The bill aims to clarify the laws surrounding the revocation of real estate appraiser licenses in Montana. It specifies that an appraisal management company cannot be owned by individuals or entities that have had their appraiser licenses or certificates revoked or surrendered for substantive cause in any state. This provision is intended to ensure that only those with a clean record can own appraisal management companies, thereby enhancing the integrity of the appraisal process.

Additionally, the bill amends Section 37-54-503 of the Montana Code Annotated to remove previous language that allowed for exceptions if the revoked license was subsequently granted or reinstated. The new language emphasizes the importance of maintaining high standards for ownership in appraisal management companies by requiring owners to demonstrate good moral character and undergo background examinations as determined by the board. This legislative change aligns state regulations with federal requirements for appraiser registration.

Statutes affected:
LC Text: 37-54-503
HB0426_1(1): 37-54-503
HB0426_1: 37-54-503