| |
|
| |
| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
| |
| HOUSE BILL |
|
| |
| |
| INTRODUCED BY STEVENSON, HELM, QUINN, BOYD, BUXTON, CALTAGIRONE, CARROLL, CLYMER, D. COSTA, CREIGHTON, DeLUCA, DENLINGER, ELLIS, J. EVANS, FARRY, GEIST, GIBBONS, GODSHALL, GOODMAN, GRELL, GROVE, HARKINS, HENNESSEY, HORNAMAN, M.K. KELLER, KILLION, KOTIK, KULA, MAJOR, MARKOSEK, MARSICO, MILLER, MURT, O'NEILL, PEIFER, PICKETT, PYLE, READSHAW, REICHLEY, SAYLOR, SCAVELLO, SONNEY, VULAKOVICH, WATSON, YOUNGBLOOD AND STURLA, FEBRUARY 2, 2011 |
| |
| |
| REFERRED TO COMMITTEE ON PROFESSIONAL LICENSURE, FEBRUARY 2, 2011 |
| |
| |
| |
| AN ACT |
| |
1 | Providing for registration of appraisal management companies, |
2 | for powers of the State Board of Certified Real Estate |
3 | Appraisers with respect to appraisal management companies, |
4 | for the responsibilities and duties of appraisal management |
5 | companies, for prohibited activities, for discipline and for |
6 | penalties. |
7 | The General Assembly of the Commonwealth of Pennsylvania |
8 | hereby enacts as follows: |
9 | Section 1. Short title. |
10 | This act shall be known and may be cited as the Appraisal |
11 | Management Company Registration Act. |
12 | Section 2. Definitions. |
13 | The following words and phrases when used in this act shall |
14 | have the meanings given to them in this section unless the |
15 | context clearly indicates otherwise: |
16 | "Applicant." A person who files an application for |
|
1 | registration as an appraisal management company. |
2 | "Appraisal." The term has the meaning provided in section 2 |
3 | of the act of July 10, 1990 (P.L.404, No.98), known as the Real |
4 | Estate Appraisers Certification Act. |
5 | "Appraisal management company." A person that provides |
6 | appraisal management services and acts as a third-party |
7 | intermediary between a person seeking a valuation of real estate |
8 | and an appraiser or firm of appraisers. |
9 | "Appraisal management services." Conducting business by |
10 | telephone, by electronic means, by mail or in person directly or |
11 | indirectly for compensation or in the expectation of |
12 | compensation to manage the performance of appraisals for a |
13 | client, including, without limitation: |
14 | (1) Recruiting appraisers. |
15 | (2) Contracting with appraisers to perform appraisals. |
16 | (3) Negotiating fees with appraisers. |
17 | (4) Receiving appraisal orders and appraisals. |
18 | (5) Submitting appraisals received from appraisers to |
19 | the client. |
20 | (6) Providing related administrative and clerical |
21 | duties. |
22 | "Appraisal review." The act or process of developing and |
23 | communicating an opinion about the quality, adequacy or |
24 | reasonableness of the work of an appraiser, including the |
25 | appraiser's opinions or conclusions developed in an appraisal |
26 | assignment, such as value. |
27 | "Appraiser." An individual certified under the act of July |
28 | 10, 1990 (P.L.404, No.98), known as the Real Estate Appraisers |
29 | Certification Act, as a certified residential appraiser or |
30 | certified general appraiser. |
|
1 | "Appraiser panel." A group of appraisers that have been |
2 | selected by an appraisal management company to perform |
3 | appraisals for the appraisal management company. |
4 | "Board." The State Board of Certified Real Estate Appraisers |
5 | within the Bureau of Professional and Occupational Affairs in |
6 | the Department of State. |
7 | "Client." A person that contracts with or otherwise enters |
8 | into an agreement with an appraisal management company for the |
9 | performance of appraisal management services. |
10 | "Compliance person." An individual who is employed, |
11 | appointed or authorized by an appraisal management company to be |
12 | responsible for ensuring compliance with this act. |
13 | "Exempt company." A person that is exempted by Federal law |
14 | from registering under this act. |
15 | "Key person." A person other than a compliance person who is |
16 | a director, officer, supervisor, manager or other person |
17 | performing a similar function in an appraisal management |
18 | company. |
19 | "Mortgage Bankers and Brokers and Consumer Equity Protection |
20 | Act." The act of December 22, 1989 (P.L.687, No. 90), known as |
21 | the Mortgage Bankers and Brokers and Consumer Equity Protection |
22 | Act. |
23 | "REACA." The act of July 10, 1990 (P.L.404, No.98), known as |
24 | the Real Estate Appraisers Certification Act. |
25 | "Registrant." An appraisal management company that is |
26 | registered under this act. |
27 | "RELRA." The act of February 19, 1980 (P.L.15, No.9), known |
28 | as the Real Estate Licensing and Registration Act. |
