{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/54.1-2021.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/54.1-2021.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/54.1-2021.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/54.1-2021.1.html"}],"law_id":58025,"edition_id":1,"section_id":58025,"structure_id":15246,"section_number":"54.1-2021.1","catch_line":"Appraisal management companies; license required; posting of bond or letter of credit","history":"2012, c. 405; 2014, c. 210; 2018, cc. 229, 230.","full_text":"A\n\nNo person shall engage in business as an appraisal management company without a license issued by the Board.B\n\nThe Board may issue a license to do business as an appraisal management company in the Commonwealth to any applicant who has submitted a complete application and provides satisfactory evidence that he has successfully:1\n\nCompleted all requirements established by the Board that are consistent with this chapter and are reasonably necessary to implement, administer, and enforce the provisions of this chapter; and2\n\nCertified to the Board the following information, and such other information as may be reasonably required by the Board, regarding the person or entity seeking licensure:\n\t\t\t\ta. The name of the person or entity;\n\t\t\t\tb. The business address of the person or entity;\n\t\t\t\tc. Phone contact information for the person or entity, and email address;\n\t\t\t\td. If the entity is not an entity domiciled in the Commonwealth, the name and contact information for the entity’s agent for service of process in the Commonwealth;\n\t\t\t\te. If the entity is not an entity domiciled in the Commonwealth, proof that the entity is properly and currently registered with the Virginia State Corporation Commission;\n\t\t\t\tf. The name, address, and contact information for any person or any entity that owns 10 percent or more of the appraisal management company;\n\t\t\t\tg. The name, address, and contact information for a responsible person for the appraisal management company located in the Commonwealth, who shall be a person or entity licensed under Chapter 20.1 (§ 54.1-2009 et seq.);\n\t\t\t\th. That any person or entity that owns any part of the appraisal management company has never had a license to act as an appraiser refused, denied, canceled, surrendered in lieu of revocation, or revoked by the Commonwealth or any other state;\n\t\t\t\ti. That the entity has a system in place to review the work of all appraisers that may perform appraisal services for the appraisal management company on a periodic basis to ensure that the appraisal services are being conducted in accordance with the Uniform Standards of Professional Appraisal Practice;\n\t\t\t\tj. That the entity maintains a detailed record of the following: (i) each request for an appraisal service that the appraisal management company receives; (ii) the name of each independent appraiser that performs the appraisal; (iii) the physical address or legal identification of the subject property; (iv) the name of the appraisal management company’s client for the appraisal; (v) the amount paid to the appraiser; and (vi) the amount paid to the appraisal management company; and\n\t\t\t\tk. That the entity has a system in place to ensure compliance with § 129E of the Truth in Lending Act (15 U.S.C. § 1601 et seq.).C\n\nAny person that owns 10 percent or more of an appraisal management company and any controlling person of an appraisal management company seeking to be licensed pursuant to this chapter shall be of good moral character, as determined by the Board, and shall submit to a background investigation, as determined by the Board.D\n\nIn addition to the filing fee, each applicant for licensure shall post either a bond or a letter of credit as follows:1\n\nIf a bond is posted, the bond shall (i) be in the amount of $100,000 or any other amount as set by regulation of the Board, (ii) be in a form prescribed by regulation of the Board, and (iii) accrue to the Commonwealth for the benefit of (a) a claimant against the licensee to secure the faithful performance of the licensee’s obligations under this chapter or (b) an appraiser who has performed an appraisal for the licensee for which the appraiser has not been paid. The aggregate liability of the surety shall not exceed the principal sum of the bond. A party having a claim against the licensee may bring suit directly on the surety bond. When a claimant or an appraiser is awarded a final judgment in a court of competent jurisdiction against a licensee of this section for the licensee’s failure to faithfully perform its obligations under this chapter or