2016 Arkansas Code
Title 17 - Professions, Occupations, and Businesses
Subtitle 2 - Nonmedical Professions
Chapter 14 - Appraisers
Subchapter 4 - -- Appraisal Management Company Registration Act
§ 17-14-406. Fees and renewals

(a) The Arkansas Appraiser Licensing and Certification Board shall establish by rule a filing fee not to exceed five hundred dollars ($500) to be paid by each appraisal management company seeking registration under this subchapter.

(b) (1) In addition to the filing fee, each applicant for registration shall post with the board and maintain a surety bond in the amount of twenty thousand dollars ($20,000).

(2) The bond shall:

(A) Be in the form prescribed by rule of the board; and

(B) Accrue to the state for the benefit of a claimant against the registrant to secure the faithful performance of the registrant's obligations under this subchapter.

(3) The aggregate liability of the surety shall not exceed the principal sum of the bond.

(4) A party having a claim against the registrant may bring suit directly on the surety bond, or the board may bring suit on behalf of the party having a claim against the registrant.

(5) Consumer claims are given priority in recovering from the bond.

(6) A deposit of cash or security may be accepted in lieu of the surety bond.

(7) A claim reducing the face amount of the bond shall be annually restored upon renewal of the registrant's registration.

(c) (1) Registrations issued under this subchapter shall be renewed annually beginning twelve (12) months from the date of issuance.

(2) (A) Failure to timely renew a registration shall result in a loss of authority to operate under this subchapter.

(B) A request to reinstate a certificate of registration shall be accompanied by payment of a penalty of fifty dollars ($50.00) for each month of delinquency.