37-54-105. Powers and duties of board. The board shall:

(1) adopt rules to implement and administer the provisions of this chapter;

(2) establish and collect fees commensurate with the costs of processing:

(a) an application for licensure or renewal of licensure;

(b) certification or renewal of a certificate; and

(c) registration or renewal of registration of appraisal management companies;

(3) establish minimum requirements for education, experience, and examination for licensure and certification as set out by the appraisal qualification board of the appraisal foundation;

(4) prescribe the examinations for licensure or certification and determine the acceptable level of performance on examinations;

(5) receive and review applications for licensure, certification, or appraisal management company registration and issue or, as appropriate, renew licenses, certificates, or appraisal management company registrations;

(6) review periodically the standards for development and communication of appraisals and adopt rules explaining and interpreting the standards;

(7) retain all applications and other records submitted to the board;

(8) adopt by rule standards of professional appraisal practice in this state;

(9) (a) require an appraisal management company to submit reports, information, and documents to the board; and

(b) examine the books and records of an appraisal management company operating in the state;

(10) reprimand, suspend, revoke, or refuse to renew the license, certificate, or registration of a person or entity who has violated the standards established for licensed and certified real estate appraisers or registered appraisal management companies;

(11) regulate and establish minimum requirements and qualifications for real estate appraiser mentors;

(12) collect and transmit annual registry fees from registered appraisal management companies and federally regulated appraisal management companies in the amount determined by the appraisal subcommittee of the federal financial institutions examination council; and

(13) perform other duties necessary to implement this chapter.

History: En. Sec. 4, Ch. 409, L. 1991; amd. Sec. 109, Ch. 429, L. 1995; amd. Sec. 28, Ch. 481, L. 1997; amd. Sec. 8, Ch. 196, L. 2003; amd. Sec. 2, Ch. 270, L. 2011; amd. Sec. 2, Ch. 303, L. 2015; amd. Sec. 4, Ch. 55, L. 2017.