Effective 5/5/2021
61-2e-205. Division service fees — Federal registry fees.
61-2e-205. Division service fees — Federal registry fees.
- (1) The division, with the concurrence of the board, shall establish and collect fees, in accordance with Section 63J-1-504, for services the division renders to carry out this chapter.
- (2)
- (a) The division shall:
- (i) collect the annual registry fee established by the Appraisal Subcommittee from:
- (A) each appraisal management company registered under this chapter; and
- (B) each federally regulated appraisal management company; and
- (ii) transfer the fees collected under Subsection (2)(a) to the Appraisal Subcommittee on a monthly basis.
- (i) collect the annual registry fee established by the Appraisal Subcommittee from:
- (b) If an appraisal management company registered under this chapter fails to pay the annual registry fee established by the Appraisal Subcommittee, the division may suspend or revoke the appraisal management company’s registration.
- (a) The division shall:
- (3) If an appraisal management company pays a fee or cost to the division with a negotiable instrument or any other payment method that is not honored, the division:
- (a) may void the transaction for which the payment is submitted;
- (b) may reverse the transaction, if the division does not receive full payment of the applicable fee or cost; and
- (c) shall suspend the appraisal management company’s registration:
- (i) beginning the day on which the payment is due; and
- (ii) ending the day on which payment is made in full.
Amended by Chapter 259, 2021 General Session