Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors — Subtitle 5B. Real Estate Appraisal Management Companies
Statutes in effect as of October 1, 2026.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-01 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-01LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Appraisal management company” means a third party authorized by a creditor of a consumer credit transaction secured by a consumer’s principal dwelling, or by an underwriter of or other principal in the secondary mortgage markets, that directly or indirectly provides appraisal management services in connection with valuing properties collateralizing mortgage loans or mortgages incorporated in a securitization.
(c)
(1)
“Appraisal review” means the act of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraiser assignment.
(2)
“Appraisal review” does not include an examination of an appraisal for grammatical, typographical, or other similar errors that do not make a substantive valuation change.
(d)
“Appraiser” means a licensed real estate appraiser or a certified real estate appraiser.
(e)
“Appraiser panel” means a network of licensed or certified appraisers who are independent contractors to the appraisal management company.
(f)
“Competent appraiser” means an appraiser that satisfies each provision of the competency rule of the Uniform Standards of Professional Practice for a specific appraisal assignment that the appraiser has received, or may receive, from an appraisal management company.
(g)
“Controlling person” means:
(1)
an owner, officer, or director of an appraisal management company;
(2)
an individual employed, appointed, or authorized by an appraisal management company that has the authority to enter into:
(i)
a contractual relationship with other persons for the performance of appraisal management services; and
(ii)
agreements with appraisers for the performance of appraisals; or
(3)
an individual who possesses the power to direct or cause the direction of the management or policies of an appraisal management company.
(h)
“Provide appraisal management services” means to, directly or indirectly, on behalf of a lender, financial institution, client, or other person in conjunction with a consumer credit transaction that is secured by a consumer’s primary dwelling:
(1)
administer an appraisal panel;
(2)
recruit, retain, or select appraisers;
(3)
verify licensing or certification, negotiate fees and service level expectations, and review the qualifications of persons who are part of, or who wish to become part of, an appraiser panel;
(4)
contract with appraisers to perform appraisal assignments;
(5)
receive an order for an appraisal from one person, and deliver the order for the appraisal to an appraiser that is part of an appraiser panel for completion;
(6)
manage the process of having an appraisal performed, including the following administrative duties:
(i)
receiving appraisal orders and reports;
(ii)
submitting completed appraisal reports to creditors and underwriters;
(iii)
collecting fees from creditors and underwriters for services provided; and
(iv)
reimbursing appraisers for services performed;
(7)
track and determine the status of orders for appraisals;
(8)
conduct quality control of a completed appraisal prior to the delivery of the appraisal to the person that ordered the appraisal; or
(9)
provide a completed appraisal performed by an appraiser to a client.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-02 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-02LinkCopy Citation
This subtitle does not apply to:
(1)
a person that exclusively employs appraisers on an employer–employee basis for the performance of appraisals; or
(2)
an entity that is a subsidiary owned and controlled by a financial institution and regulated by a federal financial institution regulatory agency.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-03 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-03LinkCopy Citation
(a)
A person shall register with the Commission before the person:
(1)
engages or attempts to engage in business as an appraisal management company;
(2)
provides or attempts to provide appraisal management services; or
(3)
advertises or represents the person to be an appraisal management company.
(b)
The registration required under subsection (a) of this section shall include:
(1)
the name of the person seeking registration;
(2)
the business address of the person seeking registration;
(3)
the phone contact information of the person seeking registration;
(4)
if the person seeking registration is not a corporation that is domiciled in the State, the name and contact information for the company’s agent for service of process in this State;
(5)
the name, address, and contact information of any individual or any corporation, partnership, or other business entity that owns 10% or more of the person seeking registration;
(6)
a certification that the person seeking registration will verify that a person being added to the appraiser panel of the appraisal management company holds an appropriate license or certification in good standing in the State under this subtitle for the purpose of performing real estate appraisals;
(7)
a certification that the person seeking registration requires appraisers completing appraisals at its request to comply with the Uniform Standards of Professional Appraisal Practice, including the requirements for geographic and product competence;
(8)
a certification that the person seeking registration will require appraisals to be conducted independently as required by the appraisal independence standards under Section 129E of the Truth in Lending Act, including the requirements of payment of a reasonable and customary fee to appraisers when the appraisal management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer;
(9)
a certification that the person seeking registration maintains a detailed record of each service request that it receives and the appraiser that performs the residential real estate appraisal services for the person under § 16–5B–09 of this subtitle;
(10)
an irrevocable Uniform Consent to Service of Process in accordance with § 16–5B–04(c) of this subtitle; and
(11)
any other information that the Commission reasonably requires to implement this subtitle.
