[§466L-15]  Owner requirements.  [See Note at chapter heading.]  (a)  An appraisal management company applying for, holding, or renewing a registration under this chapter shall not be owned, in whole or in part, directly or indirectly, by any person who has had an appraiser license or certification refused, denied, canceled, surrendered in lieu of revocation, or revoked in any state for a substantive cause, as determined by the appropriate state appraiser certifying and licensing agency; provided that an appraisal management company may be registered under this chapter if the license or certification of the appraiser with an ownership interest was not revoked for a substantive cause and the license or certification has been reinstated by the state in which the appraiser was licensed or certified.

     (b)  Each person that owns more than ten per cent of an appraisal management company and applies for, holds, or renews a registration under this chapter shall:

     (1)  Be of good moral character; and

     (2)  Submit to a criminal history record check pursuant to section 466L-8. [L 2017, c 118, pt of §2]