Change of Controlling Person for Appraisal Management Company - South Carolina

Change of Controlling Person for Appraisal Management Company is a legal document that was released by the South Carolina Department of Labor, Licensing and Regulation - a government authority operating within South Carolina.

FAQ

Q: What is a Change of Controlling Person for Appraisal Management Company?
A: A Change of Controlling Person is a process where the ownership or control of an Appraisal Management Company (AMC) in South Carolina changes.

Q: Why would a Change of Controlling Person happen for an AMC in South Carolina?
A: A Change of Controlling Person may happen when there is a transfer of ownership or control of an AMC in South Carolina.

Q: What is the requirement for a Change of Controlling Person for an AMC in South Carolina?
A: In South Carolina, an AMC must notify the South Carolina Board of Real Estate Appraisers within 30 days of any Change of Controlling Person.

Q: How can an AMC notify the South Carolina Board of Real Estate Appraisers about a Change of Controlling Person?
A: An AMC can notify the South Carolina Board of Real Estate Appraisers about a Change of Controlling Person by submitting a completed Change of Controlling Person form and paying the required fee.

Q: Are there any additional documents required for a Change of Controlling Person for an AMC in South Carolina?
A: Yes, in addition to the Change of Controlling Person form, an AMC in South Carolina must also provide a memorandum of understanding or operating agreement, as well as any other documents requested by the Board.

Q: What happens after the South Carolina Board of Real Estate Appraisers receives the notification of a Change of Controlling Person?
A: After receiving the notification of a Change of Controlling Person, the South Carolina Board of Real Estate Appraisers will review the submitted documents and may request additional information if needed.

Q: Is there a fee for submitting a Change of Controlling Person for an AMC in South Carolina?
A: Yes, there is a fee for submitting a Change of Controlling Person for an AMC in South Carolina. The fee amount is determined by the South Carolina Board of Real Estate Appraisers.

Q: What happens if an AMC fails to notify the South Carolina Board of Real Estate Appraisers about a Change of Controlling Person?
A: Failure to notify the South Carolina Board of Real Estate Appraisers about a Change of Controlling Person may result in disciplinary action against the AMC, including the suspension or revocation of their registration.