Sec. 15.5. (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.
In adopting or amending a rule under this subsection, the commission may adopt emergency rules in the manner provided by IC 4-22-2-37.1. Notwithstanding IC 4-22-2-37.1(g), an emergency rule adopted by the commission under this subsection and in the manner provided by IC 4-22-2-37.1 expires on the date on which a rule that supersedes the emergency rule is adopted by the commission under IC 4-22-2-24 through IC 4-22-2-36.
As added by P.L.15-2018, SEC.3.