The renewal window to renew an AMC registration for 2015 is closed. Any AMC renewing after October 31st, 2014 must pay a penalty fee of $50 for each month of non-renewal up to six months of expiration per KRS 324A.152(7)(b). Any penalty fees incurred MUST be included with the renewal application.
All fees are NON-REFUNDABLE.
Failure to reinstate within six (6) months of expiration shall require the expired registrant to submit a new application for registration under 201 KAR 30:330 and meet all current requirements for registration.
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.
Request a Verification of Good Standing
A verification of good standing may be obtained by submitting a request in writing to:
Surety Bond Omission / Recovery Fund Requirement
EFFECTIVE June 25, 2013 -
The most significant amendment to the AMC registration act was the omission of a surety bond and the addition of a requirement for AMCs to pay into a recovery fund.
“324A.155 Appraisal management company recovery fund _ Purposes -- Lapsing
(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 Section 2 of this Act.
(2) In addition to the license fees provided for in Section 5 of this Act, 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. Page 7 of 9 (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.”