[§466L-28]  Federal registry requirements.  [See Note at chapter heading.]  (a)  The director shall collect from each appraisal management company registered or seeking to be registered in this State the information that the Appraisal Subcommittee requires to be submitted to it by the State pursuant to regulations or guidance adopted by the Appraisal Subcommittee.

     (b)  A federally regulated appraisal management company operating in this State shall report to the director the information required to be submitted by the State to the Appraisal Subcommittee, pursuant to the Appraisal Subcommittee's policies regarding the determination of the appraisal management company national registry fee.  These reports shall include:

     (1)  A report to the director of the intent of the federally regulated appraisal management company to operate in this State;

     (2)  Information related to whether the appraisal management company is owned in whole or in part, directly or indirectly, by any person who has had an appraiser license or certificate refused, denied, canceled, surrendered in lieu of revocation, or revoked in any state for a substantive cause, as determined by the Appraisal Subcommittee; and

     (3)  If such person or persons has had such action taken on their appraisal license, the director shall collect information related to whether the license was revoked for a substantive cause and if it has been reinstated by the state or states in which the appraiser was licensed. [L 2017, c 118, pt of §2]