Division service fees -- Federal registry fees.

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  • (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)
    • (a) The division shall:
      • (i) collect the annual registry fee established by the Appraisal Subcommittee from:
        • (A) each appraisal management company registered under this chapter; and
        • (B) each federally regulated appraisal management company; and
      • (ii) transfer the fees collected under Subsection (2)(a) to the Appraisal Subcommittee on a monthly basis.
    • (b) If an appraisal management company registered under this chapter fails to pay the annual registry fee established by the Appraisal Subcommittee, the division may suspend or revoke the appraisal management company's registration.
  • (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.




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