Kentucky Statutes 324A.155 – Appraisal management company recovery fund — Purposes — Lapsing
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(1) There is hereby created and established in the State Treasury the appraisal management company recovery fund. The fund shall be administered by the board for the purposes set forth in KRS § 324A.163.
(2) In addition to the license fees provided for in KRS § 324A.154, upon issuance of every appraisal management company’s registration, and every regular annual renewal date thereafter, the board shall charge each registrant an amount not to exceed eight hundred dollars ($800) per year to be deposited in the appraisal management company recovery fund.
(3) Notwithstanding KRS § 45.229, any moneys remaining in the fund at the close of the fiscal year shall not lapse, but shall be carried forward into the succeeding fiscal year. Any interest earnings of the fund shall become a part of the fund and shall not lapse.
Effective: June 25, 2013
History: Created 2013 Ky. Acts ch. 46, sec. 1, effective June 25, 2013.
(2) In addition to the license fees provided for in KRS § 324A.154, upon issuance of every appraisal management company’s registration, and every regular annual renewal date thereafter, the board shall charge each registrant an amount not to exceed eight hundred dollars ($800) per year to be deposited in the appraisal management company recovery fund.
Terms Used In Kentucky Statutes 324A.155
- Appraisal: A determination of property value.
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
(3) Notwithstanding KRS § 45.229, any moneys remaining in the fund at the close of the fiscal year shall not lapse, but shall be carried forward into the succeeding fiscal year. Any interest earnings of the fund shall become a part of the fund and shall not lapse.
Effective: June 25, 2013
History: Created 2013 Ky. Acts ch. 46, sec. 1, effective June 25, 2013.