Subdivision 1. Establishment and retention. Except as provided in subdivision 2, paragraph (c), the fees shall be retained by the commissioner for the sole purpose of administering this licensing and regulation program.
Subd. 2. Amounts. (a) Each application for initial licensure shall be accompanied by a fee of $5,000.
(b) Each application for renewal of the license must be received prior to its expiration with the renewal fee of $2,500.
(c) The commissioner must collect from appraisal management companies and federally regulated appraisal management companies operating in Minnesota any fees and information required by the Appraisal Subcommittee for the National Registry. The commissioner must transmit the fees and information collected under this paragraph to the Appraisal Subcommittee.
Subd. 3. Forfeiture. All fees are nonrefundable except that an overpayment of a fee must be refunded upon proper application.
History:2010 c 347 art 6 s 16; 2011 c 108 s 48; 2020 c 94 s 3,4