§ 17-14-406 — Fees and renewals

(a) (1) The State Board of Appraisers, Abstracters, and Home Inspectors shall establish by rule an application fee for an initial application or an application for renewal not to exceed one thousand five hundred dollars ($1,500) to be paid by each appraisal management company seeking registration under this subchapter. (2) The board shall establish by rule and criminal background check a fee not to exceed fifty dollars ($50.00) to be paid by the appraisal management company for each person owning more than ten percent (10%) of the appraisal management company. (b) (1) Each applicant for registration shall post with the board and maintain a surety bond in the amount of twenty thousand dollars ($20,000). (2) The bond shall: (A) Be in the form prescribed by rule of the board; and (B) Accrue to the state for the benefit of a claimant against the registrant to secure the faithful performance of the registrant's obligations under this subchapter. (3) The aggregate liability of the surety shall not exceed the principal sum of the bond. (4) A party having a claim against the registrant may bring suit directly on the surety bond, or the board may bring suit on behalf of the party having a claim against the registrant. (5) Consumer claims are given priority in recovering from the bond. (6) A deposit of cash or security may be accepted in lieu of the surety bond. (7) A claim reducing the face amount of the bond shall be annually restored upon renewal of the registrant's registration. (c) (1) (A) Registrations issued under this subchapter shall be renewed annually beginning twelve (12) months from the date of issuance. (B) The board may review and renew or refuse renewal of an appraisal management company's renewal application. (2) (A) Failure to timely renew a registration shall result in a loss of authority to operate under this subchapter. (B) A request to reinstate a certificate of registration shall be accompanied by payment of the renewal fee and a late fee of fifty dollars ($50.00) per month for each month or partial month of delinquency. (d) (1) The board shall collect from each appraisal management company registered under this chapter the Appraisal Management Company National Registry fee required by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. (2) The amount and method of calculation of the Appraisal Management Company National Registry fee shall be established by rule of the board. (e) Notwithstanding § 17-14-412 , the board may collect from each federally regulated appraisal management company: (1) The Appraisal Management Company National Registry fee required by the Appraisal Subcommittee; (2) Information regarding the determination of the Appraisal Management Company National Registry fee as required by the Appraisal Subcommittee; and (3) Any other information required by state or federal law. (f) The Appraisal Management Company National Registry fees collected under this section shall be sent to the Appraisal Subcommittee regularly as required by federal law.

Legislative History

Amended by Act 2023, No. 628,§ 39, eff. 7/1/2023. Amended by Act 2017, No. 535,§ 6, eff. 3/20/2017. Acts 2009, No. 628, § 1.