29 | Section 3. Registration of appraisal management companies |
30 | required. |
|
1 | (a) General rule.--Except as provided in subsection (b), a |
2 | person who is not an exempt company or a registrant may not: |
3 | (1) Act as an appraisal management company in this |
4 | Commonwealth. |
5 | (2) Hold out as an appraisal management company in this |
6 | Commonwealth. |
7 | (3) Advertise or hold out as engaging in or conducting |
8 | the business of an appraisal management company in this |
9 | Commonwealth. |
10 | (b) Exceptions.--This act does not apply to: |
11 | (1) An appraiser who: |
12 | (i) in the normal course of business enters into an |
13 | agreement, whether written or otherwise, with an |
14 | appraiser for the performance of an appraisal; and |
15 | (ii) under the agreement cosigns the appraisal upon |
16 | its completion. |
17 | (2) A person authorized to engage in business as a |
18 | banking institution, credit union or savings association |
19 | organized under the laws of this Commonwealth or any other |
20 | jurisdiction. |
21 | Section 4. Powers of the board. |
22 | (a) Regulations.--The board shall have the powers necessary |
23 | to implement, administer and enforce this act, including, |
24 | without limitation, the power to adopt rules and regulations |
25 | consistent with this act. |
26 | (b) Guidelines.--In order to facilitate the speedy |
27 | implementation of this act, the board shall have the power and |
28 | authority to promulgate, adopt and use guidelines to prescribe |
29 | the procedures, forms and standards required for registration |
30 | under this section, subject to the following provisions: |
|
1 | (1) Guidelines promulgated under this subsection shall |
2 | be published in the Pennsylvania Bulletin. |
3 | (2) Guidelines promulgated under this subsection shall |
4 | be submitted for review pursuant to the procedures set forth |
5 | in section 4 of Executive Order 1996-1. |
6 | (3) Guidelines promulgated under this subsection shall |
7 | not be subject to review under: |
8 | (i) Section 205 of the act of July 31, 1968 |
9 | (P.L.769, No.240), referred to as the Commonwealth |
10 | Documents Law. |
11 | (ii) Sections 204(b) and 301(10) of the act of |
12 | October 15, 1980 (P.L.950, No.164), known as the |
13 | Commonwealth Attorneys Act. |
14 | (iii) The act of June 25, 1982 (P.L.633, No.181), |
15 | known as the Regulatory Review Act. |
16 | (4) Guidelines promulgated under this subsection shall |
17 | be effective for a period not to exceed the effective date of |
18 | a final rulemaking promulgated by the board pursuant to the |
19 | authority granted in subsection (a), or two years from the |
20 | effective date of this act, whichever is earlier. |
21 | Section 5. Requirements for registration. |
22 | (a) Application.--Before acting or offering to act as an |
23 | appraisal management company in this Commonwealth, a person that |
24 | is not an exempt company shall make written application to the |
25 | board for registration accompanied by the required fee and bond. |
26 | (b) Required information.--The application shall contain |
27 | such information as the board shall require, including, without |
28 | limitation, the following information: |
29 | (1) The name, business street address, telephone number |
30 | and other contact information of the applicant. |
|
1 | (2) If the applicant is not an individual and is |
2 | incorporated or otherwise formed under the laws of a |
3 | jurisdiction other than this Commonwealth, documentation that |
4 | the applicant is authorized to transact business in this |
5 | Commonwealth. |
6 | (3) The name, street address, telephone number and other |
7 | contact information of any person that owns 10% or more of |
8 | the applicant. |
9 | (4) The name, street address, telephone number and other |
10 | contact information of the applicant's compliance person. |
11 | (5) A certification that the applicant: |
12 | (i) Has a system in place to verify that a person |
13 | being added to an appraiser panel of the applicant or who |
14 | will otherwise perform appraisals for the applicant of |
15 | property located in this Commonwealth is certified and in |
16 | good standing in this Commonwealth under REACA. |
17 | (ii) Has a system in place for the performance of |
18 | appraisal reviews with respect to the work of all |
19 | appraisers that are performing appraisals for the |
20 | applicant of property located in this Commonwealth to |
21 | determine whether the appraisals are being conducted in |
22 | conformance with the minimum standards under REACA both |
23 | on a periodic basis and whenever requested by a client. |
24 | (iii) Maintains a detailed record of each request |
