AMC Registration in Kentucky
Kentucky law requires that an Appraisal Management Company must register with the board and have a current license issued prior to doing business in Kentucky. The AMC statutory requirements for initial registration and renewal are located in KRS 324A.150 – 164.
The annual renewal for Appraisal Management Company registration must be received by the board and a new registration certificate issued prior to the November 1 of each year. The requirements for renewal include the following items included in KRS 324A.154:
(6) (a) Registrations issued under this section shall be renewed annually.
(b) Renewal shall occur on October 31 of each year.
(c) If the initial registration occurs less than six (6) months before October 31, the renewal shall not be required until October 31 of the following year, and shall then be renewed on October 31 of each year thereafter.
(7) (a) Failure to renew a registration in a timely manner shall result in a loss of authority to operate.
(b) A request to reinstate a certificate of registration shall be accompanied by payment of a penalty of fifty dollars ($50) for each month of delinquency, up to six (6) months after expiration.
(c) After six (6) months' delinquency, a new application for registration shall be required.