61-2g-406. Contingent fees.
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Effective 5/10/2016
61-2g-406. Contingent fees.
(1)A person licensed or certified under this chapter who enters into an agreement to perform an appraisal may not accept a contingent fee.
(2)A person may accept payment of a fixed fee or a contingent fee when the person:
(a)if the person is not licensed or certified under this chapter, presents or provides a price estimate or property tax information in accordance with Section 59-2-1017 ; or
(b)if the person is licensed or certified under this chapter, enters into an agreement to provide consultation services.
(3)A person that accepts payment of a fee under Subsection
(2)shall:
(a)clearly state in each oral statement the fact that the person is accepting payment of a fee under a contingent fee arrangement and whether the person is licensed or certified under this chapter; and
(b)clearly state in any written consultation report or summary, letter of transmittal, certification statement, price estimate, or property tax information that the document is prepared under a contingent fee arrangement and whether the person is licensed or certified under this chapter.
Amended by Chapter 384 , 2016 General Session