failure to pay an appraiser who performed an appraisal, the claimant or the appraiser may file a claim with the Board for a directive ordering payment from the bond issuer of the amount of the judgment, court costs and reasonable attorney fees as awarded by the court. Such claim shall be filed with the Board no later than 12 months after the judgment becomes final. Upon receipt of the claim against the licensee, the Board may cause its own investigation to be conducted. The amount of the bond shall be restored by the licensee to the full amount required within 15 days after the payment of any claim on the bond. If the licensee fails to restore the full amount of the bond, the Board shall immediately revoke the license of the licensee whose conduct resulted in payment from the bond.2\n\nIf a letter of credit is posted, the letter of credit shall (i) be in the amount of $100,000 or any other amount as set by regulation of the Board, (ii) be irrevocable and in a form approved by the Board, payable to the Department of Professional Occupational Regulation, and (iii) be for the use and the benefit of (a) a claimant against the licensee to secure the faithful performance of the licensee’s obligations under this chapter or (b) an appraiser who has performed an appraisal for the licensee for which the appraiser has not been paid. The aggregate liability on the letter of credit shall not exceed the principal sum of the letter of credit. When a claimant or an appraiser is awarded a final judgment in a court of competent jurisdiction against a licensee of this section for the licensee’s failure to faithfully perform its obligations under this chapter or failure to pay an appraiser who performed an appraisal, the claimant or the appraiser may file a claim with the Board for a directive ordering payment from the issuer of the letter of credit of the amount of the judgment, court costs and reasonable attorney fees as awarded by the court. Such claim shall be filed with the Board no later than 12 months after the judgment becomes final. Upon receipt of the claim against the licensee, the Board may cause its own investigation to be conducted. Upon a draw against a letter of credit, the licensee shall provide a new letter of credit in the amount required by this subdivision within 15 days after payment of any claim on the letter of credit. If the licensee fails to restore the full amount of the letter of credit, the Board shall immediately revoke the license of the licensee whose conduct resulted in payment from the bond.","order_by":null,"text":{"0":{"id":212530,"text":"No person shall engage in business as an appraisal management company without a license issued by the Board.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":212531,"text":"The Board may issue a license to do business as an appraisal management company in the Commonwealth to any applicant who has submitted a complete application and provides satisfactory evidence that he has successfully:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":212532,"text":"Completed all requirements established by the Board that are consistent with this chapter and are reasonably necessary to implement, administer, and enforce the provisions of this chapter; and","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":212533,"text":"Certified to the Board the following information, and such other information as may be reasonably required by the Board, regarding the person or entity seeking licensure:\n\t\t\t\ta. The name of the person or entity;\n\t\t\t\tb. The business address of the person or entity;\n\t\t\t\tc. Phone contact information for the person or entity, and email address;\n\t\t\t\td. If the entity is not an entity domiciled in the Commonwealth, the name and contact information for the entity’s agent for service of process in the Commonwealth;\n\t\t\t\te. If the entity is not an entity domiciled in the Commonwealth, proof that the entity is properly and currently registered with the Virginia State Corporation Commission;\n\t\t\t\tf. The name, address, and contact information for any person or any entity that owns 10 percent or more of the appraisal management company;\n\t\t\t\tg. The name, address, and contact information for a responsible person for the appraisal management company located in the Commonwealth, who shall be a person or entity licensed under Chapter 20.1 (§ 54.1-2009 et seq.);\n\t\t\t\th. That any person or entity that owns any part of the appraisal management company has never had a license to act as an appraiser refused, denied, canceled, surrendered in lieu of revocation, or revoked by the Commonwealth or any other state;\n\t\t\t\ti. That