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Securities Division - Real Estate Division | |
Appraisal Management Company Registration and Regulation Act | |
Section 204 | Renewal of a registration. |
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61-2e-204. Renewal of a registration. (1) (a) A registration under this chapter expires two years from the day on which the registration is filed. (b) Notwithstanding Subsection (1)(a), the time period of a registration may be extended or shortened by as much as one year to maintain or change a renewal cycle established by rule by the division. (2) To renew a registration under this chapter, before the day on which the registration expires, an appraisal management company shall: (a) file with the division a renewal registration application on a form prescribed by the division; and (b) pay to the division a fee determined in accordance with Section 63J-1-504. (3) A renewal registration application shall include substantially similar information to the information required under Section 61-2e-202, except that for an individual described in Subsection 61-2e-202(2)(e) or (g), the entity is required to report whether the individual has had: (a) (i) a conviction of a criminal offense; (ii) the entry of a plea in abeyance to a criminal offense; or (iii) the potential resolution of a criminal case by: (A) a diversion agreement; or (B) another agreement under which a criminal charge is held in suspense for a period of time; (b) a filing of personal bankruptcy or bankruptcy of a business that transacts the appraisal management services; (c) the suspension, revocation, surrender, cancellation, or denial of a professional license or certification, whether the license or registration is issued by this state or another jurisdiction; or (d) the entry of a cease and desist order or a temporary or permanent injunction: (i) against the individual by a court or government agency; and (ii) on the basis of: (A) conduct or a practice involving the business of appraisal management services; or (B) conduct involving fraud, misrepresentation, or deceit. (4) A registration expires if it is not renewed on or before its expiration date, except that for a period of 30 days after the expiration date, the registration may be reinstated upon compliance with this section, including payment of a renewal fee and a late fee determined by the division and the board. (5) Notwithstanding Subsection (4), the division may extend the term of a license that would expire under Subsection (4) except for the extension if: (a) (i) the person complies with the requirements of this section to renew the registration; and (ii) the renewal application remains pending at the time of the extension; or (b) at the time of the extension, there is pending under this chapter a disciplinary action.
Amended by Chapter 289, 2011 General Session |
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