§ 160-iiii. Controlling persons. 1. Each appraisal management company
applying for a certificate of registration shall designate one
controlling person who shall be the main contact for all communication
between the department and the appraisal management company. Such
designated controlling person shall never have had a license or
certificate to act as an appraiser denied, revoked, or surrendered in
lieu of possible discipline in any state and shall be of good moral
character, as determined by the department. Applicants shall cooperate
with any such background investigation conducted by the department.

2. Each person that owns more than ten percent of an appraisal
management company shall be of good moral character, as determined by
the department. Applicants shall cooperate with any such background
investigation conducted by the department.

3. Each appraisal management company applying for a certificate of
registration shall certify to the department that it has reviewed each
entity that owns more than ten percent of the appraisal management
company and that no entity that owns more than ten percent of the
appraisal management company is more than ten percent owned by any
person that has had a license or certificate to act as an appraiser
denied, revoked, or surrendered in lieu of a pending revocation.