§ 36.412. Qualifications of owners and key persons.
(a) A person who would be disqualified from eligibility to be certified or licensed under REACA as defined in subsections (b) and (b.1) may not be an owner or a key person.
(b) An individual would be disqualified from eligibility to be certified or licensed under REACA, as provided in section 8(d)(1) of AMCRA (63 P.S. § 457.28(d)(1)), and may not be a key person if the individual had a license or certificate refused, denied, cancelled, suspended or revoked, or voluntarily surrendered a license or certificate under any of the following provisions of REACA or CHRIA, or similar provision of another jurisdiction, unless the license or certificate has been subsequently granted or reinstated to the individual:
(1) Section 3 of REACA (63 P.S. § 457.3).
(2) Section 6(c)(1) of REACA (63 P.S. § 457.6(c)(1)).
(3) Section 11 of REACA (63 P.S. § 457.11).
(4) Section 9124(c)(1) or (2) of CHRIA (18 Pa.C.S. § 9124(c)(1) and (2) (relating to use of records by licensing agencies)).
(b.1) An individual would be disqualified from eligibility to be certified or licensed under REACA and may not be an owner if the individual had a license or certificate refused, denied, cancelled, suspended or revoked, or voluntarily surrendered a license or certificate under any of the following provisions of REACA or CHRIA, or similar provision of another jurisdiction, unless the Board determines that the individual’s license or certificate was not revoked for a substantive cause and the license or certificate has been subsequently reinstated to the individual:
(1) Section 3 of REACA (63 P.S. § 457.3).
(2) Section 6(c)(1) of REACA (63 P.S. § 457.6(c)(1)).
(3) Section 11 of REACA (63 P.S. § 457.11).
(4) Section 9124(c)(1) or (2) of CHRIA (18 Pa.C.S. § 9124(c)(1) and (2) (relating to use of records by licensing agencies)).
(c) Nothing in AMCRA or this subchapter may be construed as a requirement that an owner or a key person shall possess the education or experience required by the AQB or REACA for certification or licensure.
(d) A person who has been suspended or revoked, or has voluntarily surrendered a license under RELRA, 7 Pa.C.S. Chapter 61 (relating to Mortgage Licensing Act) or sections 301—318 of the Mortgage Bankers and Brokers and Consumer Equity Protection Act (63 P.S. § § 456.301—456.318) (repealed) may not be an owner or key person.
(e) The Board may consider a disqualifying violation described in subsection (b) if the individual’s license or certificate has been subsequently reinstated or granted in determining whether the individual possesses good moral character as required under section 5(c)(4) of AMCRA (63 P.S. § 457.25(c)(4)).
Authority The provisions of this § 36.412 amended under sections 5(1) and (2), 6, and 10(b), (b.1) and (b.2) of the Real Estate Appraisers Certification Act (63 P.S. § § 457.5(1) and (2), 457.6 and 457.10(b), (b.1) and (b.2)); and section 4(a) of the Appraisal Management Company Registration Act (63 P.S. § 457.24(a)).
Source The provisions of this § 36.412 amended June 7, 2024, effective June 8, 2024, 54 Pa.B. 3157. Immediately preceding text appears at serial pages (389201) to (389202).
Cross References This section cited in 49 Pa. Code § 36.413 (relating to qualifications of compliance person).
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