1. A. The controlling person of a registered AMC may voluntarily relinquish the AMC’s registration if:

   1. 1. No complaint is currently pending against the AMC,
   2. 2. All amounts owed under subsection R4-46-402(C) have been paid, and
   3. 3. The AMC is in good standing with the Department.

2. B. To voluntarily relinquish an AMC’s registration, the controlling person of the AMC shall enter into an agreement with the Director that provides the AMC shall:

   1. 1. Cease engaging in business as an AMC and cease providing appraisal management services immediately, and
   2. 2. Maintain the surety bond required under A.R.S. § 32-3667 for one year after the agreement is entered.

Historical Note

New Section made by final rulemaking at 21 A.A.R. 1675, effective October 6, 2015 (Supp. 15-3). Amended by final rulemaking at 25 A.A.R. 1139, effective June 10, 2019 (Supp. 19-2). Amended by final rulemaking at 28 A.A.R. 893 (May 6, 2022), effective June 11, 2022 (Supp. 22-2).