§ 25-34.1-11-15.5 — Annual AMC registry fee; determination of fee amount; annual transmission of fees to Appraisal Subcommittee; commission's authority to adopt rules

Indiana § 25-34.1-11-15.5

• Jurisdiction: Indiana
• Title 25: PROFESSIONS AND OCCUPATIONS
• Art. 34.1: REAL ESTATE BROKERS AND
• Ch. 11: Appraisal Management Companies

Text

5. (a) This section applies to an
appraisal management company that qualifies as an appraisal
management company under 12 U.S.C. 3350(11).
(b) As used in this section, "Appraisal Subcommittee" refers to the
Appraisal Subcommittee of the Federal Financial Institutions
Examination Council.
(c) As used in this section, "covered transaction" has the meaning
set forth in the federal interagency AMC Rule (12 CFR 34.210-34.216;
12 CFR 225.190-225.196; 12 CFR 323.8-323.14; 12 CFR
1222.20-1222.26).
(d) As used in this section, "performed an appraisal", with respect
to a real estate appraiser and an appraisal management company,
means the appraisal service requested of the real estate appraiser by the
appraisal management company was provided to the appraisal
management company.
(e) An appraisal management company to which this section applies
shall pay to the board the annual AMC registry fee, as established by
the Appraisal Subcommittee, as follows:
(1) In the case of an appraisal management company that has been
in existence for more than one (1) year, twenty-five dollars ($25)
multiplied by the number of real estate appraisers who have
performed an appraisal for the appraisal management company in
connection with a covered transaction in Indiana during the
previous year.
(2) In the case of an appraisal management company that has not
been in existence for more than one (1) year, twenty-five dollars
($25) multiplied by the number of real estate appraisers who have
performed an appraisal for the appraisal management company in
connection with a covered transaction in Indiana since the
appraisal management company commenced doing business.
(f) The AMC registry fee required by this section is in addition to
the registration fee required by section 15 of this chapter.
(g) The board shall transmit the AMC registry fees collected under
this section to the Appraisal Subcommittee on an annual basis. For
purposes of this subsection, the board may align a one (1) year period
with any twelve (12) month period, which may or not may not be based
on the calendar year. Only those appraisal management companies
whose registry fees have been transmitted to the Appraisal
Subcommittee will be eligible to be on the AMC Registry (as defined
in 12 U.S.C. 1102.401(a)).
(h) Upon recommendations of the board under IC 25-34.1-8-6.5, the
commission may do the following:
(1) Adopt rules under IC 4-22-2 to implement this section.
(2) Amend rules adopted under this subsection as necessary to
conform the annual AMC registry fee required by this section
with the AMC registry fee established by the Appraisal
Subcommittee.

Legislative History

As added by P.L.15-2018, SEC.3. Amended by P.L.93-2024, SEC.192.