61-2e-204 - Renewal of a registration.
61-2e-204. Renewal of a registration.
(1) (a) A registration under this chapter expires two years from the day on which theregistration is filed.
(b) Notwithstanding Subsection (1)(a), the time period of a registration may be extendedor shortened by as much as one year to maintain or change a renewal cycle established by rule bythe division.
(2) To renew a registration under this chapter, before the day on which the registrationexpires, an appraisal management company shall:
(a) file with the division a renewal registration application on a form prescribed by thedivision; 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 tothe information required under Section 61-2e-202, except that for an individual described inSubsection 61-2e-202(1)(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 oftime;
(b) a filing of personal bankruptcy or bankruptcy of a business that transacts the appraisalmanagement services;
(c) the suspension, revocation, surrender, cancellation, or denial of a professional licenseor 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 thatfor a period of 30 days after the expiration date, the registration may be reinstated uponcompliance with this section, including payment of a renewal fee and a late fee determined by thedivision and the board.
Enacted by Chapter 269, 2009 General Session