Minnesota Statutes 82C.08 – Licensing Fees
Subdivision 1.Establishment and retention.
Except as provided in subdivision 2, paragraph (c), the fees shall be retained by the commissioner for the sole purpose of administering this licensing and regulation program.
Subd. 2.Amounts.
(a) Each application for initial licensure shall be accompanied by a fee of $5,000.
(b) Each application for renewal of the license must be received prior to its expiration with the renewal fee of $2,500.
Terms Used In Minnesota Statutes 82C.08
- Appraisal: A determination of property value.
- Appraisal Subcommittee: means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. See Minnesota Statutes 82C.02
- Commissioner: means the commissioner of commerce. See Minnesota Statutes 82C.02
- National Registry: means the registry of state-registered appraisal management companies and federally regulated appraisal management companies maintained by the Appraisal Subcommittee. See Minnesota Statutes 82C.02
(c) The commissioner must collect from appraisal management companies and federally regulated appraisal management companies operating in Minnesota any fees and information required by the Appraisal Subcommittee for the National Registry. The commissioner must transmit the fees and information collected under this paragraph to the Appraisal Subcommittee.
Subd. 3.Forfeiture.
All fees are nonrefundable except that an overpayment of a fee must be refunded upon proper application.