25 | for an appraisal that it receives, the appraiser assigned |
26 | to perform the appraisal, the fees received from the |
27 | client for the appraisal and the payment to the |
28 | appraiser. |
29 | (6) Any discipline imposed on the applicant in this |
30 | Commonwealth or any other state under any law regulating |
|
1 | appraisers, appraisal management companies or real estate |
2 | brokers or salespersons. |
3 | (7) Any other information required by rules and |
4 | regulations of the board. |
5 | (c) Requirements for registration.--The board shall register |
6 | an applicant as an appraisal management company in this |
7 | Commonwealth upon: |
8 | (1) Receipt of a properly completed application. |
9 | (2) Payment of the required fee. |
10 | (3) Posting of the required bond. |
11 | (4) A determination by the board that the activities of |
12 | the applicant will be directed and conducted by persons of |
13 | good moral character as defined in the rules and regulations |
14 | of the board. |
15 | (d) Denial of application.-- |
16 | (1) If the board finds that there is reason to deny the |
17 | application for registration, the board shall notify the |
18 | applicant that the application has been denied and shall |
19 | afford the applicant an opportunity for a hearing before the |
20 | board to show cause why the application should not be denied. |
21 | (2) All proceedings concerning the denial of an |
22 | application for registration shall be governed by 2 Pa.C.S. |
23 | (relating to administrative law and procedure). |
24 | (e) Construction.--The acceptance by the board of an |
25 | application for registration does not constitute the approval of |
26 | its contents or waive the authority of the board to take |
27 | disciplinary action under this act. |
28 | Section 6. Fees and renewals. |
29 | (a) Filing fees.--The fee to file an application for |
30 | registration or renewal of a registration under this act shall |
|
1 | be $1,000 or such other amounts as are set by the rules and |
2 | regulations of the board. |
3 | (b) Bond.-- |
4 | (1) In addition to the filing fee, each applicant for |
5 | registration shall post with the board and maintain a surety |
6 | bond in the amount of $20,000, or such other amount as shall |
7 | be set by the rules and regulations of the board. |
8 | (2) The bond shall: |
9 | (i) Be in the form prescribed by the rules and |
10 | regulations of the board. |
11 | (ii) Accrue to the Commonwealth for the benefit of a |
12 | claimant against the registrant to secure the faithful |
13 | performance of the registrant's obligations under this |
14 | act. |
15 | (3) The aggregate liability of the surety shall not |
16 | exceed the principal sum of the bond. |
17 | (4) A party having a claim against the registrant may |
18 | bring suit directly on the surety bond or the board may bring |
19 | suit on behalf of the party having a claim against the |
20 | registrant. |
21 | (5) A deposit of cash or security may be accepted in |
22 | lieu of the bond. |
23 | (6) The amount of the bond shall be restored to the full |
24 | amount required within 15 days after the payment of any claim |
25 | on the bond. |
26 | (c) Renewal.-- |
27 | (1) Registrations under this act shall be renewed on a |
28 | biennial basis for persons in good standing. |
29 | (2) Failure to timely renew a registration shall result |
30 | in a loss of authority to operate under this act. |
|
1 | (3) A request to reinstate a registration shall be |
2 | accompanied by payment of a penalty of $50 for each month of |
3 | delinquency. |
4 | (4) The contents of an application for renewal shall be |
5 | prescribed by the rules and regulations of the board. |
6 | Section 7. Responsibilities and duties of appraisal management |
7 | companies. |
8 | (a) Conduct of reviews.--All appraisal reviews, as defined |
9 | by the Uniform Standards of Professional Appraisal Practice, |
10 | must be conducted by a certified or licensed appraiser in good |
11 | standing in this Commonwealth or another state. |
12 | (b) Records.-- |
13 | (1) An appraisal management company shall maintain or |
14 | cause to be maintained: |
15 | (i) in the case of a registrant, complete records of |
16 | its compliance with the certifications required under |
17 | section 5(b)(5); and |
18 | (ii) in all cases, such accounts, correspondence, |
19 | memoranda, papers, books and other records as shall be |
20 | required by the rules and regulations of the board. |
21 | (2) The records must be retained for the longer of: |
22 | (i) five years after their preparation; |
23 | (ii) two years after final disposition of any |
24 | judicial proceeding that involves the actions of the |
