Sec.20-529e-8. Controlling person

(a) After a hearing held pursuant to chapter 54 of the Connecticut General Statutes, the Commissioner may prohibit an individual from acting as a controlling person, as defined by section 20-500 of the Connecticut General Statutes, of an appraisal management company if such person has

(1) entered a plea of guilty or no contest to, or been convicted of, a felony or

(2) has had an appraisal license or certification refused, denied, suspended, revoked or surrendered in lieu of revocation in Connecticut or any other state.

(b) A controlling person of an appraisal management company that holds a valid Connecticut registration and who has

(1) entered a plea of guilty or no contest to, or been convicted of, a felony, or

(2) had a real estate appraisal license or certification, or a real estate broker or salesperson license refused, denied, suspended, revoked or surrendered in lieu of revocation in Connecticut or any other state shall report such occurrence to the department not later than fourteen days after receiving notification of such occurrence.

(c) Any controlling person who is licensed or certified as a real estate appraiser in a jurisdiction other than Connecticut shall have a license or certification in good standing in such other jurisdiction and shall provide the department with a certificate of license or certification history.

(d) An appraisal management company shall notify the department not later than fourteen business days after any change to or addition of a controlling person of such company.

(Effective November 10, 2015)