the entity has a system in place to review the work of all appraisers that may perform appraisal services for the appraisal management company on a periodic basis to ensure that the appraisal services are being conducted in accordance with the Uniform Standards of Professional Appraisal Practice;\n\t\t\t\tj. That the entity maintains a detailed record of the following: (i) each request for an appraisal service that the appraisal management company receives; (ii) the name of each independent appraiser that performs the appraisal; (iii) the physical address or legal identification of the subject property; (iv) the name of the appraisal management company’s client for the appraisal; (v) the amount paid to the appraiser; and (vi) the amount paid to the appraisal management company; and\n\t\t\t\tk. That the entity has a system in place to ensure compliance with § 129E of the Truth in Lending Act (15 U.S.C. § 1601 et seq.).","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"C"},"4":{"id":212534,"text":"Any person that owns 10 percent or more of an appraisal management company and any controlling person of an appraisal management company seeking to be licensed pursuant to this chapter shall be of good moral character, as determined by the Board, and shall submit to a background investigation, as determined by the Board.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2","next_prefix":"D"},"5":{"id":212535,"text":"In addition to the filing fee, each applicant for licensure shall post either a bond or a letter of credit as follows:","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"D1"},"6":{"id":212536,"text":"If a bond is posted, the bond shall (i) be in the amount of $100,000 or any other amount as set by regulation of the Board, (ii) be in a form prescribed by regulation of the Board, and (iii) accrue to the Commonwealth for the benefit of (a) a claimant against the licensee to secure the faithful performance of the licensee’s obligations under this chapter or (b) an appraiser who has performed an appraisal for the licensee for which the appraiser has not been paid. The aggregate liability of the surety shall not exceed the principal sum of the bond. A party having a claim against the licensee may bring suit directly on the surety bond. When a claimant or an appraiser is awarded a final judgment in a court of competent jurisdiction against a licensee of this section for the licensee’s failure to faithfully perform its obligations under this chapter or failure to pay an appraiser who performed an appraisal, the claimant or the appraiser may file a claim with the Board for a directive ordering payment from the bond issuer of the amount of the judgment, court costs and reasonable attorney fees as awarded by the court. Such claim shall be filed with the Board no later than 12 months after the judgment becomes final. Upon receipt of the claim against the licensee, the Board may cause its own investigation to be conducted. The amount of the bond shall be restored by the licensee to the full amount required within 15 days after the payment of any claim on the bond. If the licensee fails to restore the full amount of the bond, the Board shall immediately revoke the license of the licensee whose conduct resulted in payment from the bond.","type":"section","prefixes":["D","1"],"prefix":"1","entire_prefix":"D1","prefix_anchor":"D1","level":2,"prior_prefix":"D","next_prefix":"D2"},"7":{"id":212537,"text":"If a letter of credit is posted, the letter of credit shall (i) be in the amount of $100,000 or any other amount as set by regulation of the Board, (ii) be irrevocable and in a form approved by the Board, payable to the Department of Professional Occupational Regulation, and (iii) be for the use and the benefit of (a) a claimant against the licensee to secure the faithful performance of the licensee’s obligations under this chapter or (b) an appraiser who has performed an appraisal for the licensee for which the appraiser has not been paid. The aggregate liability on the letter of credit shall not exceed the principal sum of the letter of credit. When a claimant or an appraiser is awarded a final judgment in a court of competent jurisdiction against a licensee of this section for the licensee’s failure to faithfully perform its obligations under this chapter or failure to pay an appraiser who performed an appraisal, the claimant or the appraiser may file a claim with the Board for a directive ordering payment from the issuer of the letter of credit of the amount of the judgment, court costs and reasonable attorney fees as awarded by the court. Such claim shall be filed with the Board no later than 12 