(a) A person who has had a license or certificate to act as an appraiser denied, revoked, or surrendered in lieu of revocation in any state may not own in any manner an appraisal management company registered or applying for registration under this chapter unless:
(1) the person has subsequently had the license or certificate to act as an appraiser granted or reinstated; and
(2) the license or certificate to act as an appraiser was denied, revoked, or surrendered for a nonsubstantive reason as determined by the board.
(b) Repealed by Acts 2017, 85th Leg., R.S., Ch. 107 (S.B. 1516), Sec. 25, eff. September 1, 2017.
(c) A person owning more than 10 percent of an appraisal management company in this state must submit to a background investigation, as determined by the board.
(d) Repealed by Acts 2017, 85th Leg., R.S., Ch. 107 (S.B. 1516), Sec. 25, eff. September 1, 2017.