24 Del. Admin. Code § 2930-9.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 2930-9.0 - Appraisal Management Companies

9.1 Appraisal Management Companies ("AMCs") registered with the State of Delaware shall be enrolled in the federal registry of state-registered AMCs. The registered AMC shall pay the fee established for that purpose. The Division of Professional Regulation shall collect and transmit the information necessary to populate the Federal roster or registry along with the fees collected for that purpose. If an AMC listed on the federal registry is no longer registered with or operating in Delaware, the Division of Professional Regulation shall notify the Appraisal Subcommittee as soon as practicable.

9.2 In addition to the exemptions from registration set forth in 24 Del.C. § 4023, an AMC that is a subsidiary owned and controlled by an insured depository institution, as defined in 12 U.S.C. § 1813 and regulated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation shall be exempt from registration. However, such AMC must report the information required to be submitted by the Council to the Appraisal Subcommittee, pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act, any federal regulation promulgated thereunder, and any policy or rule established by the Appraisal Subcommittee and pay an annual registry fee to the Council in an amount determined by the Appraisal Subcommittee in accordance with federal law. The Council shall transmit the annual registry fee and the required information to the Appraisal Subcommittee or its successor entity.

9.3 Only AMCs that meet the federal definition of an AMC shall be required to register and pay associated fees in Delaware.

24 Del. Admin. Code § 2930-9.0

28 DE Reg. 396 (11/1/2024) (Final)