Section 466NEW-26 - Disciplinary proceedingsThe director may deny, suspend, or revoke the registration of an appraisal management company; impose a monetary penalty of an amount not to exceed $5,000 per violation; issue a letter of reprimand; refuse to issue or renew the registration of an appraisal management company; or take other disciplinary action against an appraisal management company for any one or more of the following acts or conditions:
(1) The applicant is not of a good moral character;(2) The applicant has had a registration revoked or suspended for cause, or surrendered in lieu of disciplinary proceedings;(3) The applicant, upon renewal of registration, would not be eligible for registration on a first application;(4) The issuance of a registration would result in a violation of this chapter or any rules adopted pursuant to this chapter;(5) In the conduct of affairs under the registration, the registrant has demonstrated incompetency, untrustworthiness, or conduct or practices rendering the registrant unfit to carry on appraisal management services; made continuance in the business detrimental to the public interest; or is no longer carrying on appraisal management services in good faith, and for this conduct is found by the director to be a source of detriment, injury, or loss to the public;(6) The appraisal management company committed any act in violation of this chapter;(7) The appraisal management company violated any rule adopted by the department in the interest of the public and consistent with this chapter;(8) The appraisal management company procured a registration or renewal of registration for the appraisal management company or intentionally committed any other act by fraud, misrepresentation, or deceit; or(9) The appraisal management company violates this chapter, chapter 436B, or any rule or order of the director.Added by L 2024, c 80,§ 2, eff. 6/21/2024.