1. A. An AMC applying for, holding, or renewing a registration under the Oklahoma Appraisal Management Company Regulation Act shall not be more than ten-percent-owned by:

   1. 1. A person who has held a credential issued by any appraiser-credentialing jurisdiction to act as an appraiser that was refused, denied, canceled, suspended, revoked, or surrendered in lieu of a pending disciplinary proceeding in any jurisdiction and not subsequently granted or reinstated; or
   2. 2. An entity that is more than ten-percent-owned by any person who has held a credential issued by any appraiser-credentialing jurisdiction to act as an appraiser that was refused, denied, canceled, revoked, or surrendered in lieu of a pending disciplinary proceeding in any jurisdiction and not subsequently granted or reinstated.

2. B. Each person that owns more than ten percent (10%) of an AMC applying for, holding, or renewing a registration under the Oklahoma Appraisal Management Company Regulation Act shall:

   1. 1. Be of good moral character, as determined by the Board; and
   2. 2. Submit to a background investigation, as determined by the Board.
3. C. Each AMC applying for registration or for renewal of a registration under the Oklahoma Appraisal Management Company Regulation Act shall certify to the Oklahoma Real Estate Appraiser Board on a form prescribed by the Board that it has reviewed each entity that owns more than ten percent (10%) of the AMC and that no entity that owns more than ten percent (10%) of the AMC is more than ten-percent-owned by any person that has had a credential issued by any appraiser-credentialing jurisdiction to act as an appraiser that was refused, denied, cancelled, suspended, revoked, or surrendered in lieu of a pending disciplinary proceeding in any jurisdiction and not subsequently granted or reinstated.

Laws 2010, HB 2772, c. 364, § 9, eff. January 1, 2011; Amended by Laws 2016, HB 2546, c. 195, § 3, eff. November 1, 2016 (superseded document available).