Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2e - Appraisal Management Company Administrative Rules
Section R162-2e-201a - Claims Against an AMC Bond
Universal Citation: UT Admin Code R 162-2e-201a
Current through Bulletin 2024-18, September 15, 2024
(1) To bring a claim against a bond that is held by an AMC pursuant to Section 61-2e-204(2)(c) and Subsection R162-2e-201(1)(c), an appraiser shall:
(a) demonstrate that a
court of competent jurisdiction has awarded the appraiser a final judgment
against the AMC for the fee(s) claimed;
(b) demonstrate that the appraiser earned the
fee(s) claimed and that the AMC has had a reasonable period of time in which to
tender payment; and
(c) submit a
complaint to the division alleging nonpayment of fee(s):
(i) after a reasonable period of time for
payment has passed; and
(ii) no
later than 30 days after obtaining a judgment as required under this Subsection
(1)(a).
(2) In evaluating whether an AMC has had a reasonable period of time in which to tender payment, the division shall consider the following:
(a) if a payment deadline is specified in the
contract that applies to the assignment for which the appraiser claims an
unpaid fee, whether the payment deadline has passed; or
(b) if the applicable contract is silent as
to a period for payment, whether at least 90 days have passed since the date on
which the appraiser submitted a report that complied with the assignment,
including all scope of work requirements, as determined by the division in its
sole discretion.
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