324A.163 Administration of appraisal management company recovery fund --
421 words·~2 min read·
/ky/324a-163A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Restitution to real property appraisers -- Administrative regulations -- Annual
public statement of income and expenses.
(1)The board shall administer the appraisal management company recovery fund solely
to provide restitution to each Kentucky licensed or certified real property appraiser
who has suffered pecuniary loss:
(a)As a result of an appraisal management company ceasing to be registered with
the board, either voluntarily or involuntarily;
(b)If an appraiser has received a final judgment from a court of competent
jurisdiction within the Commonwealth; and
(c)If no viable alternative for full restitution is available, as determined by the
board.
(2)Each fund distribution for restitution shall be made payable to the appropriate
appraiser as determined by the board. The amount to be paid to the appraiser shall
equal the actual amount of appraisal fees that are proven to be owed to the appraiser
by the relevant appraisal management company and any reasonable and appropriate
court costs associated with determining the final judgment in favor of the appraiser.
If the amount of restitution to be paid to any one
(1)or more appraisers at any one
(1)time exceeds the balance in the fund, the board shall:
(a)Distribute as much of the restitution amount as possible, which shall be
deemed to satisfy in full any claim the relevant appraisers have on payments
from the recovery fund; and
(b)In the case of distributions to more than one
(1)appraiser, provide for a pro
rata distribution of the available fund balance, which shall be deemed to
satisfy in full any claim the relevant appraisers have on payments from the
recovery fund.
(3)Whenever restitution is paid by the fund, the fund shall be subrogated to the amount
of the restitution.
(4)The board shall promulgate administrative regulations in accordance with KRS
Chapter 13A to:
(a)Ensure that the balance of the fund established in KRS 324A.155 shall not fall
below three hundred thousand dollars ($300,000); and
(b)Impose the fees assessed upon appraisal management companies under KRS
324A.155 whenever the balance of the fund is less than three hundred
thousand dollars ($300,000). The board shall cease imposing the fees when
the balance of the fund is three hundred thousand dollars ($300,000).
(5)Within one hundred twenty
(120)days after the end of each fiscal year, the board
shall make public, in accordance with KRS 424.180 and 424.190, a statement of
income and expenses of the appraisal management company recovery fund, the
details of which are in accordance with generally accepted accounting principles.