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.”