(c)
If the registration process required under subsection (a) of this section has not been established as of the effective date of this subtitle, an appraisal management company may, without being registered under this subtitle, continue to provide appraisal management services in accordance with this subtitle for 120 days after a registration process becomes available.
(d)
An appraisal management company that has submitted a complete application for registration under subsection (b) of this section may continue to provide appraisal management services in accordance with this subtitle until the Commission makes a final decision to approve or deny the company’s application for registration under this subtitle.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-04 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-04LinkCopy Citation
(a)
An applicant for registration as an appraisal management company shall submit to the Commission an application on a form required by the Commission.
(b)
A registration issued under this subtitle is valid for 1 year.
(c)
A person applying for registration as an appraisal management company shall complete an irrevocable Uniform Consent to Service of Process, as required by the Commission.
(d)
The Commission may set by regulation reasonable fees for registering appraisal management companies under this subtitle.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-05 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-05LinkCopy Citation
(a)
A person applying for registration as an appraisal management company may not be owned in whole or in part, directly or indirectly, by:
(1)
a person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in any state; or
(2)
another entity that is owned by a person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in any state.
(b)
The owner of an appraisal management company shall:
(1)
be of good character and reputation, as determined by the Commission; and
(2)
submit to a background investigation, as determined by the Commission.
(c)
A person applying for registration as an appraisal management company shall certify to the Commission that it has reviewed each entity that owns the person and that no other entity that owns the person is directly owned by a person that has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in any state.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-06 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-06LinkCopy Citation
(a)
A person applying for registration as an appraisal management company shall designate an individual to serve as a controlling person that will be the main contact for all communication between the Commission and the appraisal management company.
(b)
The controlling person designated under subsection (a) of this section shall:
(1)
have never had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in any state, unless the license or certificate was subsequently granted or reinstated;
(2)
be of good character and reputation, as determined by the Commission; and
(3)
submit to a background investigation, as determined by the Commission.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-07 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-07LinkCopy Citation
An appraisal management company may not:
(1)
knowingly employ a person in a position in which the person has the responsibility to order appraisals or to review completed appraisals who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in any state, unless the license or certificate was subsequently granted or reinstated;
(2)
knowingly enter into an independent contractor arrangement for real estate appraisal services with a person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in any state, unless the license or certificate was subsequently granted or reinstated; or
(3)
knowingly enter into a contract, an agreement, or any other business relationship, for the purpose of obtaining real estate appraisal services, with an entity that employs, has entered into an independent contract arrangement with, or has entered into a contract, an agreement, or any other business relationship with a person who has ever had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in any state, unless the license or certificate was subsequently granted or reinstated.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-08 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-08LinkCopy Citation
(a)
An appraisal management company shall require that an appraiser confirm in writing or via electronic means that an appraiser receiving the assignment is a competent appraiser for the performance of the appraisal being assigned.
(b)
An appraisal management company that has complied with subsection (a) of this section in relation to an assignment may not be held liable for a violation of this subtitle in relation to that assignment if the Commission subsequently determines that the appraiser completing the assignment violated the competency rule of the Uniform Standards of Professional Appraisal Practice.
(c)
An employee of or independent contractor to the appraisal management company that performs an appraisal review on a property located in the State shall be an appraiser licensed or certified in the State.
