The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. A person shall not directly or indirectly engage or attempt to engage in business as an appraisal management company, directly or indirectly perform or attempt to perform appraisal management services or advertise or hold itself out as engaging in or conducting business as an appraisal management company without first obtaining a registration issued by the superintendent pursuant to this article, regardless of the entity's use of the term "appraisal management company" or "mortgage technology company" or any other name.
B. A person who wishes to be registered as an appraisal management company in this state must file a written application with the superintendent on a form prepared and furnished by the superintendent and pay a fee in an amount to be determined by the superintendent. The registration required by subsection A of this section shall include:
1. The name, residence address, business address and telephone number of the applicant and the location of each principal office and branch office at which the appraisal management company will conduct business in this state.
2. The name under which the applicant will conduct business as an appraisal management company.
3. The name, residence address, business address and telephone number of each person who will have at least a ten percent ownership interest in the appraisal management company as a principal, partner, officer, director or trustee, specifying the capacity and title of each person.
4. If the person seeking registration is a corporation that is not domiciled in this state, the name and contact information for the company's agent for service of process in this state.
5. A certification that the person seeking registration has a system and process in place to verify that a person being added to the appraiser panel for the appraisal management company's appraisal management services in this state holds a license or certification in good standing in this state.
6. A certification that the person seeking registration has a system in place to review the work of all independent appraisers that are performing real property appraisal services for the appraisal management company on a periodic basis to confirm that the real property appraisal services are being conducted in accordance with uniform standards of professional appraisal practice.
7. A certification that the person maintains a detailed record of each service request that it receives and the independent appraiser that performs the real property appraisal services for the appraisal management company.
8. A certification that the person seeking registration has a system in place to train those who select individual appraisers for real property appraisal services in this state to ensure that the selectors have appropriate training in placing appraisal assignments.
9. An irrevocable consent to service of process.
10. A certification that allows the superintendent to examine the books and records of the appraisal management company and a written agreement that requires the appraisal management company to submit reports, information and documents to the superintendent as required by rule.
11. Any other information required by the superintendent deemed reasonable in scope and content and necessary for the implementation and administration of this chapter.
C. The superintendent may deny the application for an initial issuance or renewal of an appraisal management company registration if the applicant has been convicted of a felony or as otherwise prescribed by this chapter.