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17-14-406. Fees and renewals.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-14-406. Fees and renewals.
(a)(1) The Arkansas Appraiser Licensing and Certification Board shall establish by rule an application fee for an initial application or an application for renewal not to exceed one thousand five hundred dollars ($1,500) to be paid by each appraisal management company seeking registration under this subchapter.
(2) The board shall establish by rule and criminal background check a fee not to exceed fifty dollars ($50.00) to be paid by the appraisal management company for each person owning more than ten percent (10%) of the appraisal management company.
(b)(1) Each applicant for registration shall post with the board and maintain a surety bond in the amount of twenty thousand dollars ($20,000).
(2) The bond shall:
(A) Be in the form prescribed by rule of the board; and
(B) Accrue to the state for the benefit of a claimant against the registrant to secure the faithful performance of the registrant's obligations under this subchapter.
(3) The aggregate liability of the surety shall not exceed the principal sum of the bond.
(4) A party having a claim against the registrant may bring suit directly on the surety bond, or the board may bring suit on behalf of the party having a claim against the registrant.
(5) Consumer claims are given priority in recovering from the bond.
(6) A deposit of cash or security may be accepted in lieu of the surety bond.
(7) A claim reducing the face amount of the bond shall be annually restored upon renewal of the registrant's registration.
(c)(1)(A) Registrations issued under this subchapter shall be renewed annually beginning twelve (12) months from the date of issuance.
(B) The board may review and renew or refuse renewal of an appraisal management company's renewal application.
(2)(A)
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-14-406
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:17-14-406
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 98c2225a1e1647ca96b77b46d7cfb65acc331a545c7139fc88f8b4dcb64fa06c
Source location: content.xml paragraph 2426
Stored source content
17-14-406. Fees and renewals.
(a)(1) The Arkansas Appraiser Licensing and Certification Board shall establish by rule an application fee for an initial application or an application for renewal not to exceed one thousand five hundred dollars ($1,500) to be paid by each appraisal management company seeking registration under this subchapter.
(2) The board shall establish by rule and criminal background check a fee not to exceed fifty dollars ($50.00) to be paid by the appraisal management company for each person owning more than ten percent (10%) of the appraisal management company.
(b)(1) Each applicant for registration shall post with the board and maintain a surety bond in the amount of twenty thousand dollars ($20,000).
(2) The bond shall:
(A) Be in the form prescribed by rule of the board; and
(B) Accrue to the state for the benefit of a claimant against the registrant to secure the faithful performance of the registrant's obligations under this subchapter.
(3) The aggregate liability of the surety shall not exceed the principal sum of the bond.
(4) A party having a claim against the registrant may bring suit directly on the surety bond, or the board may bring suit on behalf of the party having a claim against the registrant.
(5) Consumer claims are given priority in recovering from the bond.
(6) A deposit of cash or security may be accepted in lieu of the surety bond.
(7) A claim reducing the face amount of the bond shall be annually restored upon renewal of the registrant's registration.
(c)(1)(A) Registrations issued under this subchapter shall be renewed annually beginning twelve (12) months from the date of issuance.
(B) The board may review and renew or refuse renewal of an appraisal management company's renewal application.
(2)(A) Failure to timely renew a registration shall result in a loss of authority to operate under this subchapter.
(B) A request to reinstate a certificate of registration shall be accompanied by payment of the renewal fee and a late fee of fifty dollars ($50.00) per month for each month or partial month of delinquency.
(d)(1) The board shall collect from each appraisal management company registered under this chapter the Appraisal Management Company National Registry fee required by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.
(2) The amount and method of calculation of the Appraisal Management Company National Registry fee shall be established by rule of the board.
(e) Notwithstanding § 17-14-412, the board may collect from each federally regulated appraisal management company:
(1) The Appraisal Management Company National Registry fee required by the Appraisal Subcommittee;
(2) Information regarding the determination of the Appraisal Management Company National Registry fee as required by the Appraisal Subcommittee; and
(3) Any other information required by state or federal law.
(f) The Appraisal Management Company National Registry fees collected under this section shall be sent to the Appraisal Subcommittee regularly as required by federal law.
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Arkansas Code — all titles (historical 2020) · legal_authorities
17-14-412. Applicability.
This subchapter does not apply to:
(1) An agency of the federal, state, county, or municipal government;
(2) A person authorized to engage in business as a bank, farm credit system, savings institution, or credit union under the laws of the United States, the State of Arkansas, or any other state;
(3) A licensed real estate broker or licensed real estate agent performing activities regulated by the Arkansas Real Estate Commission unless the licensed real estate broker or licensed real estate agent receives compensation or other pecuniary gain in connection with the referral, placement, or execution of a request for appraisal services;
(4) An officer or employee of a government agency, person, licensed real estate broker, or licensed real estate agent described in this section when acting within the scope of employment of the officer or employee;
(5) A federally regulated appraisal management company;
(6) A person who exclusively employs appraisers on an employer and employee basis for the performance of appraisals;
(7) A person acting as an appraisal firm that at all times during a calendar year employs on an exclusive basis as independent contractors not more than fifteen (15) appraisers for the performance of appraisals;
(8) A person who enters into an agreement with an appraiser for the performance of an appraisal that on completion results in a report signed by both the appraiser who completed the appraisal and the appraiser who requested completion of the appraisal; or
(9) An appraisal management company operating:
(A) Only in this state with an appraiser panel of not more than fifteen (15) appraisers at all times during a calendar year; or
(B) In multiple states, including this state, with an appraiser panel of not
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-14-412
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 17-14-412. This identifies an authority to review, not proof of applicability.