(d)
An appraisal management company may not enter into any agreements with an appraiser for the performance of appraisals in conjunction with federally related transactions unless it verifies that the appraiser is licensed or certified to perform the appraisal under this subtitle.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-09 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-09LinkCopy Citation
(a)
A person applying for registration as an appraisal management company shall certify to the Commission on an annual basis that it will maintain a detailed record of:
(1)
each service request that it receives; and
(2)
each appraiser that performs the appraisal for the appraisal management company.
(b)
An appraisal management company shall retain the records required under subsection (a) of this section for 5 years after an appraisal is completed, or 2 years after final disposition of a judicial proceeding related to the assignment, whichever period expires later.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-10 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-10LinkCopy Citation
(a)
An appraisal management company may not:
(1)
knowingly fail to separate and disclose any fees charged to a client by the appraisal management company for the completion of an appraisal by an appraiser from the fees charged to a lender, client, or any other person by an appraisal management company for providing appraisal management services; or
(2)
knowingly prohibit an appraiser from recording the fee that the appraiser was paid by the appraisal management company for the provision of real estate services within the appraisal report that is submitted by the appraiser to the appraisal management company.
(b)
The Commission may not bring disciplinary action under § 16–702.2 of this title or recommend criminal sanctions under § 16–706 of this title based solely on subsection (a) of this section.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-11 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-11LinkCopy Citation
(a)
(1)
Each appraisal management company shall ensure that real estate appraisal services are provided independently and free from inappropriate influence and coercion under the appraisal independence standards established under Section 129E of the Truth in Lending Act.
(2)
(i)
An appraisal management company shall pay an appraiser reasonable and customary fees consistent with the presumptions of compliance defined under federal law.
(ii)
The Commission may not bring disciplinary action under § 16–702.2 of this title or recommend criminal sanctions under § 16–706 of this title based solely on subparagraph (i) of this paragraph.
(b)
An employee, partner, director, officer, or agent of an appraisal management company may not influence or attempt to influence the development, reporting, result, or review of an appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery, or any other means, including:
(1)
compensating, colluding, or influencing, or attempting to compensate, collude, or influence a person involved in an appraisal for the purpose of causing the appraised value assigned under the appraisal to the property to be based on a factor other than the independent judgment of the appraiser;
(2)
mischaracterizing, or suborning any mischaracterization of, the appraised value of a property in conjunction with a consumer credit transaction;
(3)
seeking to influence an appraiser or otherwise encouraging a targeted value in order to facilitate the making or pricing of a consumer credit transaction;
(4)
withholding or threatening to withhold timely payment for an appraisal report or for the provision of real estate appraisal services when the appraisal report or services are provided in accordance with a contract between the parties;
(5)
withholding or threatening to withhold future business from an appraiser;
(6)
demoting or terminating or threatening to demote or terminate an appraiser;
(7)
expressly or impliedly promising future business, promotions, or increased compensation for an appraiser;
(8)
requiring an appraiser to indemnify an appraisal management company or hold an appraisal management company harmless for any liability, damage, losses, or claims arising out of the services provided by the appraisal management company, and not the services performed by the appraiser;
(9)
conditioning a request for an appraisal or the payment of an appraisal fee or salary or bonus on:
(i)
an opinion, a conclusion, or a valuation to be reached; or
(ii)
a preliminary estimate or opinion requested from an appraiser;
(10)
requesting that an appraiser provide:
(i)
an estimated, predetermined, or desired valuation in an appraisal report; or
(ii)
estimated values or comparable sales at any time before the appraiser’s completion of an appraisal;
(11)
except for a copy of the sales contract for purchase transactions, providing to an appraiser an anticipated, estimated, encouraged, or desired value for a subject property or a proposed or target amount to be loaned to the borrower;
(12)
providing to an appraiser, or a person related to the appraiser, stock or other financial or nonfinancial benefits;
(13)
allowing the removal of an appraiser from an appraiser panel without prior written notice to the appraiser;
(14)
obtaining, using, or paying for a second or subsequent appraisal, or ordering an automated valuation model, in connection with a mortgage financing transaction unless:
(i)
there is a reasonable basis to believe that the initial appraisal was flawed and the basis is clearly and appropriately noted in the loan file;
(ii)
the subsequent appraisal or automated valuation model is done under a bona fide prefunding or postfunding appraisal review or quality control process;
(iii)
a second appraisal is required under State or federal law; or
(iv)
the second appraisal or automated valuation model is ordered by an appraisal management company in response to a request by a client in order to satisfy client valuation policies for the property being appraised and the second appraisal or automated valuation model is ordered by the client prior to the completion of the first appraisal; or
(15)
any other act impairing or attempting to impair an appraiser’s independence or impartiality.
