314, Business and Professions Code. Reference: Sections 11302, 11343 and 11345.2, Business and Professions Code.

1. New section filed 1-21-2010 as an emergency; operative 1-21-2010 (Register 2010, No. 4). A Certificate of Compliance must be transmitted to OAL by 7-20-2010 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 7-21-2010 as an emergency; operative 7-21-2010 (Register 2010, No. 30). A Certificate of Compliance must be transmitted to OAL by 10-19-2010 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 10-18-2010 as an emergency; operative 10-18-2010 (Register 2010, No. 43). A Certificate of Compliance must be transmitted to OAL by 1-18-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 10-18-2010 order transmitted to OAL 12-17-2010 and filed 1-31-2011 (Register 2011, No. 5).
5. Change without regulatory effect amending subsections (c)-(e) filed 2-11-2014 pursuant to section 100, title 1, California Code of Regulations (Register 2014, No. 7).
6. Repealer of subsection (a), subsection relettering, new subsection (f) and amendment of Note filed 2-20-2019; operative 4/1/2019 (Register 2019, No. 8).
7. Amendment of subsection (b) and NOTE filed 8-28-2023; operative 10/1/2023 (Register 2023, No. 35).