(a) A person shall register as a real estate appraisal management company with the board to perform appraisal management services if the person

1. (1) provides an appraisal management service

   1. (A) to a creditor or secondary mortgage market participant, including an affiliate; and
   2. (B) in connection with valuing a borrower's principal dwelling as security for a consumer credit transaction or incorporating consumer credit transactions into a securitization; and
2. (2) oversees an appraiser panel.

(b) A person is guilty of a class B misdemeanor if the person engages in business as or holds out as a real estate appraisal management company, or performs or attempts to perform appraisal management services, at a time when the

1. (1) person does not hold a registration issued by the board; or
2. (2) registration issued by the board to the person is suspended, revoked, lapsed, or surrendered.