Section 47-14-3 - Registration required. - New Mexico Statutes

47-14-3. Registration required.

A.     It is unlawful for a person, corporation, partnership, sole proprietorship, subsidiary, limited liability company or any other business entity to directly or indirectly engage or attempt to engage in business as an appraisal management company, to directly or indirectly engage or attempt to perform appraisal management services or to advertise or hold itself out as engaging in or conducting business as an appraisal management company without first obtaining a certificate of registration issued by the board under the provisions of the Appraisal Management Company Registration Act, regardless of the entity's use of the term "appraisal management company", "mortgage technology company" or any other name. 

B.     The registration required by Subsection A of this section shall include: 

(1)     the name of the entity seeking registration; 

(2)     the business address of the entity seeking registration; 

(3)     telephone contact information of the entity seeking registration; 

(4)     if the entity seeking registration is not a corporation that is domiciled in this state, the name and contact information for the company's agent for service of process in this state; 

(5)     the name, address and contact information for any individual or any corporation, partnership or other business entity that owns ten percent or more of the appraisal management company; 

(6)     the name, address and contact information for a controlling person; 

(7)     a certification that the entity seeking registration has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company holds a license or certification in good standing in this state pursuant to the Real Estate Appraisers Act; 

(8)     a certification that the entity seeking registration has a system in place to review the work of all independent appraisers that are performing real estate appraisal services for the appraisal management company on a periodic basis to ensure that the real estate appraisal services are being conducted in accordance with uniform standards of professional appraisal practice; 

(9)     a certification that the entity maintains a detailed record of each service request that it receives and the independent appraiser that performs the real estate appraisal services for the appraisal management company; 

(10)     an irrevocable consent to service of process; 

(11)     a bond or other equivalent means of security as required by the Appraisal Management Company Registration Act; and 

(12)     any other information required by the board.