(a) (1) In this section the following words have the meanings indicated.
(2) “AMC fee” means the appraisal management company annual federal registry fee.
(3) “Appraisal Subcommittee” means the Appraisal Subcommittee of the Federal Financial Institutions Examinations Council.
(4) “Fund” means the Appraisal Management Company Annual Federal Registry Fee Fund.
(b) (1) There is an Appraisal Management Company Annual Federal Registry Fee Fund.
(2) The purpose of the Fund is to hold the AMC fee collected from each registered appraisal management company in accordance with § 1109(a)(4) of the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended by the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, until transmittal to the Appraisal Subcommittee.
(3) The Director of the Commission shall administer the Fund.
(4) (i) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(ii) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(5) The Fund consists only of the AMC fee collected from each registered appraisal management company by the Commission and deposited in the Fund each year.
(6) The Fund may be used only for the holding of AMC fees until transmittal to the Appraisal Subcommittee by the Commission at the designated time each year.
(7) (i) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(ii) Any interest earnings of the Fund shall be credited to the General Fund of the State.
(c) (1) Each year, the Commission shall:
(i) collect from each registered appraisal management company the AMC fee and deposit the AMC fee into the Fund; and
(ii) transmit to the Appraisal Subcommittee the AMC fees held in the Fund.
(2) The schedule of AMC fees is as established by the Appraisal Subcommittee.
(d) Each year, the Commission shall send to the Appraisal Subcommittee:
(1) a roster of the appraisal management companies registered with the Commission; and
(2) a report on any fully adjudicated disciplinary actions taken against or any final decisions concerning an appraisal management company.