543E.6 Ownership — restrictions and requirements. 1. An appraisal management company registered or applying for registration in this state shall not be directly or indirectly owned in whole or in part by a person who has had a licenseor certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered inlieu of revocation in any state for a substantive reason. An appraisal management companymay be directly or indirectly owned in whole or in part by a person who has had a license orcertificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu ofrevocation in a state for a nonsubstantive reason if the license or certificate was subsequentlygranted or reinstated. 2. A person who directly or indirectly owns more than ten percent of an appraisal management company in this state shall be of good moral character, as prescribed byrules adopted by the director consistent with applicable federal law and regulations, andshall submit to a background investigation, as prescribed by rules adopted by the directorconsistent with applicable federal law and regulations. stent with applicable federal law and regulations, andshall submit to a background investigation, as prescribed by rules adopted by the directorconsistent with applicable federal law and regulations. 2016 Acts, ch 1124, §6, 32; 2023 Acts, ch 19, §1680Referred to in §543E.8, 543E.20Subsection 2 amended Sat Dec 23 01:46:21 2023 Iowa Code 2024, Section 543E.6 (9, 1)
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