1. (1) To bring a claim against a bond that is held by an AMC pursuant to Section 61-2e-204(2)(c) and Subsection R162-2e-201(1)(c), an appraiser shall:

   1. (a) demonstrate that a court of competent jurisdiction has awarded the appraiser a final judgment against the AMC for the fee(s) claimed;
   2. (b) demonstrate that the appraiser earned the fee(s) claimed and that the AMC has had a reasonable period of time in which to tender payment; and

   3. (c) submit a complaint to the division alleging nonpayment of fee(s):

      1. (i) after a reasonable period of time for payment has passed; and
      2. (ii) no later than 30 days after obtaining a judgment as required under this Subsection (1)(a).

2. (2) In evaluating whether an AMC has had a reasonable period of time in which to tender payment, the division shall consider the following:

   1. (a) if a payment deadline is specified in the contract that applies to the assignment for which the appraiser claims an unpaid fee, whether the payment deadline has passed; or
   2. (b) if the applicable contract is silent as to a period for payment, whether at least 90 days have passed since the date on which the appraiser submitted a report that complied with the assignment, including all scope of work requirements, as determined by the division in its sole discretion.

KEY: administrative proceedings, appraisal management company (AMC), conduct, AMC registry fee

Date of Last Change: April 24, 2024

Notice of Continuation: December 24, 2024

Authorizing, and Implemented or Interpreted Law: 61-2e-102(4); 61-2e-103; 61-2e-307; 61-2e-305; 61-2e-402(1)