Indiana Code 25-34.1-11-15.5. Annual AMC registry fee; determination of fee amount; annual transmission of fees to Appraisal Subcommittee; commission’s authority to adopt rules
(b) As used in this section, “Appraisal Subcommittee” refers to the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.
Terms Used In Indiana Code 25-34.1-11-15.5
- appraisal: has the meaning set forth in Indiana Code 25-34.1-11-1
- Appraisal: A determination of property value.
- appraisal management company: means a person that, for compensation, acts as a third party intermediary by contracting with independent real estate appraisers to perform appraisals for other persons. See Indiana Code 25-34.1-11-2
- board: refers to the real estate appraiser licensure and certification board established by Indiana Code 25-34.1-11-4
- Commission: means the Indiana real estate commission. See Indiana Code 25-34.1-1-2
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- Real estate: means any right, title, or interest in real property. See Indiana Code 25-34.1-1-2
- real estate appraiser: means a person who:
Indiana Code 25-34.1-11-6
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(d) As used in this section, “performed an appraisal”, with respect to a real estate appraiser and an appraisal management company, means the appraisal service requested of the real estate appraiser by the appraisal management company was provided to the appraisal management company.
(e) An appraisal management company to which this section applies shall pay to the board the annual AMC registry fee, as established by the Appraisal Subcommittee, as follows:
(1) In the case of an appraisal management company that has been in existence for more than one (1) year, twenty-five dollars ($25) multiplied by the number of real estate appraisers who have performed an appraisal for the appraisal management company in connection with a covered transaction in Indiana during the previous year.
(2) In the case of an appraisal management company that has not been in existence for more than one (1) year, twenty-five dollars ($25) multiplied by the number of real estate appraisers who have performed an appraisal for the appraisal management company in connection with a covered transaction in Indiana since the appraisal management company commenced doing business.
(f) The AMC registry fee required by this section is in addition to the registration fee required by section 15 of this chapter.
(g) The board shall transmit the AMC registry fees collected under this section to the Appraisal Subcommittee on an annual basis. For purposes of this subsection, the board may align a one (1) year period with any twelve (12) month period, which may or not may not be based on the calendar year. Only those appraisal management companies whose registry fees have been transmitted to the Appraisal Subcommittee will be eligible to be on the AMC Registry (as defined in 12 U.S.C. § 1102.401(a)).
(h) Upon recommendations of the board under IC 25-34.1-8-6.5, the commission may do the following:
(1) Adopt rules under IC 4-22-2 to implement this section.
(2) Amend rules adopted under this subsection as necessary to conform the annual AMC registry fee required by this section with the AMC registry fee established by the Appraisal Subcommittee.
In adopting or amending a rule under this subsection, the commission may adopt emergency rules in the manner provided by IC 4-22-2-37.1. Notwithstanding IC 4-22-2-37.1(g), an emergency rule adopted by the commission under this subsection and in the manner provided by IC 4-22-2-37.1 expires on the date on which a rule that supersedes the emergency rule is adopted by the commission under IC 4-22-2-24 through IC 4-22-2-36.
As added by P.L.15-2018, SEC.3.