1. (A) An initial registration granted by the board pursuant to this article is valid for one year from the date of issuance unless renewed pursuant to subsection (B).
2. (B) To renew annually, an entity actively registered under this article shall submit all information required by the board before June thirtieth, and the board shall review and renew or review and deny the renewal of the registration of an appraisal management company.
3. (C) Failure to renew registration by the renewal date must result in the loss of authority to operate under this article. An AMC that fails to renew may be subject to penalties as provided for in this chapter.
4. (D) A request to reinstate registration within twelve months of expiration must be accompanied by a payment penalty as promulgated by the board in regulation.
5. (E) A registration expired for more than twelve months must be canceled but may be considered for reinstatement by the board upon proper application and payment of the original registration fee and any late fee.

HISTORY: 2017 Act No. 32 (S.279), Section 1, eff May 10, 2017; 2024 Act No. 196 (H.3278), Section 19, eff May 21, 2024.

Editor's Note

2017 Act No. 32, Section 5, provides as follows:

"SECTION 5. This act takes effect upon approval by the Governor. In the event that a registration process is unavailable upon the effective date of this act, an appraisal management company already conducting business in this State may continue to conduct business until one hundred twenty days after a registration process becomes available."

Effect of Amendment

2024 Act No. 196, Section 19, in (A), substituted "for one year from the date of issuance" for "from the date of issuance through expiration"; in (B), substituted "annually" for "biennially"; in (C), added the second sentence; in (D), substituted "as promulgated by the board in regulation" for "of one hundred dollars each month of delinquency"; and in (E), deleted the second sentence, which provided the application must be reviewed by the board to determine reinstatement and any further required conditions of the reinstatement.