151.01.20 Ark. Code R. 001

Current through Register Vol. 49, No. 9, September, 2024

Rule 151.01.20-001 - AMC National Registry Fees

SectionV (A) - Appraisal Management Company National Registry fee

A. An appraisal management company shall annually submit to the Board on February 28 an annual appraisal management company national registry fee that is determined by the Appraisal Subcommittee on a form provided by the Board.

B. The fee will be based on the number of appraisers who have performed an appraisal for the appraisal management company on a covered transaction in Arkansas during January 1 to December 31 of the previous year. The calculations are as follows.

1. If the appraisal management company has been existence for more than a year, twenty-five dollars ($25) multiplied by the number of appraisers who have performed an appraisal for the appraisal management company on a covered transaction in Arkansas during the previous year; and

2. If the appraisal management company has not been in existence for more than a year, twenty-five dollars ($25) multiplied by the number of appraisers who have performed an appraisal for the appraisal management company on a covered transaction in Arkansas since the appraisal management company commenced doing business.

C. The fee will also apply to appraisal management companies that are subsidiaries of Federal Financial Institutions that are exempt from state regulation but are subject to the national registry fees.

D. If the report and fees are not paid by February 28 of each calendar year, the appraisal management company will be placed on inactive status on the Appraisal Management Company National Registry.

E. A late fee of fifty dollars ($50) must be paid for each month or partial month the form and appraisal management company national registry fees are delinquent.

F. The Appraisal Management Company national registry fees collected will be remitted to the Appraisal Subcommittee as invoiced.

Emergency Clause: It is found by the Arkansas Appraiser Licensing and Certification Board that federal law requires the notice, calculation, collection and remittance of an Appraisal Management Company National Registry fee. In order to do this in a timely manner, the adoption of this emergency rule is necessary. Any delay in the remittance of the National Registry fee would be detrimental to the economic development of the state and could endanger the ability of Arkansas appraisal management companies to perform appraisals for federal financial institutions and their federally related financial transactions. This rule is therefore necessary to protect against that imminent peril to the public welfare.

151.01.20 Ark. Code R. 001

Adopted by Arkansas Register Volume MMXXI Number 09, Effective 3/24/2020