(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) The division shall: (a) collect the annual registry fee established by the Appraisal Subcommittee from: (i) each appraisal management company registered under this chapter; and (ii) each federally regulated appraisal management company; and (b) transfer the fees collected under Subsection (2)(a) to the Appraisal Subcommittee on a monthly basis.
(a) collect the annual registry fee established by the Appraisal Subcommittee from: (i) each appraisal management company registered under this chapter; and (ii) each federally regulated appraisal management company; and
(i) each appraisal management company registered under this chapter; and
(ii) each federally regulated appraisal management company; and
(b) transfer the fees collected under Subsection (2)(a) to the Appraisal Subcommittee on a monthly basis.
(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.
(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.
(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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