Part II. Entry
18VAC130-30-20. Application procedures.
An applicant seeking licensure must submit an application with the appropriate fee specified in 18VAC130-30-60. Application must be made on a form provided by the board or its agent.
By submitting the application to the department, the applicant certifies that the applicant has read and understands the applicable statutes and the board's regulations.
The receipt of an application and the deposit of fees by the board does not indicate approval by the board.
The board may make further inquiries and investigations with respect to the applicant's qualifications. No application will be considered complete until all documents are received by the board.
A firm will be notified within 30 days if the application is incomplete.
Statutory Authority
§ 54.1-201 of the Code of Virginia.
Historical Notes
Derived from Virginia Register Volume 31, Issue 7, eff. February 1, 2015; amended, Virginia Register Volume 42, Issue 9, eff. January 14, 2026.
18VAC130-30-30. Qualifications for licensure as an appraisal management company.
A. Firms that meet the definition of appraisal management company must meet the requirements set forth in § 54.1-2021.1 of the Code of Virginia, as well as the additional qualifications of this section.
B. Any firm acting as an appraisal management company must hold a license as an appraisal management company. All names under which the appraisal management company conducts business, including any trade or fictitious names, must be disclosed on the application. Firms must be organized as business entities under the laws of the Commonwealth or otherwise authorized to transact business in Virginia. Firms must register any trade or fictitious names with the State Corporation Commission in accordance with § 59.1-70 of the Code of Virginia before submitting an application to the board.
C. The applicant for an appraisal management company license must provide an address of record and the firm's physical address. A post office box is only acceptable as an address of record when a physical address is also provided.
D. In accordance with § 54.1-204 of the Code of Virginia, each applicant for an appraisal management company license must have any person who owns 10% or more of the firm and the controlling person of the firm submit to fingerprinting and a background investigation and disclose the following information:
1. All felony convictions.
2. All misdemeanor convictions involving fraudulent or dishonest acts, sexual offense, non-marijuana drug distribution, or physical injury in any jurisdiction that occurred within five years of the date of application.
3. Any plea of nolo contendere or finding of guilt regardless of adjudication or deferred adjudication will be considered a conviction for the purposes of this section. The record of conviction certified or authenticated in such form as to be admissible in evidence under the laws of the jurisdiction where convicted will be admissible as prima facie evidence of such guilt.
E. The applicant for an appraisal management company license must disclose for the firm, the controlling person, the responsible person, and any person who owns 10% or more of the firm any action taken by any board or administrative body in any jurisdiction against a professional or occupational license, certification, or registration issued to the firm, the controlling person, the responsible person, and any person who owns 10% or more of the firm, including any suspension, revocation, or surrender of a license, certification, or registration; imposition of a monetary penalty; or requirement to take remedial education or any other corrective action.
F. The board may deny the application for licensure of an applicant for an appraisal management company if any person or entity that owns any part of the appraisal management company has had a license to act as an appraiser refused, denied, canceled, surrendered in lieu of revocation, or revoked in Virginia or any jurisdiction.
G. The applicant for an appraisal management company license must be in compliance with the standards of conduct and practice set forth in Part V (18VAC130-30-120 et seq.) of this chapter at the time of application, while the application is under review by the board, and at all times when the license is in effect.
H. The applicant for an appraisal management company license must submit evidence of a bond or letter of credit in accordance with § 54.1-2021.1 D of the Code of Virginia. Proof of current bond or letter of credit with the appraisal management company as the named bond holder or letter of credit holder must be submitted to obtain or renew the license. The bond or letter of credit must be in force no later than the effective date of the license and must remain in effect through the date of expiration of the license. The bond or letter of credit must include:
1. The principal of the bond or letter of credit;
2. The beneficiary of the bond or letter of credit;
3. The name of the surety or financial institution that issued the bond or letter of credit;
4. The bond or letter of credit number as assigned by the issuer;
5. The dollar amount; and
6. The expiration date, or if self-renewing, the date by which the bond or letter of credit must be renewed.
I. The firm must provide the name, address, and contact information for any person or entity that owns 10% or more of the appraisal management company.
J. The firm must designate a responsible person.
Statutory Authority
§§ 54.1-201 and 54.1-2013 of the Code of Virginia.
Historical Notes
Derived from Virginia Register Volume 31, Issue 7, eff. February 1, 2015; amended, Virginia Register Volume 36, Issue 8, eff. January 15, 2020; Volume 38, Issue 6, eff. December 8, 2021; Volume 42, Issue 9, eff. January 14, 2026.
18VAC130-30-40. Application denial.
The board may refuse initial licensure due to an applicant's failure to comply with entry requirements or for any of the reasons the board may discipline a regulant.
Statutory Authority
§ 54.1-201 of the Code of Virginia.
Historical Notes
Derived from Virginia Register Volume 31, Issue 7, eff. February 1, 2015.