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 2024-06, March 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.
Disclaimer: These regulations may not be the most recent version. Utah 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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
