General rules for appraisal contractors

The Assessment Coordination Division shall:

(1) Maintain an Annual Register of Appraisal Companies; and

(2) Not approve a contracted appraisal plan of an appraisal firm that has not registered with the division by submitting the following information:

(A) Name, physical address, mailing address, and telephone number of appraisal firm;

(B) Type of entity:

(i) Corporation;

(ii) Partnership; or

(iii) Sole proprietorship;

(C) If a corporation, certificate or proof of good standing;

(D) If a corporation, list the stockholders and officers and provide three (3) professional references for each;

(E) If a partnership, provide three (3) professional references for each partner;

(F) If a sole proprietorship, provide three (3) professional references;

(G) For each officer, partner, or sole proprietor, fully describe the qualifications of each, including all mass appraisal experience;

(H) List of all personnel employed by the appraisal firm who will be performing mass appraisal work in Arkansas, stating:

(i) Whether they are full-time or part-time employees or independent contractors;

(ii) The appraiser qualification level of each; and

(iii) The number of years of experience in mass appraisal of each;

(I) All appraisal personnel must meet the qualification requirements established under Acts 1980 (1st. Ex. Sess.), No. 48, and all Level 3 and Level 4 appraisers must meet the continuing education requirements of thirty (30) hours every three (3) years in order to maintain their qualification levels;

(J) List of each county in Arkansas where the appraisal company has performed for the last five (5) years with:

(i) The year or years when the work was performed;

(ii) Whether the work was maintenance (new construction) or revaluation; and

(iii) A reference source on each job;

(K) A copy of all current insurance documents and bonds covering the company;

(L) A statement as follows:
“The appraisal company recognizes that the information contained herein shall be used by counties in determining whether to contract with it and used by the Assessment Coordination Division in determining whether the firm can adequately perform under a proposed contract; therefore, the appraisal company agrees that all information contained herein will be updated in a timely manner.”;

(M) Any other information the division or the appraisal company deems relevant;

(N) All information submitted will be made public information and is intended for use by counties that are contemplating employing appraisal companies; and (O)(i) The appraisal company must demonstrate that it is financially sound.

(ii) An owner or principal officer of the company shall submit a written and signed statement that: “The appraisal company is financially sound and possesses sufficient operating capital to perform any contract it is awarded and continue to meet its other outstanding contractual and financial obligations and will provide a current financial statement if requested by the ACD.”