(c)
Nothing in subsection (a) or (b) of this section may be construed to prohibit an appraisal management company from asking an appraiser to:
(1)
consider additional appropriate property information, including the consideration of additional comparable properties to make or support an appraisal;
(2)
provide further detail, substantiation, or explanation for an appraiser’s value conclusion; or
(3)
correct errors in an appraisal report.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-12 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-12LinkCopy Citation
An appraisal management company shall inform the Commission when the appraisal management company has a reasonable basis to believe that:
(1)
an appraiser has:
(i)
failed to comply with the Uniform Standards of Professional Appraisal Practice;
(ii)
violated applicable laws; or
(iii)
engaged in unethical or unprofessional conduct; and
(2)
the appraiser’s conduct under item (1) of this section is likely to affect the value assigned to the consumer’s principal dwelling.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-13 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-13LinkCopy Citation
An appraisal management company commits unprofessional conduct if the appraisal management company:
(1)
requires an appraiser to modify an aspect of an appraisal report and the modification requested is not related to substandard performance or noncompliance with the terms of engagement;
(2)
requires an appraiser to prepare an appraisal report if the appraiser has notified the appraisal management company that, in the appraiser’s own professional judgment, the appraiser believes the appraiser does not have the necessary expertise for the specific geographic area;
(3)
requires an appraiser to prepare an appraisal report under a time frame that the appraiser has notified the appraisal management company that, in the appraiser’s own professional judgment, the appraiser believes does not afford the appraiser the ability to meet all the relevant legal and professional obligations;
(4)
prohibits or inhibits communication between an appraiser and a lender, a real estate licensee, or any other person from whom the appraiser, in the appraiser’s own professional judgment, believes information would be relevant;
(5)
requires the appraiser to do anything that does not comply with:
(i)
the Uniform Standards of Professional Appraisal Practice; or
(ii)
any assignment conditions and certifications required by the client; or
(6)
makes any portion of the appraiser’s fee or the appraisal management company’s fee contingent on a favorable outcome, including:
(i)
a loan closing; or
(ii)
a specific dollar amount being achieved by the appraiser in the appraisal report.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-14 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-14LinkCopy Citation
(a)
Except in cases of breach of contract or substandard performance of services, an appraisal management company shall pay an appraiser for the completion of each appraisal or valuation assignment within 45 days after the appraiser provides the initial completed appraisal or valuation study to the appraisal management company or its assignee.
(b)
(1)
The Commission may bring a disciplinary action under § 16–701.2 of this title based on a violation of subsection (a) of this section.
(2)
The Commission may not recommend criminal sanctions under § 16–706 of this title based solely on subsection (a) of this section.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-15 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-15LinkCopy Citation
(a)
An appraisal management company may not change a completed appraisal report submitted by an appraiser by:
(1)
permanently removing the appraiser’s signature or seal; or
(2)
adding information to, or removing information from, the appraisal report with an intent to change the valuation conclusion.
(b)
(1)
An appraisal management company may not require an appraiser to provide the appraisal management company with the appraiser’s digital signature or seal.
