30 Miss. Code. R. 1502-2.2 - Application Process

1. An applicant for a Certificate of Registration as an Appraisal Management Company (AMC) shall apply by submitting a written application on the Board's prescribed form and shall be subject to approval by the Board. Applicant shall fully and accurately report all information and submit all documentation required by the application and the Board.

2. Applications for initial registration as an AMC shall include, at a minimum, the following information:

(a) The name, business address, phone number and other contact information for the applicant;

(b) Fictitious name or names under which applicant does business in any state;

(c) Branch offices at which applicant will conduct business in this state;

(d) If the applicant is not a corporation that is domiciled in this state, the name and contact information for the applicant's agent for service of process in this state;

(e) The name, address, and contact information for any individual or business entity that owns ten percent (10%) or more of the applicant AMC;

(f) The name, address and contact information for the individual designated as the Designated Officer;

(g) A certification that the applicant AMC has a system in place to verify that a person being added to the appraiser panel of the AMC holds a license in good standing by the Mississippi Real Estate Appraiser Licensing and Certification Board, if a license is required to perform appraisals;

(h) A certification that the applicant AMC requires appraisers completing appraisals at its request to comply with the Uniform Standards of Professional Appraisal Practice (USPAP), including the requirements for geographic and product competence;

(i) A certification that the applicant AMC has a system in place to verify only licensed or certified appraisers are used for federally related transactions;

(j) A certification that the applicant AMC has a system in place to require that appraisals are conducted independently and free from inappropriate influence and coercion as required by the appraisal independence standards established under Section 129E of the Truth in Lending Act, including the requirements for payment of a reasonable and customary fee to appraisers when the AMC is providing services for a consumer credit transaction secured by a principal dwelling of a consumer; and

(k) A certification that the applicant AMC maintains a detailed record of each service request that it receives and the appraiser that performs the residential real estate appraisal services for the AMC.

3. An application fee in the amount of One Thousand Five Hundred Dollars ($1,500.00) shall be submitted with the application.

4. The application must be accompanied by a surety bond with the Board in the amount of Twenty Thousand Dollars $20,000.00. The bond shall be payable to the State of Mississippi for the use, benefit and indemnity of any person who suffers any damage or loss as a result of the appraisal management company's breach of contract or of any obligation arising therefrom or any violation of law. Any claims reducing the face amount of the bond must be restored at the time of annual renewal.

5. Applicants not domiciled in this state shall complete an Irrevocable Uniform Consent to Service of Process.

6. Applicant shall provide any other information required by the Board deemed reasonably necessary for the implementation and administration of the statues and rules.

Notes

30 Miss. Code. R. 1502-2.2

Miss. Code Ann. §§ 73-34-13, 73-34-103(1), (2), (4) & 73-34-107 (Rev. 2012).

Amended 1/10/2020