months after the judgment becomes final. Upon receipt of the claim against the licensee, the Board may cause its own investigation to be conducted. Upon a draw against a letter of credit, the licensee shall provide a new letter of credit in the amount required by this subdivision within 15 days after payment of any claim on the letter of credit. If the licensee fails to restore the full amount of the letter of credit, the Board shall immediately revoke the license of the licensee whose conduct resulted in payment from the bond.","type":"section","prefixes":["D","2"],"prefix":"2","entire_prefix":"D2","prefix_anchor":"D2","level":2,"prior_prefix":"D1"}},"ancestry":[{"id":15246,"edition_id":1,"name":"Real Estate Appraisal Management Companies","identifier":"20.2","label":"chapter","depth":3,"order_by":1,"parent_id":12755,"metadata":{},"date_created":"2026-06-26 03:53:16","date_modified":"2026-06-26 03:53:16","permalink":{"id":239885,"object_type":"structure","relational_id":15246,"identifier":"20.2","token":"54.1\/II\/20.2","url":"\/54.1\/II\/20.2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12755,"edition_id":1,"name":"Professions and Occupations Regulated by the Department of Professional and Occupational Regulation and Boards Within the Department","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12754,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239415,"object_type":"structure","relational_id":12755,"identifier":"II","token":"54.1\/II","url":"\/54.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12754,"edition_id":1,"name":"Professions and Occupations","identifier":"54.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239313,"object_type":"structure","relational_id":12754,"identifier":"54.1","token":"54.1","url":"\/54.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":80792,"structure_id":15246,"section_number":"54.1-2020","catch_line":"Definitions","url":"\/54.1-2020\/","token":"54.1\/II\/20.2\/54.1-2020","metadata":false},{"id":63180,"structure_id":15246,"section_number":"54.1-2021","catch_line":"Exemptions","url":"\/54.1-2021\/","token":"54.1\/II\/20.2\/54.1-2021","metadata":false},{"id":58025,"structure_id":15246,"section_number":"54.1-2021.1","catch_line":"Appraisal management companies; license required; posting of bond or letter of credit","url":"\/54.1-2021.1\/","token":"54.1\/II\/20.2\/54.1-2021.1","metadata":false},{"id":85232,"structure_id":15246,"section_number":"54.1-2022","catch_line":"Appraisal management companies","url":"\/54.1-2022\/","token":"54.1\/II\/20.2\/54.1-2022","metadata":false},{"id":78188,"structure_id":15246,"section_number":"54.1-2022.1","catch_line":"Appraiser compensation","url":"\/54.1-2022.1\/","token":"54.1\/II\/20.2\/54.1-2022.1","metadata":false},{"id":83506,"structure_id":15246,"section_number":"54.1-2023","catch_line":"Penalty","url":"\/54.1-2023\/","token":"54.1\/II\/20.2\/54.1-2023","metadata":false}],"previous_section":{"id":63180,"structure_id":15246,"section_number":"54.1-2021","catch_line":"Exemptions","url":"\/54.1-2021\/","token":"54.1\/II\/20.2\/54.1-2021","metadata":false},"next_section":{"id":85232,"structure_id":15246,"section_number":"54.1-2022","catch_line":"Appraisal management companies","url":"\/54.1-2022\/","token":"54.1\/II\/20.2\/54.1-2022","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/54.1-2021.1\/","history_text":"

This law was first created in 2012. The record of its establishment is cataloged in chapter 405<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2014, chapter 210<\/a>; in 2018, chapters 229<\/a> and 230<\/a>.<\/p>","references":[{"id":65254,"section_number":"54.1-2011","catch_line":"Necessity for license","order_by":null,"url":"\/54.1-2011\/"}],"refers_to":[{"id":87406,"section_number":"54.1-2009","catch_line":"Definitions","order_by":null,"url":"\/54.1-2009\/"}],"permalink":{"id":239895,"object_type":"law","relational_id":58025,"identifier":"54.1-2021.1","token":"54.1\/II\/20.2\/54.1-2021.1","url":"\/54.1-2021.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/54.1-2021.1\/","token":"54.1\/II\/20.2\/54.1-2021.1","dublin_core":{"Title":"Appraisal management companies; license required; posting of bond or letter of credit","Type":"Text","Format":"text\/html","Identifier":"\u00a7 54.1-2021.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No person shall engage in business as an appraisal management company without a license issued by the Board. