Section 339.1140

Title XXII OCCUPATIONS AND PROFESSIONS

Chapter 339

Effective - 28 Aug 2010, 2 histories, see footnote   (history) 

  339.1140.  Ownership limitations. — 1. An appraisal management company applying for a registration in Missouri shall not be more than ten percent owned by:

  (1) A person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of a pending revocation in any state;

  (2) An entity that is more than ten percent owned by any person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of a pending revocation in any state.

  2. Each person who owns more than ten percent of an appraisal management company in this state shall:

  (1) Be of good moral character, as determined by the commission; and

  (2) Submit to a background investigation, as determined by the commission.

  3. Each appraisal management company applying for registration shall certify to the commission that it has reviewed each entity that owns more than ten percent of the appraisal management company and that no entity that owns more than ten percent of the appraisal management company is more than ten percent owned by any person who has had a license or certificate to act as an appraiser refused, denied, cancelled, revoked, or surrendered in lieu of a pending revocation.

  4. Each appraisal management company shall notify the commission within thirty days of a change in its controlling principal, agent of record, or ownership composition.

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(L. 2010 H.B. 1692, et al.)