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 September 8, 2014 Appraisal Management Company Update

9/8/2014

September 8, 2014 Appraisal Management Company Update

 

AMC Registration Forms Are Now Available

Registration forms were emailed to all pre-registered AMCs on September 5th. The deadline for (completed) applications to be submitted to the Board is October 1, 2014. As a reminder, once we receive your surety bond, it will be forwarded to the WV Attorney General for approval.  Registration will not be considered complete until the surety bond is approved by the WV Attorney General. Also, don’t forget to register with the WV Secretary of State’s Office.  

The Board will post a list of AMCs that have been issued registration numbers and have submitted all required information as of October 1st.  Appraisers will be notified to review these lists in order to ensure they are working with a registered AMC.

All AMC Forms can be found by going to the tab "forms." 

Legislative Rule-Making Update for 190CSR5

The Public Comment Period for the regular rule-making process ended on July 9th at 4pm. The Board responded to comments and developed an Agency Approved Rule at an August 1st Board meeting. Agency Approved Rules were filed with the WV Secretary of State and the Legislative Rule-Making Committee that same day.

You may view the Agency Approved Rule at the Secretary of State’s website,
http://apps.sos.wv.gov/adlaw/csr/readfile.aspx?DocId=26115&Format=PDF 

The filing includes all required forms, the rule as amended by comments received, all comments received during the Public Comment Period, Responses to the Comments and Amendments Made to the Rule as a Result of Public Comments.  

To familiarize yourself with the legislative process and the 2014-2015 legislative calendars, please visit, http://www.sos.wv.gov/administrative-law/rulemaking/Pages/stepsummary.aspx

Future AMC Rules

The Board will next write procedural rules addressing investigative and hearing procedures for AMCs. These rules will be analogous to the Tile 190, Series 4 Rules governing investigative and hearing procedures for appraisers. Procedural rules are those which set rules of procedure, practice or evidence for dealings with or proceedings before an agency, and may include forms used by the agency. Procedural rules do not go through the same legislative process. 

Emergency Rule Approved

The Board received confirmation on July 23, 2014 that Emergency Rule 190CSR5, “Requirements for Registration and Renewal of Appraisal Management Companies,” was approved by the West Virginia Secretary of State’s office as an Emergency Rule. The Emergency Rule will be effective as the Legislative Rule goes through the full rule-making process.  

With approval of the Emergency Rule, the Board may move forward with the AMC registration process.  Registration Forms are now available on our website.  To access all AMC forms, click on forms.   

Background Check Info

Please note the Appraisal Management Companies Registration Act requires “the applicant, each owner who is an employee of or consultant for the applicant, and the controlling person of the firm seeking registration shall submit to a state and national criminal history record check. 

Applicants should request manual background check cards from the Board with the Board’s ORI number (two fingerprint cards and one WVSP 39 Authorization Card for each individual requiring a background check). When you receive the WVSP 39 and fingerprint cards from us, visit the Identogo webpage for directions on how to proceed with your background check. Their website is, www.identogo.com   

Click on West Virginia, select “Forms and Links” and follow the procedures for manual card submission. We have been informed by MorphoTrust that digital prints can only be performed in West Virginia. Again, each applicant should submit two (2) fingerprint cards and one (1) WVSP 39.  Select the $45.35 state and national criminal history background. Mail completed cards, WVSP 39 and required processing fee to: 

MorphoTrust USA                                                                        
Attn: West Virginia Card Scan Dept.
3051 Hollis Drive, Suite 310
Springfield, IL 62704
 

Surety Bond Information

West Virginia Code requires that all surety bonds be approved by the West Virginia Attorney General’s Office. Please mail your completed surety bond form to the Board’s Office. We will forward it to the WV AGO and notify you when they have been accepted.  AMCs must be registered with the WV Secretary of State prior to submitting their surety bond and application. 

 

Contact: Sandy Kerns

 

Contact:

Sandy Kerns
 
 
 

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