(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) The division shall: (a) collect the annual registry fee established by the Appraisal Subcommittee from: (i) each appraisal management company registered under this chapter; and (ii) each federally regulated appraisal management company; and (b) transfer the fees collected under Subsection (2)(a) to the Appraisal Subcommittee on a monthly basis.

(a) collect the annual registry fee established by the Appraisal Subcommittee from: (i) each appraisal management company registered under this chapter; and (ii) each federally regulated appraisal management company; and

(i) each appraisal management company registered under this chapter; and

(ii) each federally regulated appraisal management company; and

(b) transfer the fees collected under Subsection (2)(a) to the Appraisal Subcommittee on a monthly basis.

(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.

(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.

(i) beginning the day on which the payment is due; and

(ii) ending the day on which payment is made in full.