(2)
Subject to the restrictions in the Uniform Standards of Professional Appraisal Practice, an appraiser may voluntarily provide the appraiser’s digital signature to another person.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-16 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-16LinkCopy Citation
(a)
The Commission shall issue a unique registration number to each appraisal management company that is registered in this State.
(b)
The Commission shall publish annually a list of appraisal management companies.
(c)
An appraisal management company shall disclose the company’s registration number on any instrument utilized by the appraisal management company to procure appraisal services in this State.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-17 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-17LinkCopy Citation
(a)
An appraisal management company may not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an appraiser, without:
(1)
notifying the appraiser in writing of the reasons why the appraiser is being removed from the appraiser panel of the appraisal management company;
(2)
identifying the illegal conduct, violation of the Uniform Standards of Professional Appraisal Practice, violation of State licensing standards, or substandard performance or violations of contractual terms between the appraiser and the appraisal management company that the appraisal management company has a reasonable basis to believe that the appraiser has engaged in; and
(3)
providing an opportunity for the appraiser to respond.
(b)
(1)
An appraiser that is removed from the appraiser panel of an appraisal management company for alleged illegal conduct, a violation of the Uniform Standards of Professional Appraisal Practice, or a violation of State licensing standards may file a complaint with the Commission for a review of the decision of the appraisal management company.
(2)
The Commission’s review under paragraph (1) of this subsection is limited to determining whether:
(i)
the appraisal management company has complied with subsection (a) of this section; and
(ii)
the appraiser has committed a violation of:
(1)
State law; or
(2)
the Uniform Standards of Professional Appraisal Practice.
(c)
(1)
If an appraiser files a complaint against an appraisal management company under subsection (b) of this section, the Commission shall schedule a hearing within a reasonable time, not exceeding 1 year, after the complaint is filed.
(2)
The time specified under paragraph (1) of this subsection may be extended for good cause by the Commission on written notice to the parties.
(d)
If after opportunity for hearing and review, the Commission determines that an appraisal management company acted improperly in removing an appraiser from the appraiser panel, or that an appraiser did not commit a violation of State law or a violation of the Uniform Standards of Professional Appraisal Practice, the Commission shall order that an appraiser be restored to the appraiser panel of the appraisal management company that was the subject of the complaint.
(e)
If the Commission finds that the appraisal management company acted improperly in removing the appraiser from the appraiser panel, an appraisal management company may not:
(1)
reduce the number of real estate appraisal assignments the company gives to an appraiser; or
(2)
penalize the appraiser in any other manner.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-18 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-18LinkCopy Citation
The Commission may adopt regulations necessary to implement, administer, and enforce this subtitle.
Md. Code Ann., Bus. Occ. & Prof. § 16-5B-19 (2026)
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B. Real Estate Appraisal Management Companies
§ 16–5B-19LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“AMC fee” means the appraisal management company annual federal registry fee.
(3)
“Appraisal Subcommittee” means the Appraisal Subcommittee of the Federal Financial Institutions Examinations Council.
(4)
“Fund” means the Appraisal Management Company Annual Federal Registry Fee Fund.
(b)
(1)
There is an Appraisal Management Company Annual Federal Registry Fee Fund.
(2)
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.
(3)
The Director of the Commission shall administer the Fund.
(4)
(i)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(ii)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(5)
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.
(6)
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.
(7)
(i)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(ii)
Any interest earnings of the Fund shall be credited to the General Fund of the State.
(c)
(1)
Each year, the Commission shall:
(i)
collect from each registered appraisal management company the AMC fee and deposit the AMC fee into the Fund; and
(ii)
transmit to the Appraisal Subcommittee the AMC fees held in the Fund.
(2)
The schedule of AMC fees is as established by the Appraisal Subcommittee.
(d)
Each year, the Commission shall send to the Appraisal Subcommittee:
(1)
a roster of the appraisal management companies registered with the Commission; and
(2)
a report on any fully adjudicated disciplinary actions taken against or any final decisions concerning an appraisal management company.