25 | appraisal management company that are the subject of the |
26 | records; or |
27 | (iii) such other period as shall be required by the |
28 | rules and regulations of the board with respect to a |
29 | particular class or type of records. |
30 | (3) The board may inspect the records required by |
|
1 | paragraph (1) periodically or if the board determines that |
2 | the records are pertinent to an investigation of a complaint |
3 | against an appraisal management company. |
4 | (c) Compliance person.-- |
5 | (1) An appraisal management company shall at all times |
6 | have a compliance person. |
7 | (2) A registrant shall file a form with the board |
8 | certifying: |
9 | (i) The identity of its compliance person. |
10 | (ii) The individual's acceptance of the |
11 | responsibilities of a compliance person. |
12 | (3) A registrant shall notify the board within 30 days |
13 | of a change in its compliance person. |
14 | (4) An individual registrant who operates as a sole |
15 | proprietorship is considered the compliance person under this |
16 | act. |
17 | (d) Updating of board records.--If the information contained |
18 | in a document filed with the board is or becomes inaccurate or |
19 | incomplete in any material respect, the registrant shall |
20 | promptly file an amendment correcting the information contained |
21 | in the document. |
22 | (e) Disclosure.--An appraisal management company shall |
23 | disclose to its client the fees paid for an appraisal separately |
24 | from any other fees or charges for appraisal management |
25 | services. |
26 | (f) Notice of discipline.--A registrant must notify the |
27 | board in writing within 30 days after its occurrence of any |
28 | denial, revocation or suspension of its designation, |
29 | registration, certificate or license under any law of any |
30 | jurisdiction other than this Commonwealth regulating appraisal |
|
1 | management companies, the imposition of any other form of |
2 | discipline under any such law, or the commencement of a |
3 | disciplinary or enforcement action against the registrant under |
4 | any such law. |
5 | (g) Provision of sales contract.--Whenever an appraisal |
6 | management company requests an appraiser to perform an |
7 | appraisal, the appraisal management company must make a |
8 | reasonable effort to provide in a timely manner to the appraiser |
9 | a copy of the contract for the underlying transaction, along |
10 | with legal descriptions and any other documents pertinent to the |
11 | assignment. |
12 | Section 8. Prohibited activities. |
13 | (a) Improper influence.--An employee, key person, compliance |
14 | person or agent of an appraisal management company shall not |
15 | improperly influence or attempt to improperly influence the |
16 | development, reporting, result or review of an appraisal, |
17 | including, without limitation, through the use of intimidation, |
18 | coercion, extortion, bribery, blackmail, threat of nonpayment or |
19 | withholding payment for an appraisal or threat of exclusion from |
20 | future appraisal work. |
21 | (b) Other prohibitions.--A registrant or exempt company |
22 | shall not: |
23 | (1) Hire, employ or in any way contract with or pay a |
24 | person who is not an appraiser and who holds a license under |
25 | the RELRA to perform a valuation of real estate unless it is |
26 | a comparative market analysis as defined in section 201 of |
27 | the RELRA. |
28 | (2) Require an appraiser to provide the registrant or |
29 | exempt company with the appraiser's digital signature or |
30 | seal. |
|
1 | (3) Alter, amend or change an appraisal submitted by an |
2 | appraiser, including, without limitation, by: |
3 | (i) removing the appraiser's signature or seal; or |
4 | (ii) adding or removing information to or from the |
5 | appraisal. |
6 | (4) Remove an appraiser from an appraiser panel without |
7 | prior written notice to the appraiser. The notice must |
8 | include evidence of: |
9 | (i) illegal conduct by the appraiser; |
10 | (ii) a violation of the minimum reporting standards |
11 | under the REACA or other applicable statute or |
12 | regulation; |
13 | (iii) substandard performance; or |
14 | (iv) otherwise improper or unprofessional behavior. |
15 | (5) Enter into a contract or agreement with an appraiser |
16 | for the performance of appraisals unless the appraiser is |
17 | certified and in good standing with the board. |
18 | (6) Request that an appraiser provide: |
19 | (i) an estimated, predetermined or desired valuation |
20 | in an appraisal; or |
21 | (ii) estimated values or comparable sales at any |
22 | time before the appraiser completes an appraisal. |
23 | (7) Except as provided in section 7(g), provide to an |
