{"data":{"id":"us-ky/krs-324a.163","jurisdiction":"us-ky","citation":"KRS 324A.163","heading":"Administration of appraisal management company recovery fund --","body":"Restitution to real property appraisers -- Administrative regulations -- Annual\npublic statement of income and expenses.\n(1) The board shall administer the appraisal management company recovery fund solely\nto provide restitution to each Kentucky licensed or certified real property appraiser\nwho has suffered pecuniary loss:\n(a) As a result of an appraisal management company ceasing to be registered with\nthe board, either voluntarily or involuntarily;\n(b) If an appraiser has received a final judgment from a court of competent\njurisdiction within the Commonwealth; and\n(c) If no viable alternative for full restitution is available, as determined by the\nboard.\n(2) Each fund distribution for r estitution shall be made payable to the appropriate\nappraiser as determined by the board. The amount to be paid to the appraiser shall\nequal the actual amount of appraisal fees that are proven to be owed to the appraiser\nby the relevant appraisal management company and any reasonable and appropriate\ncourt costs associated with determining the final judgment in favor of the appraiser.\nIf the amount of restitution to be paid to any one (1) or more appraisers at any one\n(1) time exceeds the balance in the fund, the board shall:\n(a) Distribute as much of the restitution amount as possible, which shall be\ndeemed to satisfy in full any claim the relevant appraisers have on payments\nfrom the recovery fund; and\n(b) In the case of distributions to more than one (1) a ppraiser, provide for a pro\nrata distribution of the available fund balance, which shall be deemed to\nsatisfy in full any claim the relevant appraisers have on payments from the\nrecovery fund.\n(3) Whenever restitution is paid by the fund, the fund shall be subrogated to the amount\nof the restitution.\n(4) The board shall promulgate administrative regulations in accordance with KRS\nChapter 13A to:\n(a) Ensure that the balance of the fund established in KRS 324A.155 shall not fall\nbelow three hundred thousand dollars ($300,000); and\n(b) