- (a) An appraisal management company shall annually submit to the State Board of Appraisers, Abstracters, and Home Inspectors on February 28 an annual AMC Registry fee that is determined by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council on a form provided by the board.
- (b) The fee will be based on the number of appraisers who have performed an appraisal for the AMC on a covered transaction in Arkansas during January 1 to December 31 of the previous year.
(c) The calculations are as follows:
- (1) If the AMC has been existence for more than a year, twenty-five dollars ($25.00) multiplied by the number of appraisers who have performed an appraisal for the AMC on a covered transaction in Arkansas during the previous year; and
- (2) If the AMC has not been in existence for more than a year, twenty-five dollars ($25.00) multiplied by the number of appraisers who have performed an appraisal for the AMC on a covered transaction in Arkansas since the AMC commenced doing business.
- (d) The fee will also apply to AMCs that are subsidiaries of federal financial institutions that are exempt from state regulation but are subject to the national registry fees.
- (e) If the report and fees are not paid by February 28 of each calendar year, the AMC will be placed on inactive status on the AMC Registry.
- (f) A late fee of fifty dollars ($50.00) must be paid for each month or partial month the form and AMC Registry fees are delinquent.
- (g) The AMC Registry fees collected will be remitted to the Appraisal Subcommittee of the Federal Financial Institutions Examination Council as invoiced.