45:14F-35 Application fee.
9. a. The board shall establish by regulation an application fee to be paid by each appraisal management company seeking registration under this act that is sufficient for the administration of the registration process, but in no case shall the fee be more than $2,500.
b. A processing fee, similar to that provided for in subsection a. of this section not to exceed $2,500, may be charged by the board in connection with the renewal of a registration.
c. A registration granted by the board pursuant to this act shall be effective for a two-year period and may be renewed biennially.
d. The board shall require of each appraisal management company seeking registration a surety bond of $25,000.
e. Except as otherwise required by federal law, all fees paid by appraisal management companies shall be dedicated to use by the board for regulation of appraisal management companies and State certified and licensed real estate appraisers regulated by the board pursuant to State and federal law.
L.2017, c.72, s.9.
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