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.
See the complaint and order below.
# 19-287 DFO FAST CONNECTIONS (003)-CTB