(a) No individual can act as a Controlling Person of an Appraisal Management Company who has had a license or certificate to act as an appraiser, or to engage in any activities related to real estate lending or the transfer of real property refused, denied, canceled, or revoked in California or any other state.

(b) A Controlling Person of an Appraisal Management Company that holds a Certificate of Registration who has entered a plea of guilty or no contest to, or been convicted of, a felony, must report this occurrence to the Bureau within 10 calendar days of the date of the action above. Any owner of any Appraisal Management Company that holds a certificate of registration, without regard to the percentage owned, who has had a real estate appraiser's license or certificate refused, denied, cancelled, revoked, or surrendered in lieu of revocation, in California or any other state must report the action to the Bureau within 10 calendar days of the date he or she has knowledge of the action.

(c) Any Controlling Person applicant who is licensed or certified as a real estate appraiser in any other jurisdiction must have a license in good standing in that jurisdiction and provide the Bureau with a certificate of license history.

(d) Any Controlling Person applicant who is not licensed or certified by the Bureau must submit fingerprint images to be used by the Department of Justice for the purpose of obtaining information relating to the existence or content of state and federal records of arrests or convictions.

(e) An Appraisal Management Company must disclose the name of the Designated Officer of the Appraisal Management Company.

(f) An Appraisal Management Company shall notify the Bureau in writing within 10 days of its registration being refused, denied, canceled, suspended, or revoked in any state.