24 | appraiser an anticipated, estimated, encouraged or desired |
25 | value for a property or a proposed or target amount to be |
26 | loaned to the borrower. |
27 | (8) Commit an act or practice that impairs or attempts |
28 | to impair an appraiser's independence, objectivity or |
29 | impartiality or solicit an appraiser to violate this act or |
30 | the RELRA. |
|
1 | (9) Prohibit an appraiser from recording the fee the |
2 | appraiser was paid for the performance of an appraisal in the |
3 | appraisal report. |
4 | (c) Construction.--Subsection (a) does not prohibit an |
5 | appraisal management company from requesting that an appraiser: |
6 | (1) Provide additional information about the basis for a |
7 | valuation. |
8 | (2) Correct objective factual errors in an appraisal. |
9 | (3) Provide further detail, substantiation or |
10 | explanation for the appraiser's value conclusion, including, |
11 | without limitation, the applicability of additional |
12 | comparables as presented. |
13 | (d) Owners and employees.-- |
14 | (1) Except as provided in paragraph (2), a person that |
15 | has been denied registration under this act or a similar law |
16 | of another jurisdiction or that would be disqualified from |
17 | eligibility to be certified or licensed under the REACA may |
18 | not be: |
19 | (i) a key person or compliance person; or |
20 | (ii) directly involved in the provision of appraisal |
21 | services by an appraisal management company as an |
22 | employee or in any other capacity. |
23 | (2) Paragraph (1) shall cease to apply at such time as a |
24 | person is subsequently registered under this act or becomes |
25 | eligible to be certified or licensed under the REACA. |
26 | Section 9. Registry of applicants and roster. |
27 | (a) Registry.--The board shall keep a register of all |
28 | applicants for registration showing: |
29 | (1) The date of application. |
30 | (2) The applicant's name. |
|
1 | (3) The applicant's business street address. |
2 | (4) Whether the registration was granted or denied. |
3 | (b) Roster.--The board shall keep a current roster showing |
4 | for each registrant registered at any time with the board: |
5 | (1) Its last known name and street address. |
6 | (2) A unique identification number. |
7 | (c) Effect and availability of records.--The register and |
8 | roster shall be prima facie evidence of all matters contained |
9 | therein. The register and roster shall be kept on file in the |
10 | office of the board and shall be open for public inspection. The |
11 | board shall also post the roster on its Internet website. |
12 | Section 10. Disciplinary and corrective measures. |
13 | (a) Authority of board.--The board may impose disciplinary |
14 | or corrective action as set forth in subsection (b) upon an |
15 | applicant, registrant, exempt company, person acting as an |
16 | appraisal management company, person holding out as an appraisal |
17 | management company or person advertising or holding out as |
18 | engaging in or conducting the business of an appraisal |
19 | management company, for any of the following causes: |
20 | (1) The appraisal management company's application for |
21 | registration or renewal of registration when filed contained |
22 | a statement that in light of the circumstances under which it |
23 | was made is false or misleading with respect to a material |
24 | fact. |
25 | (2) The applicant, registrant, exempt company, its |
26 | compliance person or key person, has violated or failed to |
27 | comply with: |
28 | (i) This act, or the regulations or guidelines |
29 | promulgated by the board for the administration and |
30 | enforcement of this act. |
|
1 | (ii) The REACA or the regulations or guidelines |
2 | promulgated by the board for the administration and |
3 | enforcement of the REACA. |
4 | (3) The State Real Estate Commission has found the |
5 | applicant, registrant, exempt company, compliance person or |
6 | key person in violation of RELRA or the regulations to |
7 | administer and effectuate the purposes of the RELRA. |
8 | (4) The Department of Banking or a court of competent |
9 | jurisdiction has found the applicant, registrant, exempt |
10 | company, compliance person or key person in violation of the |
11 | provisions of 7 Pa.C.S. Ch.61 (relating to mortgage loan |
12 | industry licensing and consumer protection) or the Mortgage |
13 | Bankers and Brokers and Consumer Equity Protection Act. |
14 | (5) The applicant, registrant, exempt company, |
15 | compliance person or key person has been convicted of: |
16 | (i) A felony. |
17 | (ii) Within the past ten years, a misdemeanor |
18 | involving mortgage lending or real estate appraising, |
19 | breach of trust, moral turpitude or fraudulent or |
