[§466L-27]  Fees; bond required.  [See Note at chapter heading.]  (a)  The director may charge the appraisal management company reasonable fees to offset costs of operating the appraisal management company registration program established pursuant to this chapter.  The following fees shall apply:

     (1)  Nonrefundable application fee...$60;

     (2)  Biennial registration fee...$4,200; and

     (3)  Biennial compliance resolution fund fee...$500.

In addition, upon the issuance of a new registration and at each renewal period, each appraisal management company shall pay a special assessment fee of $300 that shall be deposited into the compliance resolution fund established pursuant to section 26-9(o).  Fees assessed pursuant to this chapter shall be used to defray costs incurred by the department in implementing this chapter.

     (b)  Pursuant to section 26-9(l), the director shall establish other fees relating to the administration of this chapter by rule.

     (c)  Each appraisal management company applying for or renewing a registration shall post with the director and maintain a surety bond in the amount of $25,000 as follows:

     (1)  The bond shall be in a form satisfactory to the director;

     (2)  The bond will accrue to the program for the benefit of a claimant against the registrant to secure the faithful performance of the registrant's obligations under applicable laws and rules and to a real estate appraiser who has performed an appraisal for the registrant for which the appraiser has not been paid;

     (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 director may bring suit on behalf of the party having a claim against the registrant, either in one action or in successive actions;

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

     (6)  The bond shall remain in effect until cancellation, which may occur only after ninety days' written notice to the program.  Cancellation shall not affect any liability incurred or accrued during that period; and

     (7)  Upon termination or cancellation of the bond required in this subsection, a registered appraisal management company shall file a replacement bond or shall surrender its registration to do business in the State and shall immediately cease operation as an appraisal management company in the State.  A registered appraisal management company that voluntarily ceases operations in this State shall ensure a surety bond remains in place for no less than two years after the registered appraisal management company ceases operations. [L 2017, c 118, pt of §2]