(A) An appraisal management company shall not be registered in this State or included on the national registry if: (1) it is owned, in whole or in part, directly or indirectly, by a person who has had an appraiser certificate or license refused, denied, canceled, surrendered in lieu of revocation, or revoked in this State or in another state for a substantive cause, as determined by the appropriate state appraiser certifying the licensing agency; (2) any person who owns more than ten percent of the appraisal management company if the board determines he does not have good moral character, which for purposes of this section requires that the person has not been convicted of or entered a plea of nolo contendere to a felony relating to the practice of appraisal, banking, mortgage lending, or the provision of financial services, or a crime involving fraud or misrepresentation; or (3) any controlling person or person who owns more than ten percent of the appraisal management company fails to submit to a criminal history background check as required by Section 40-60-31(5) of this chapter or regulations promulgated pursuant to it. HISTORY: 2017 Act No. appraisal management company fails to submit to a criminal history background check as required by Section 40-60-31(5) of this chapter or regulations promulgated pursuant to it. HISTORY: 2017 Act No. 32 (S.279), Section 1, eff May 10, 2017; 2024 Act No. 196 (H.3278), Section 21, eff May 21, 2024.
South Carolina Legal Code