20 | dishonest dealing. |
21 | (6) The applicant, registrant, exempt company, |
22 | compliance person or key person is permanently or temporarily |
23 | enjoined by a court of competent jurisdiction from engaging |
24 | in or continuing any conduct or practice involving appraisal |
25 | management services or operating an appraisal management |
26 | company. |
27 | (7) The applicant, registrant, exempt company, |
28 | compliance person or key person is the subject of an order of |
29 | the board or any other state appraisal management company |
30 | regulatory agency denying, suspending or revoking the |
|
1 | person's privilege to operate as an appraisal management |
2 | company, or other disciplinary actions by an agency of |
3 | another jurisdiction responsible for regulating appraisers, |
4 | mortgage brokers, real estate salespersons or real estate |
5 | brokers. |
6 | (8) The person was not an exempt company or registrant |
7 | and: |
8 | (i) Acted as an appraisal management company. |
9 | (ii) Held out as an appraisal management company |
10 | within this Commonwealth. |
11 | (iii) Advertised or held out as engaging in or |
12 | conducting the business of an appraisal management |
13 | company |
14 | (b) Board action.--When the board finds any of the causes |
15 | listed in subsection (a) supported by substantial evidence the |
16 | board may: |
17 | (1) Deny, suspend, revoke or refuse to issue or renew |
18 | the registration of an appraisal management company under |
19 | this act. |
20 | (2) Restrict, reprimand, limit or suspend enforcement of |
21 | its findings and place the appraisal management company on |
22 | probation with the right to vacate the probation for |
23 | noncompliance. |
24 | (3) In lieu of imposing a sanction authorized by |
25 | paragraph (1), the board may order the removal, replacement |
26 | or restriction of a compliance person or a key person found |
27 | to have committed any of the violations of subsection (a) as |
28 | a condition of approving, renewing or retaining an |
29 | applicant's or registrant's registration. |
30 | (4) In lieu of imposing a sanction authorized by |
|
1 | paragraph (1), the board may order a person found to have |
2 | committed any of the violations of subsection (a) and that |
3 | owns an interest in or participates in the business of an |
4 | appraisal management company to divest partially or wholly of |
5 | such interest or participation as a condition of granting, |
6 | renewing or retaining an applicant's or registrant's |
7 | registration. |
8 | (5) Levy a civil penalty or costs of investigation under |
9 | subsection (c) or the act of July 2, 1993, (P.L.345, No.48), |
10 | entitled "An act empowering the General Counsel or his |
11 | designee to issue subpoenas for certain licensing board |
12 | activities; providing for hearing examiners in the Bureau of |
13 | Professional and Occupational Affairs; providing additional |
14 | powers to the Commissioner of Professional and Occupational |
15 | Affairs; and further providing for civil penalties and |
16 | license suspension." |
17 | (6) Require bond or other security in addition to the |
18 | requirements of section 6 (b) and regulations of the board |
19 | promulgated pursuant to that subsection. |
20 | (c) Criminal penalties.--A person that violates this act |
21 | commits a misdemeanor of the third degree and shall, upon |
22 | conviction, be sentenced to pay a fine of up to $1,000 or to |
23 | imprisonment for not more than 90 days, or both. |
24 | (d) Civil penalty.--In addition to any other civil remedy or |
25 | criminal penalty provided for in this act, the board may levy a |
26 | civil penalty of up to $10,000 on any person that violates any |
27 | provision of this act or any person that acts as an appraisal |
28 | management company, holds out as an appraisal management company |
29 | in this Commonwealth or advertises or holds out as engaging in |
30 | or conducting the business of an appraisal management company at |
|
1 | a time when the person is not an exempt company or registered |
2 | under this act. The board shall levy this penalty only after |
3 | affording the accused party the opportunity for a hearing, as |
4 | provided in 2 Pa.C.S. (relating to administrative law and |
5 | procedure). All civil penalties imposed in accordance with this |
6 | section shall be paid into the Professional Licensure |
7 | Augmentation Account. |
8 | (e) Procedures.--The investigation and prosecution of |
9 | disciplinary proceedings under this section shall be conducted |
10 | by the board under the provisions of the REACA. |
11 | Section 11. Effective date. |
12 | This act shall take effect in 60 days |
|