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Board may issue<\/span> a license to do business as an appraisal management company in the Commonwealth to any applicant who has submitted a complete application and provides satisfactory evidence<\/span> that he has successfully: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Completed all requirements established by the Board that are consistent with this chapter and are reasonably necessary to implement, administer, and enforce the provisions of this chapter; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Certified to the Board the following information, and such other information as may be reasonably required by the Board, regarding the person or entity seeking licensure:\n\t\t\t\ta. The name of the person or entity;\n\t\t\t\tb. The business address of the person or entity;\n\t\t\t\tc. Phone contact information for the person or entity, and email address;\n\t\t\t\td. If the entity is not an entity domiciled in the Commonwealth, the name and contact information for the entity’s agent for service of process<\/span> in the Commonwealth;\n\t\t\t\te. If the entity is not an entity domiciled in the Commonwealth, proof that the entity is properly and currently registered with the Virginia State Corporation Commission;\n\t\t\t\tf. The name, address, and contact information for any person or any entity that owns 10 percent or more of the appraisal management company;\n\t\t\t\tg. The name, address, and contact information for a responsible person for the appraisal management company located in the Commonwealth, who shall be a person or entity licensed under Chapter 20.1 (§ 54.1-2009<\/a> et seq.);\n\t\t\t\th. That any person or entity that owns any part of the appraisal management company has never had a license to act as an appraiser refused, denied, canceled, surrendered in lieu of revocation<\/span>, or revoked by the Commonwealth or any other state;\n\t\t\t\ti. That the entity has a system in place to review the work of all appraisers that may perform appraisal services for the appraisal management company on a periodic basis to ensure that the appraisal services are being conducted in accordance with the Uniform Standards of Professional Appraisal Practice;\n\t\t\t\tj. That the entity maintains a detailed record of the following: (i) each request for an appraisal service that the appraisal management company receives; (ii) the name of each independent appraiser that performs the appraisal; (iii) the physical address or legal identification of the subject property; (iv) the name of the appraisal management company’s client for the appraisal; (v) the amount paid to the appraiser; and (vi) the amount paid to the appraisal management company; and\n\t\t\t\tk. That the entity has a system in place to ensure compliance with § 129E of the Truth in Lending Act (15 U.S.C. § 1601 et seq.). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any person that owns 10 percent or more of an appraisal management company and any controlling person of an appraisal management company seeking to be licensed pursuant to this chapter shall be of good moral character, as determined by the Board, and shall submit to a background investigation, as determined by the Board. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> In addition to the filing fee, each applicant for licensure shall post either a bond<\/span> or a letter of credit as follows: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> If a bond<\/span> is posted, the bond<\/span> shall (i) be in the amount of $100,000 or any other amount as set by regulation of the Board, (ii) be in a form prescribed by regulation of the Board, and (iii) accrue to the Commonwealth for the benefit of (a) a claimant against the licensee to secure the faithful performance of the licensee’s obligations under this chapter or (b) an appraiser who has performed an appraisal for the licensee for which the appraiser has not been paid. The aggregate liability of the surety<\/span> shall not exceed the principal sum of the bond<\/span>. A party<\/span> having a claim against the licensee may bring suit directly on the surety<\/span> bond<\/span>. When a claimant or an appraiser is awarded a final judgment<\/span> in a court<\/span> of competent jurisdiction<\/span> against a licensee of this section for the licensee’s failure to faithfully perform its obligations under this chapter or failure to pay an appraiser who performed an appraisal, the claimant or the appraiser may file a claim with the Board for a directive ordering payment from the bond<\/span> issuer of the amount of the judgment<\/span>, court<\/span> costs and reasonable attorney fees as awarded by the court<\/span>. Such claim shall be filed with the Board no later than 12 months after the judgment<\/span> becomes final. Upon receipt of the claim against the licensee, the Board may cause its own