KRS 324A.152

324A.152 Requirement of registration -- Application requirements -- Criminal background checks -- Annual renewal of registration -- Administrative regulations. (1) A person shall not act or offer to act as an appraisal management company or perform appraisal management services within the Commonwealth unless registered by the board. (2) To be registered by the board, a person shall make written application to the board, submit to a criminal background check as provided in subsection (3) of this section, pay a filing fee established by the board, and pay the fee required to be included in the appraisal management company recovery fund created in KRS 324A.155. The written application shall include the following information: (a) The name, street address, and telephone contact information of the person seeking registration; (b) 1. If the registrant is a domestic organization, the designation of an agent for service of process; or 2. If the registrant is a foreign organization, documentation that the foreign organization is authorized to transact business in the Commonwealth and has appointed an agent for service of process by submitting a copy of: a. The registrant's filing with the Secretary of State appointing an agent for service of process; and b. A certificate of authority issued by the Secretary of State. A foreign organization's failure to comply with this subparagraph may result in rejection of the application; (c) The name, residential street address, and contact information of any person who owns ten percent (10%) or more of the appraisal management company for which registration is being requested; (d) The name, residential street address, and contact information of a controlling person or managing principal; (e) A certification that the registrant: 1. Has a system and process in place to verify that any person being added to the appraiser panel of the appraisal management company, or who may be used by the appraisal management company to otherwise perform appraisals, holds a license in good standing in this state under this chapter; 2. Has a system and process in place to review the work of all appraisers that are performing appraisal services for the appraisal management company on a periodic basis to ensure that the appraisal services are being conducted in accordance with the minimum USPAP standards; and 3. Maintains a detailed record of each request for appraisal services that it receives and the appraiser that per