Fast Connections AMC Fined $2.8 Million
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Well it must be true what they say… Don’t mess with Texas!
The Texas Appraisal Licensing and Certification Board (TALCB) has issued a monetary fine of $2,801,500 against an appraisal management company. Fast Connections USA, Inc. and its President, Towhindul Hussain, were found guilty of hundreds of violations of Texas law and regulations.
TALCB found Fast Connections contracted 274 appraisals in Texas without proper registration. These violations have a mandatory fine of $10,000 each. TALCB also found Fast Connections USA failed to pay appraisers within 60 days as required under Texas law and some appraisers never received payment at all. Neither Fast Connection USA nor Towhindul Hussain responded to TALCB, which tacked on additinal penalties.
Most appraisers are independent businesses and VaCAP will not comment on how each of you operate your business. We will remind you that doing business with unlicensed / unregistered companies is extremely dangerous. The additional liability you take on both personally and professionally by doing so not only has financial consequences for you, but the appraisal profession is severely tarnished in the eyes of the public.
2. On or about May 3, 2019, complaint #19-287 was filed with the Board by a real estate appraiser. The complaint alleged that the Respondent failed to pay the Complainant certain appraisal fees for an appraisal assignment within 60 calendar days of completion of the assignment….
6. On 274 separate days during those calendar years, FCU contracted with an appraiser to perform an appraisal assignment and reimbursed appraisers for services performed on properties in the state of Texas. FCU is not currently registered in the state of Texas, and was not registered in Texas during any of the calendar years in question.
7. Respondent failed to pay appraisers for completion of appraisal assignments within 60 days where there was no breach of contract by the appraiser and performance by the appraiser was not substandard. The complainant submitted a report on January 8, 2019, and was not paid until May 19, 2019, a week after Respondents had been
informed of the complaint to TALCB. FCU engaged in similar conduct at least 20 other times. In addition, on a further 15 occasions, Respondents did not made
payment at all, even after receiving notice from TALCB staff that payment for completed reports was required within 60 calendar days…
See the complaint and order below.