investigation to be conducted. The amount of the bond<\/span> shall be restored by the licensee to the full amount required within 15 days after the payment of any claim on the bond<\/span>. If the licensee fails to restore the full amount of the bond<\/span>, the Board shall immediately revoke the license of the licensee whose conduct resulted in payment from the bond<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> If a letter of credit is posted, the letter of credit shall (i) be in the amount of $100,000 or any other amount as set by regulation of the Board, (ii) be irrevocable and in a form approved by the Board, payable to the Department of Professional Occupational Regulation, and (iii) be for the use and the benefit of (a) a claimant against the licensee to secure the faithful performance of the licensee’s obligations under this chapter or (b) an appraiser who has performed an appraisal for the licensee for which the appraiser has not been paid. The aggregate liability on the letter of credit shall not exceed the principal sum of the letter of credit. When a claimant or an appraiser is awarded a final judgment<\/span> in a court<\/span> of competent jurisdiction<\/span> against a licensee of this section for the licensee’s failure to faithfully perform its obligations under this chapter or failure to pay an appraiser who performed an appraisal, the claimant or the appraiser may file a claim with the Board for a directive ordering payment from the issuer of the letter of credit of the amount of the judgment<\/span>, court<\/span> costs and reasonable attorney fees as awarded by the court<\/span>. Such claim shall be filed with the Board no later than 12 months after the judgment<\/span> becomes final. Upon receipt of the claim against the licensee, the Board may cause its own investigation to be conducted. Upon a draw against a letter of credit, the licensee shall provide a new letter of credit in the amount required by this subdivision within 15 days after payment of any claim on the letter of credit. If the licensee fails to restore the full amount of the letter of credit, the Board shall immediately revoke the license of the licensee whose conduct resulted in payment from the bond<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAPPRAISAL MANAGEMENT COMPANIES; LICENSE REQUIRED; POSTING OF BOND OR LETTER OF\nCREDIT (\u00a7 54.1-2021.1)\n\nA. No person shall engage in business as an appraisal management company without\na license issued by the Board.\n\nB. The Board may issue a license to do business as an appraisal management\ncompany in the Commonwealth to any applicant who has submitted a complete\napplication and provides satisfactory evidence that he has successfully:\n\n 1. Completed all requirements established by the Board that are consistent\n with this chapter and are reasonably necessary to implement, administer, and\n enforce the provisions of this chapter; and\n\n 2. Certified to the Board the following information, and such other\n information as may be reasonably required by the Board, regarding the person\n or entity seeking licensure:\n \t\t\t\ta. The name of the person or entity;\n \t\t\t\tb. The business address of the person or entity;\n \t\t\t\tc. Phone contact information for the person or entity, and email address;\n \t\t\t\td. If the entity is not an entity domiciled in the Commonwealth, the name\n and contact information for the entity’s agent for service of process in\n the Commonwealth;\n \t\t\t\te. If the entity is not an entity domiciled in the Commonwealth, proof\n that the entity is properly and currently registered with the Virginia State\n Corporation Commission;\n \t\t\t\tf. The name, address, and contact information for any person or any entity\n that owns 10 percent or more of the appraisal management company;\n \t\t\t\tg. The name, address, and contact information for a responsible person for\n the appraisal management company located in the Commonwealth, who shall be a\n person or entity licensed under Chapter 20.1 (§ 54.1-2009 et seq.);\n \t\t\t\th. That any person or entity that owns any part of the appraisal\n management company has never had a license to act as an appraiser refused,\n denied, canceled, surrendered in lieu of revocation, or revoked by the\n Commonwealth or any other state;\n \t\t\t\ti. That the entity has a system in place to review the work of all\n appraisers that may perform appraisal services for the appraisal management\n company on a periodic basis to ensure that the appraisal services are being\n conducted in accordance with the Uniform Standards of Professional Appraisal\n Practice;\n \t\t\t\tj. That the entity maintains a detailed record of the following: (i) each\n request for an appraisal service that the appraisal management company\n receives; (ii) the name of each independent appraiser that performs the\n appraisal; (iii) the physical address or legal identification of the subject\n property; (iv) the name of the appraisal management company’s client for\n the appraisal; (v) the amount paid to the appraiser; and (vi) the amount paid\n to the appraisal management company; and\n \t\t\t\tk. That the entity has a system in place to ensure compliance with §\n 129E of the Truth in Lending Act (15 U.S.C. § 1601 et seq.).