21 N.C. Admin. Code 57D .0303 - COMPLIANCE MANAGER
(a) A compliance
manager shall be designated with the Board for each appraisal management
company. The compliance manager shall be a certified real estate appraiser
certified under G.S. 93E, Article I or in another state.
(b) An appraisal management company shall
file an application with the Board for approval of the designated compliance
manager. This application shall provide the Board with the compliance manager's
name, mailing and physical address, and phone and email contact information,
and shall be signed by the designated compliance manager. The application may
be accessed at the Board's website at www.ncappraisalboard.org.
(c) The designated compliance manager shall
obtain a criminal records check pursuant to 93E-2-11. Applicants shall pay all
required fees to perform the check. This records check shall have been
performed within 60 days of the date the completed application is received by
the Board. The criminal records check results must be attached to the
application for approval as a compliance manager.
(d) The designated compliance manager is
responsible for:
(1) notifying the Board of
any change of trade name or contact information of the appraisal management
company and the registration of any assumed business name adopted by the
appraisal management company for its use;
(2) the retention and maintenance of records
relating to appraisals conducted by or on behalf of the appraisal management
company;
(3) the maintenance of a
record of all appraisers in North Carolina who perform appraisals for the
appraisal management company, including a log of payments to appraisers;
and
(4) the conduct of advertising
of appraisal management services by or in the name of the appraisal management
company.
(e) If an
appraisal management company intends to change its compliance manager, it must
submit an application for approval of the new compliance manager at least 10
business days before the effective date of the change.
(f) If a compliance manager leaves the
appraisal management company and the company is unable to give at least 10
days' notice of the change, the company shall have 15 business days from the
date the compliance manager leaves to obtain a new compliance
manager.
Notes
Eff. January 1, 2011;
Amended Eff. July 1, 2014;
Readopted Eff. July 1, 2018.
Eff. February 1, 2011.
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