A. Each AMC shall, except in bona fide cases of breach of contract or substandard performance of services, make payment to an appraiser for the completion of an appraisal or valuation assignment within sixty (60) days of the date on which the appraiser transmits or otherwise provides the completed appraisal or valuation study to the AMC or its assignee unless a mutually agreed upon alternate arrangement has been previously established.
B. Appraisal Management Companies are prohibited from requiring an appraiser to reimburse them for the Appraisal Subcommittee's Appraisal Management Company National Registry fee which may be charged or assessed against them.
Added by Laws 2010, c. 364, § 21, eff. Jan. 1, 2011. Amended by Laws 2019, c. 90, § 7, eff. Nov. 1, 2019.