\n\nC. Any person that owns 10 percent or more of an appraisal management company\nand any controlling person of an appraisal management company seeking to be\nlicensed pursuant to this chapter shall be of good moral character, as\ndetermined by the Board, and shall submit to a background investigation, as\ndetermined by the Board.\n\nD. In addition to the filing fee, each applicant for licensure shall post either\na bond or a letter of credit as follows:\n\n 1. If a bond is posted, the bond shall (i) be in the amount of $100,000 or any\n other amount as set by regulation of the Board, (ii) be in a form prescribed\n by regulation of the Board, and (iii) accrue to the Commonwealth for the\n benefit of (a) a claimant against the licensee to secure the faithful\n performance of the licensee’s obligations under this chapter or (b) an\n appraiser who has performed an appraisal for the licensee for which the\n appraiser has not been paid. The aggregate liability of the surety shall not\n exceed the principal sum of the bond. A party having a claim against the\n licensee may bring suit directly on the surety bond. When a claimant or an\n appraiser is awarded a final judgment in a court of competent jurisdiction\n against a licensee of this section for the licensee’s failure to\n faithfully perform its obligations under this chapter or failure to pay an\n appraiser who performed an appraisal, the claimant or the appraiser may file a\n claim with the Board for a directive ordering payment from the bond issuer of\n the amount of the judgment, court costs and reasonable attorney fees as\n awarded by the court. Such claim shall be filed with the Board no later than\n 12 months after the judgment becomes final. Upon receipt of the claim against\n the licensee, the Board may cause its own investigation to be conducted. The\n amount of the bond shall be restored by the licensee to the full amount\n required within 15 days after the payment of any claim on the bond. If the\n licensee fails to restore the full amount of the bond, the Board shall\n immediately revoke the license of the licensee whose conduct resulted in\n payment from the bond.\n\n 2. If a letter of credit is posted, the letter of credit shall (i) be in the\n amount of $100,000 or any other amount as set by regulation of the Board, (ii)\n be irrevocable and in a form approved by the Board, payable to the Department\n of Professional Occupational Regulation, and (iii) be for the use and the\n benefit of (a) a claimant against the licensee to secure the faithful\n performance of the licensee’s obligations under this chapter or (b) an\n appraiser who has performed an appraisal for the licensee for which the\n appraiser has not been paid. The aggregate liability on the letter of credit\n shall not exceed the principal sum of the letter of credit. When a claimant or\n an appraiser is awarded a final judgment in a court of competent jurisdiction\n against a licensee of this section for the licensee’s failure to\n faithfully perform its obligations under this chapter or failure to pay an\n appraiser who performed an appraisal, the claimant or the appraiser may file a\n claim with the Board for a directive ordering payment from the issuer of the\n letter of credit of the amount of the judgment, court costs and reasonable\n attorney fees as awarded by the court. Such claim shall be filed with the\n Board no later than 12 months after the judgment becomes final. Upon receipt\n of the claim against the licensee, the Board may cause its own investigation\n to be conducted. Upon a draw against a letter of credit, the licensee shall\n provide a new letter of credit in the amount required by this subdivision\n within 15 days after payment of any claim on the letter of credit. If the\n licensee fails to restore the full amount of the letter of credit, the Board\n shall immediately revoke the license of the licensee whose conduct resulted in\n payment from the bond.\n\nHISTORY: 2012, c. 405; 2014, c. 210; 2018, cc. 229, 230.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}