Tenn. Comp. R. & Regs. 1255-08-.01 - REGISTRATION APPLICATION REQUIREMENTS

(1) An applicant for registration as an Appraisal Management Company or an entity that is exempt from the registration requirements pursuant to T.C.A. § 62-39-404(1) must submit a written application on the prescribed form. The application shall include the following information and certifications:

(a) The name, business address, telephone number and email address of the person or entity seeking registration.

(b) Designation of an agent for service of process within the state and an irrevocable Uniform Consent to Service of Process.

(c) If the entity is not a corporation that is domiciled in this state, the name and contact information for the company's agent for service of process in this state.

(d) The name, address and contact information for any individual or entity owning ten percent (10%) or more of the Appraisal Management Company.

(e) The name, address and contact information for an individual designated as the controlling person.

(f) Certification that any person owning the entity, in whole or in part, directly or indirectly, has never had a license or certificate to act as an appraiser refused, revoked or surrendered in lieu of disciplinary action in any state.

(g) Certification that the Appraisal Management Company is not owned by any person who has been convicted of any felony or a misdemeanor involving the theft of services, money or property, or has had an appraiser license, certification or registration denied, revoked or suspended subject to a disciplinary proceeding in any state.

(2) A registration fee of two thousand dollars ($2,000.00) is required at the time of application.

(3) The applicant shall post with the Commission at the time of application a surety bond in the amount of twenty thousand dollars ($20,000.00).

(a) The bond shall accrue to the State for the benefit of a claimant against the registrant to secure the performance of the registrant's obligation.

(b) Any claims reducing the face amount of the bond must be restored at the time of the biennial renewal.

(4) Upon completion of the registration application and payment of all fees, the Commission shall issue the registrant a unique registration number and shall publish a list of all registered Appraisal Management Companies.

(5) For purposes of Chapter 1255-08 and the Tennessee Appraisal Management Company Registration and Regulation Act, unless context otherwise requires:

(a) "Good Moral Character" means a person has not been convicted of or pled nolo contendere to any felony or a misdemeanor involving theft of services, money or property, and has never had an appraiser license, certification or registration denied, revoked or suspended in any state.

Notes

Tenn. Comp. R. & Regs. 1255-08-.01

Original rule filed May 24, 2011; effective August 22, 2011. Amendments filed March 21, 2018; effective June 19, 2018. Amendments filed May 10, 2024; effective 8/8/2024.

Authority: T.C.A. §§ 62-39-203, 62-39-403, 62-39-407, 62-39-408, 62-39-409, 62-39-410, and 62-39-423.