543E.7 Designation of controlling person. 1. An appraisal management company registered or applying for registration in this state shall designate a controlling person who shall be the main contact for all communicationsbetween the director and the appraisal management company, and who shall be responsiblefor assuring the appraisal management company complies with the provisions of this chapterwhen performing appraisal management services in connection with real estate located inthis state. 2. The designated controlling person shall not have had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of revocation in anystate for a substantive reason. A designated controlling person may have 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. 3. The designated controlling person shall be of good moral character, as prescribed by rules adopted by the director consistent with applicable federal law and regulations, andshall submit to a background designated controlling person shall be of good moral character, as prescribed by rules 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. 2016 Acts, ch 1124, §7, 32; 2023 Acts, ch 19, §1681Referred to in §543E.8, 543E.20Subsections 1 and 3 amended Sat Dec 23 01:46:22 2023 Iowa Code 2024, Section 543E.7 (9, 1)
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