The secretary of the Department of Labor and Regulation may promulgate rules pursuant to chapter 1-26 to establish fees for registration of appraisal management companies as follows:

(1) Application fees not to exceed one thousand dollars;

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(2) Renewal fees not to exceed one thousand dollars; and

(3) An additional late renewal fee not to exceed six hundred dollars.

Source: SL 2011, ch 184, § 5.