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<section article="gbo" article_name="Business Occupations and Professions" number="16-5B-19" title_number="16" title_name="Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors" subtitle_number="5B" subtitle_name="Real Estate Appraisal Management Companies">
  <level label="a">
    <level label="1">
      <text>In this section the following words have the meanings indicated.</text>
    </level>
    <level label="2">
      <text>“AMC fee” means the appraisal management company annual federal registry fee.</text>
    </level>
    <level label="3">
      <text>“Appraisal Subcommittee” means the Appraisal Subcommittee of the Federal Financial Institutions Examinations Council.</text>
    </level>
    <level label="4">
      <text>“Fund” means the Appraisal Management Company Annual Federal Registry Fee Fund.</text>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>There is an Appraisal Management Company Annual Federal Registry Fee Fund.</text>
    </level>
    <level label="2">
      <text>The purpose of the Fund is to hold the AMC fee collected from each registered appraisal management company in accordance with § 1109(a)(4) of the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended by the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, until transmittal to the Appraisal Subcommittee.</text>
    </level>
    <level label="3">
      <text>The Director of the Commission shall administer the Fund.</text>
    </level>
    <level label="4">
      <level label="i">
        <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text>
      </level>
      <level label="ii">
        <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text>
      </level>
    </level>
    <level label="5">
      <text>The Fund consists only of the AMC fee collected from each registered appraisal management company by the Commission and deposited in the Fund each year.</text>
    </level>
    <level label="6">
      <text>The Fund may be used only for the holding of AMC fees until transmittal to the Appraisal Subcommittee by the Commission at the designated time each year.</text>
    </level>
    <level label="7">
      <level label="i">
        <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text>
      </level>
      <level label="ii">
        <text>Any interest earnings of the Fund shall be credited to the General Fund of the State.</text>
      </level>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>Each year, the Commission shall:</text>
      <level label="i">
        <text>collect from each registered appraisal management company the AMC fee and deposit the AMC fee into the Fund; and</text>
      </level>
      <level label="ii">
        <text>transmit to the Appraisal Subcommittee the AMC fees held in the Fund.</text>
      </level>
    </level>
    <level label="2">
      <text>The schedule of AMC fees is as established by the Appraisal Subcommittee.</text>
    </level>
  </level>
  <level label="d">
    <text>Each year, the Commission shall send to the Appraisal Subcommittee:</text>
    <level label="1">
      <text>a roster of the appraisal management companies registered with the Commission; and</text>
    </level>
    <level label="2">
      <text>a report on any fully adjudicated disciplinary actions taken against or any final decisions concerning an appraisal management company.</text>
    </level>
  </level>
</section>
