§ 5-20.9-7. Initial registration, renewals, forms, and fees. (a) An applicant for registration as an appraisal management company shall submit to the department an application on forms prescribed by the department and pay the required fee(s).

(b) The fees for initial registration, renewal, and late renewals shall be determined by the director and established by regulation.

(c) There is hereby created a restricted-receipt account within the general fund of the state to be known as the appraisal management company - registration account. Fees collected pursuant to this section shall be deposited into this account and be used to finance costs associated with appraisal management company registration and operations. The restricted receipt account will be included in the budget of the department of business regulation.

(d) Every appraisal management company that desires to renew a registration for the next term shall apply for the renewal of the registration upon a form furnished by the director and containing information that is required by this chapter. Renewal of a registration is subject to the same provisions as the initial registration.

(e) The department shall receive applications for registration for initial licensing and renewal and establish administrative procedures for processing applications and issuing and renewing registrations.

(f) The department shall have the authority to assess and collect from registered entities, the appraisal management companies (AMC) federal registry fee in any amount assessed by the appraisal subcommittee of the Federal Financial Institutions Examination Council or its successor entity, and transmit the fee to the Federal Financial Institutions Examination Council.

(g) A federally regulated appraisal management company operating in this state shall report to the department any information necessary for the department to assess, collect, and forward the AMC federal registry fee in any amount assessed by the appraisal subcommittee of the Federal Financial Institutions Examination Council or its successor entity.

History of Section. (P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1; P.L. 2019, ch. 88, art. 2, § 2.)