Iowa Admin. Code r. 481-2050.3 - Grounds for denial of a registration
The administrator may deny an application for registration to operate an appraisal management company, or issue a registration subject to restriction, for any of the reasons that follow.
(1) This state or another state or jurisdiction has
canceled, revoked, denied, suspended, or refused to renew the applicant's
registration to operate an appraisal management company or has denied,
suspended, or refused to renew a similar registration under this state's or the
other state's or jurisdiction's law. An agreement made between a person and
this state or another state or jurisdiction not to operate as an appraisal
management company may be considered a denial of that person's registration to
operate an appraisal management company in this state or the other state or
jurisdiction.
(2) An owner or
controlling person of the applicant has been barred, removed, or prohibited
from owning or serving as the controlling person of an appraisal management
company, or from serving in any capacity in a financial institution by any
state or federal regulatory agency, including but not limited to the Office of
the Comptroller of the Currency, the Federal Deposit Insurance Corporation
(FDIC), the Board of Governors of the Federal Reserve System, or the U.S.
Department of Housing and Urban Development.
(3) An owner or controlling person of the applicant is
or was the owner or controlling person of another appraisal management company
in another state or jurisdiction, if such other state or jurisdiction has
canceled, revoked, denied, suspended, or refused to renew the registration or
application for registration of such other appraisal management company under
this state's or the other state's or jurisdiction's law. An agreement made
between a person and this state or another state or jurisdiction not to operate
as the owner or controlling person of an appraisal management company may be
considered a denial of that person's application to serve as the owner or
controlling person of an appraisal management company in this state or the
other state or jurisdiction.
(4) An
owner or controlling person of the applicant has been convicted of forgery,
embezzlement, obtaining money under false pretenses, theft, extortion,
conspiracy to defraud, tax evasion, or another similar offense, in a court of
competent jurisdiction in this state or in any other state, territory, or
district of the United States or in any foreign jurisdiction. For the purposes
of this subrule, "convicted of" includes a guilty plea, deferred judgment,
deferred sentence, or other similar finding of guilt by a court of competent
jurisdiction.
(5) The applicant, or
an owner or controlling person of the applicant, has made a false submission of
material fact on an application for registration or has been otherwise
implicated in the submission of a false application.
(6) An owner or controlling person of the applicant
has demonstrated a lack of moral character in a manner that the administrator
reasonably believes will impair the ability of the owner or controlling person
to operate an appraisal management company in full compliance with the public
interest and state policies described in Iowa Code chapter 543E.
(7) For any reason listed in Iowa Code
section 543E.17(1).
(8) The applicant has failed to include all
of the information required in the application or has failed to pay any fee
required under Iowa Code chapter 543E or this chapter.
Notes
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