(a) Appraiser certification or licensing of owners.
(1) An AMC subject to State registration
pursuant to section 225.193 shall not be registered by a State or
included on the AMC National Registry if such AMC, in whole or in
part, directly or indirectly, is owned by any person who has had an
appraiser license or certificate refused, denied, cancelled, surrendered
in lieu of revocation, or revoked in any State for a substantive cause,
as determined by the appropriate State appraiser certifying and licensing
agency.
(2) An AMC subject
to State registration pursuant to section 225.193 is not barred by
paragraph (a)(1) of this section from being registered by a State
or included on the AMC National Registry if the license or certificate
of the appraiser with an ownership interest was not revoked for a
substantive cause and has been reinstated by the State or States in
which the appraiser was licensed or certified.
(b) Good moral character of
owners. An AMC shall not be registered by a State if any person
that owns more than 10 percent of the AMC—
(1) Is determined by the State appraiser
certifying and licensing agency not to have good moral character;
or
(2) Fails to submit
to a background investigation carried out by the State appraiser certifying
and licensing agency.
