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The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 54 Pa.B. 2336 (April 27, 2024).

49 Pa. Code § 36.413. Qualifications of compliance person.

§ 36.413. Qualifications of compliance person.

 (a)  In addition to the qualifications in §  36.412 (relating to qualifications of owners and key persons), a compliance person shall hold the qualifications in this section.

 (b)  A person designated as a compliance person by an appraisal management company possesses the authority to:

   (1)  Enter into an agreement with the Board to bind the appraisal management company to comply with requirements of AMCRA, this subchapter, and provisions of FIRREA, REACA, REARA or TILA that relate to appraisal standards or appraisal management services.

   (2)  Sign a report, application, form, notice or other document required to be filed with the Board.

   (3)  Certify, verify or otherwise attest as required by law to the contents of documents or pleadings filed with the Board.

 (c)  A compliance person may not have a history of:

   (1)  Conviction as provided in section 10(a)(5) of AMCRA (63 P.S. §  457.30(a)(5)).

   (2)  Disciplinary action or disposition of an administrative or a civil proceeding as described in section 10(a)(2), (3), (4), (6) or (7) of AMCRA, or a similar provision of a law or regulation of another jurisdiction, resulting in refusal, denial, cancellation, restriction, probation, suspension, voluntary surrender or revocation of the authority or privilege to practice.

 (d)  An individual who acts as a compliance person will be deemed to have vacated the position upon any of the following conditions:

   (1)  Death.

   (2)  Occurrence of a disqualifying condition defined in subsection (c).

   (3)  Termination of employment or contractual relationship by either the compliance person or the appraisal management company.

 (e)  During a period of less than 30 days for excused illness, absence or vacation of a compliance person, an appraisal management company may designate another key person to fulfill the duties of compliance person without notice to the Board.

 (f)  An absence or vacancy in the position of compliance person more than 30 days is cause for suspension of an appraisal management company’s authority to conduct business until a compliance person has been designated and notice of the change has been filed with the Board as provided in §  36.414 (relating to reporting change of information.)

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