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Appraisal Management Companies (AMCs) operating in Colorado must be licensed according to the requirements listed in 12-61-706.3 C.R.S. Below are the instructions for filling out the license application form and other general information needed to successfully submit application to the Division.
Fingerprints: Fingerprints are required for the controlling appraiser (CA) of the AMC, and any person who has, either directly or indirectly, a more than 10% ownership interest in the AMC. If you meet either of these criteria, you must follow the instructions listed in the fingerprint submission instructions form. As of this posting, we've noticed a significant decrease in wait times for fingerprints, and it appears that fingerprinting is currently taking approximately 2 to 4 weeks.
Application Addendum: If any person subject to the fingerprint requirement has been convicted of, entered a plea of guilty to, or entered a plea of nolo contendere to a misdemeanor or a felony, they must submit an application addendum along with the AMC license application. There is no requirement to complete this form if the misdemeanor was a traffic misdemeanor (such as DUI, DWAI or any other like offenses).
AMC License Application: AMCs may begin submitting the AMC License Application forms on Monday, June 24th, 2013. This will allow the Division to receive and review application forms prior to the implementation date of July 1, 2013 to better prepare for implementation. There is an attestation on the form indicating that fingerprints must be submitted prior to submission of the application form. If mailing the fingerprints, the form and prints may be mailed at the same time, to each separate agency (DORA & CBI), appropriate payment included. If performing electronic fingerprints, the application should not arrive at the Division of Real Estate prior to the submission of fingerprints to CBI.
Ownership Determination: statute does not directly address company ownership of AMCs. Instead, the AMC must determine which individuals have 10%+ ownership of an AMC, either directly or indirectly. This will require that the company make a determination as to individual ownership interest in an entity.
License Cycles: All initial licenses are issued to expire on December 31 of the year of issue. This means that any license issued in 2013 will expire on December 31, 2013 and will require renewal. Please be prepared to renew the issued license by the end of the year of issue.
Surety Bonds: Surety bonds must be bound to The State of Colorado in the amount of $25,000. The Division does not suggest or require any specific company to obtain this bond. A copy of the surety bond must accompany all applications for licensure as an AMC. A sample of the Surety Bond form can be found here.
Colorado Secretary of State Registration: All entities are required to be registered with the Colorado Secretary of State (CSOS) in order to be licensed as an AMC with the Division. Entity trade names must also be registered with the CSOS if you wish to use that name to do business in Colorado as an AMC. If you are an individual proprietor who wishes to use an individual trade name for your AMC license, you must register this trade name with the CSOS. Please visit their website for instructions on how to register your AMC if you have not already done so.
AMC Licensing & Standards of Practice Rules: The Board of Real Estate Appraisers (BOREA) approved 2 rules at their meeting in May, 2013, to clarify licensing procedures and general standards of practice. Chapter 17 covers general licensing requirements for AMCs. Chapter 18 covers the professional standards for all AMCs. These rules go into effect on July 1, 2013.