324A.155 Appraisal management company recovery fund -- Purposes -- Lapsing.

134 words·~1 min read·/ky/chapter-324a/324a-155

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)There is hereby created and established in the State Treasury the appraisal

management company recovery fund. The fund shall be administered by the board

for the purposes set forth in KRS 324A.163.

(2)In addition to the license fees provided for in KRS 324A.154, upon issuance of

every appraisal management company's registration, and every regular annual

renewal date thereafter, the board shall charge each registrant an amount not to

exceed eight hundred dollars ($800) per year to be deposited in the appraisal

management company recovery fund.

(3)Notwithstanding KRS 45.229, any moneys remaining in the fund at the close of the

fiscal year shall not lapse, but shall be carried forward into the succeeding fiscal

year. Any interest earnings of the fund shall become a part of the fund and shall not

lapse.