(A) The board shall promulgate regulations to establish fees for registration, renewal, and reinstatement and additional fees as are reasonably necessary for the administration of this chapter. The fees must be established in consideration of the costs of administering this chapter and the actual cost of the specific service to be provided or performed. The board periodically shall review and adjust the schedule of fees as needed to cover expenses.

(B) The board also shall collect the national registry fees established by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council pursuant to 12 U.S.C. § 3338 and regulations adopted pursuant to it from each appraisal management company registered in this State or seeking to be registered in this State.

Terms Used In South Carolina Code 40-60-360

  • Appraisal: A determination of property value.
  • appraisal: means of or pertaining to appraising and related functions including, but not limited to, appraisal practice and appraisal services. See South Carolina Code 40-60-20
  • Appraisal subcommittee: means the designees of the heads of the federal financial institutions regulatory agencies established by the Federal Financial Institutions Examination Council Act of 1978 (12 U. See South Carolina Code 40-60-20
  • Appraiser: means a person who holds a permit, license, or certification issued by the board that allows the person to appraise real property. See South Carolina Code 40-60-20
  • Board: means the South Carolina Real Estate Appraisers Board established pursuant to the provisions of this chapter. See South Carolina Code 40-60-20

(C) The board shall collect the information and the national registry fees established by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council pursuant to 12 U.S.C. § 3338 and regulations adopted pursuant to it from each appraisal management company exempt from registration pursuant to § 40-60-340(5).

(D) All appraisal management company national registry fees collected must be transferred to the appraisal subcommittee.

(E) The board shall adopt regulations regarding the determination of the size of the appraiser panel of an appraisal management company in accordance with the rules of the Appraisal Subcommittee of the Federal Financial Institutions Examination Council pursuant to 12 U.S.C. § 3338.

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