61-2e-205.  Division service fees — National registry form and fees — Suspension and revocation of registration — Removal from national registry.

(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.

Terms Used In Utah Code 61-2e-205

  • Appraisal: A determination of property value.
  • Appraisal: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
  • Board: means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. See Utah Code 61-2e-102
  • Concurrence: means that the entities that are given a concurring role must jointly agree before an action may be taken. See Utah Code 61-2e-102
  • Division: means the Division of Real Estate, created in Section 61-2-201, of the Department of Commerce. See Utah Code 61-2e-102
  • Federally regulated appraisal management company: means an appraisal management company that is:
(a) owned and controlled by an insured depository institution, as defined in 12 U. See Utah Code 61-2e-102
(2)  An appraisal management company registered under this chapter shall, on or before May 31 of each year, file with the division a national registry reporting form in the manner prescribed by the division.

(3)  The division shall:

(a)  collect the annual national 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 (3)(a) to the Appraisal Subcommittee on a monthly basis.

(4)  If an appraisal management company registered under this chapter fails to pay the annual national registry fee described in Subsection (3) or file the national registry reporting form in accordance with Subsection (2), the division may suspend or revoke the appraisal management company’s registration.

(5)  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.

Amended by Chapter 141, 2023 General Session

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