N.Y. Executive Law § 160-iiii: Controlling persons

§ 160-iiii. Controlling persons. 1. Each appraisal management company

applying for a certificate of registration shall designate one

controlling person who shall be the main contact for all communication

between the department and the appraisal management company. Such

designated controlling person shall never have had a license or

certificate to act as an appraiser denied, revoked, or surrendered in

lieu of possible discipline in any state and shall be of good moral

character, as determined by the department. Applicants shall cooperate

with any such background investigation conducted by the department.

2. Each person that owns more than ten percent of an appraisal

management company shall be of good moral character, as determined by

the department. Applicants shall cooperate with any such background

investigation conducted by the department.

3. Each appraisal management company applying for a certificate of

registration shall certify to the department 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 that has had a license or certificate to act as an appraiser

denied, revoked, or surrendered in lieu of a pending revocation.