Appraisal Management Company Annual Report

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Florida Real Estate Appraisal Board

RULE NO.: RULE TITLE:

61J1-2.0025: Appraisal Management Company Annual Report

NOTICE OF CHANGE

Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 45 No. 102, May 24, 2019 issue of the Florida Administrative Register.

The Board received written comments from the Joint Administrative Procedures Committee and based upon those comments, the Board, at its meeting held on August 5, 2019, voted to change the rule. 

 

THE TEXT OF THE PROPOSED RULE WILL NOW READ:

61J1-2.0025 Appraisal Management Company Annual Report.

(1) The purpose of the Annual Report is to calculate and collect, if appropriate, the Appraisal Management Company National Registry fee. The fee calculation is found in Rule 61J1-2.001(8), F.A.C.  An annual report must be submitted even if no fee is due.

(2) In accordance with the provisions contained in 12 U.S.C. 3338, on an annual basis, each authorized representative or controlling person of an Appraisal Management Company (AMC) registered with the State shall submit an Annual Report to the Department on DBPR form FREAB 5 Appraisal Management Company - Annual Report (effective 8/2019), hereby adopted and incorporated by reference, which can be obtained from http://www.flrules.org/Gateway/reference.asp?No=Ref-                or http://www.myfloridalicense.com/dbpr/re/documents/FREAB5.pdf found in Rule 61-35.026, F.A.C.

(3) The Annual Report shall include:

(a) identifying information for the AMC;

(b) the number of appraisers who have performed an appraisal for the AMC in connection with a covered transaction in the State during the previous year, or from the commencement of business for AMCs not in existence for the entire previous year.

(4) The annual basis shall be the period from October 1 to September 30 of each calendar year.

(5) Beginning in November 2019, the Annual Report and AMC National Registry fee shall be due by November 30 of each calendar year.

(6) A registered Appraisal Management Company (AMC) who does not timely submit an Annual Report and/or the AMC National Registry Fees:

(a) Shall not appear on the AMC National Registry.

(b) Shall be subject to disciplinary action.

Rulemaking Authority 475.614, 475.621, 475.6235 FS. Law Implemented 475.621, FS. History‒New _____________.

 

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Allison McDonald, Executive Director, Florida Real Estate Appraisal Board, 400 West Robinson Street, #N801, Orlando, FL 32801.