The following information was posted on the Kentucky Real Estate Appraisers Board website. The state’s Legislative Research Commission reviewed the bond’s terms at an October 27 meeting.
On July 15, 2011 Kentucky Governor Steven L. Beshear signed a Statement of Emergency for administrative regulations 201 KAR 30:310 to collect the Appraisal Management Company (AMC) registration fee, 30:320 require the surety bond for AMC company registration, and 30:330 complete the AMC company registration form.
The Executive Order grants the Kentucky Real Estate Appraisers Board only the authority referenced above, for purposes of beginning the registration of Appraisal Management Companies desiring to do business within the Commonwealth of Kentucky.
All regulations, including those referenced above, must be presented to the Legislative Research Commission for review, and there must be a hearing before final approval is binding.
The three administrative regulations does grant the Board the authority to immediately begin accepting registration, collect the fee of $3,500, and require acknowledgement of a Kentucky AMC bond secured by each company in the amount of $500,000.
Registration will require the completion of each of the attached forms, and the forms with payment must be completed and returned to the Kentucky Real Estate Appraisers Board office at the address identified on each form.
Although the statute requires renewal prior to October 1, registration from July 18, 2011 through September 30, 2012 shall not require renewal prior to October 1, 2012.
If anyone has questions, please contact:
Kentucky Real Estate Appraisers Board
Phone: (859) 623-1658
Email: [email protected]