2014 Kentucky Revised Statutes CHAPTER 324A - REAL ESTATE APPRAISERS 324A.163 Administration of appraisal management company recovery fund -- Restitution to real property appraisers -- Administrative regulations -- Annual public statement of income and expenses.
Download as PDF
324A.163 Administration of appraisal management company recovery fund -Restitution to real property appraisers -- Administrative regulations -Annual public statement of income and expenses.
(1)
(2)
(3)
(4)
(5)
The board shall administer the appraisal management company recovery fund
solely to provide restitution to each Kentucky licensed or certified real property
appraiser who has suffered pecuniary loss:
(a) As a result of an appraisal management company ceasing to be
registered with the board, either voluntarily or involuntarily;
(b) If an appraiser has received a final judgment from a court of competent
jurisdiction within the Commonwealth; and
(c) If no viable alternative for full restitution is available, as determined by the
board.
Each fund distribution for restitution shall be made payable to the appropriate
appraiser as determined by the board. The amount to be paid to the appraiser
shall equal the actual amount of appraisal fees that are proven to be owed to
the appraiser by the relevant appraisal management company and any
reasonable and appropriate court costs associated with determining the final
judgment in favor of the appraiser. If the amount of restitution to be paid to any
one (1) or more appraisers at any one (1) time exceeds the balance in the
fund, the board shall:
(a) Distribute as much of the restitution amount as possible, which shall be
deemed to satisfy in full any claim the relevant appraisers have on
payments from the recovery fund; and
(b) In the case of distributions to more than one (1) appraiser, provide for a
pro rata distribution of the available fund balance, which shall be deemed
to satisfy in full any claim the relevant appraisers have on payments from
the recovery fund.
Whenever restitution is paid by the fund, the fund shall be subrogated to the
amount of the restitution.
The board shall promulgate administrative regulations in accordance with KRS
Chapter 13A to:
(a) Ensure that the balance of the fund established in KRS 324A.155 shall
not fall below three hundred thousand dollars ($300,000); and
(b) Impose the fees assessed upon appraisal management companies under
KRS 324A.155 whenever the balance of the fund is less than three
hundred thousand dollars ($300,000). The board shall cease imposing the
fees when the balance of the fund is three hundred thousand dollars
($300,000).
Within one hundred twenty (120) days after the end of each fiscal year, the
board shall make public, in accordance with KRS 424.180 and 424.190, a
statement of income and expenses of the appraisal management company
recovery fund, the details of which are in accordance with generally accepted
accounting principles.
Effective:June 25, 2013
History: Created 2013 Ky. Acts ch. 46, sec. 2, effective June 25, 2013.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.