{"data":{"id":"us-ky/krs-324a.152","jurisdiction":"us-ky","citation":"KRS 324A.152","heading":"Requirement of registration -- Application requirements -- Criminal","body":"background checks -- Annual renewal of registration -- Administrative\nregulations.\n(1) A person shall not act or offer to act as an appraisal management company or\nperform appraisal management services within the Commonwealth unless\nregistered by the board.\n(2) To be registered by the board, a person shall make written application to the board,\nsubmit to a criminal background check as provided in subsection (3) of this se ction,\npay a filing fee established by the board, and pay the fee required to be included in\nthe appraisal management company recovery fund created in KRS 324A.155. The\nwritten application shall include the following information:\n(a) The name, street addre ss, and telephone contact information of the person\nseeking registration;\n(b) 1. If the registrant is a domestic organization, the designation of an agent\nfor service of process; or\n2. If the registrant is a foreign organization, documentation that the for eign\norganization is authorized to transact business in the Commonwealth\nand has appointed an agent for service of process by submitting a copy\nof:\na. The registrant's filing with the Secretary of State appointing an\nagent for service of process; and\nb. A certificate of authority issued by the Secretary of State.\nA foreign organization's failure to comply with this subparagraph may\nresult in rejection of the application;\n(c) The name, residential street address, and contact information of any person\nwho owns ten percent (10%) or more of the appraisal management company\nfor which registration is being requested;\n(d) The name, residential street address, and contact information of a controlling\nperson or managing principal;\n(e) A certification that the registrant:\n1. Has a system and process in place to verify that any person being added\nto the appraiser panel of the appraisal management company, or who\nmay be used by the appraisal management company to otherwise\nperform appraisals, holds a license in good s tanding in this state under\nthis chapter;\n2. Has a system and process in place to review the work of all appraisers\nthat are performing appraisal services for the appraisal management\ncompany on a periodic basis to ensure that all appraisal reportsmeet the\nminimum reporting requirements in accordance with themost recent\nedition of the USPAP; and\n3. Maintains a detailed record of each request for appraisal services that it\nreceives and the appraiser that performs the appraisal services for the\nappraisal management company;\n(f) A certification from the registrant and any partner, member, manager, officer,\ndirector, managing principal, controlling person, or person occupying a\nsimilar status or performing similar functions, or person directly or indirectly\ncontrolling the registrant that:\n1. The application for registration when filed or after filing contains no\nstatement that, in light of the circumstances under which it was made, is\nfalse or misleading with respect to a material fact;\n2. The person certifying has not violated or failed to comply with KRS\n324A.154, 324A.156, or 324A.158;\n3. The person certifying and each person who owns ten percent (10%) or\nmore of the registrant has not pled guilty or nolo contendere to or been\nfound guilty of:\na. A felony; or\nb. Within the past ten (10) years, a misdemeanor involving mortgage\nlending or real property appraising, or an offense involving breach\nof trust or fraudulent or dishonest dealing;\n4. The person certifying is not permanently or temporarily enjoined by a\ncourt of competent jurisdiction from engaging in or continuing any\nconduct or practice involving appraisal management services or\noperating an appraisal management company;\n5. The person certifying is not the subject of an order of the board or any\nother state's appraisal management company regulatory agency denying,\nsuspending, or revoking the person's privilege to operate as an appraisal\nmanagement company;\n6. The person certifying has not acted as an appraisal management\ncompany while not properly registered by the board; and\n7. The appraisal management company is not owned, in whole or in part,\ndirectly or indirectly, by any person who has had an appraiser license or\ncertificate refused, denied, canceled, surrendered in lieu of revocation,\nor revoked in an y state for a cause other than expiration, as determined\nby the relevant state appraiser regulatory program; and\n(g) Any other information required by the board.\n(3) The board shall require a national and state criminal background check on the\nperson certifying under subsection (2)(f) of this section and each person who owns\nten percent (10%) or more of the registrant under the following requirements:\n(a) The person certifying and each person who owns ten percent (10%) or more\nof the registrant shall provid e his or her fingerprints to the Department of\nKentucky State Police for submission to the Federal Bureau of Investigation\nafter a state criminal background check is conducted;\n(b) The results of the national and state criminal background check shall be se nt\nto the board; and\n(c) Any fee charged by the Department of Kentucky State Police and the Federal\nBureau of Investigation shall be an amount no greater than the actual cost of\nprocessing the request and conducting the check.\n(4) The board shall issue a c ertificate of registration to a registrant authorizing the\nregistrant to act or offer to act as an appraisal management company in this state\nupon:\n(a) Receipt of a properly completed application;\n(b) Payment of the required filing fee;\n(c) Payment of the fee required to be included in the appraisal management\ncompany recovery fund; and\n(d) A determination by the board that:\n1. The registrant has not had a previous registration suspended or revoked;\nand\n2. The activities of the applicant shal l be directed and conducted by\npersons who:\na. Have not had a previous registration suspended or revoked;\nb. Have not pled guilty or nolo contendere to or been found guilty of\na felony; or\nc. Within the past ten (10) years have not pled guilty, pled nolo\ncontendere to, or been found guilty of a misdemeanor involving\nmortgage lending or real property appraising or an offense\ninvolving a breach of trust or fraudulent or dishonest dealing.\n(5) (a) If the board finds that there is substantial reason to deny the  application for\nregistration, the board shall notify the registrant that the application has been\ndenied and shall afford the registrant an opportunity for a hearing before the\nboard to show cause why the registration should not be denied.\n(b) All proceedings concerning the denial of a certificate of registration shall be\nconducted in accordance with KRS Chapter 13B.\n(c) The acceptance by the board of an application for registration does not\nconstitute the approval of its contents or waive the authority of  the board to\ntake disciplinary action under KRS 324A.162.\n(6) (a) Registrations issued under this section shall be renewed annually.\n(b) Renewal shall occur on October 31 of each year.\n(c) If the initial registration occurs less than six (6) months before October 31, the\nrenewal shall not be required until October 31 of the following year, and shall\nthen be renewed on October 31 of each year thereafter.\n(7) (a) Failure to renew a registration in a timely manner shall result in a loss of\nauthority to operate.\n(b) A request to reinstate a certificate of registration shall be accompanied by\npayment of a penalty of fifty dollars ($50) for each month of delinquency, up\nto six (6) months after expiration.\n(c) After six (6) months' delinquency, a new application f or registration shall be\nrequired.\n(8) The board shall promulgate administrative regulations in accordance with KRS\nChapter 13A to establish standards for the operation of appraisal management\ncompanies and for the implementation and enforcement of KRS 324 A.150 to\n324A.164.","path":["KRS Chapter 324A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=58044","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:20Z","sha256":"e8567276eb635b0fc7159ca772608b6ae8ba8863dea36b6f2e6eb0cceaef85ba","source_id":"us-ky","stale":false,"prev":"us-ky/krs-324a.150","next":"us-ky/krs-324a.154"},"notice":"GroundRules: Original legal text. Not legal advice."}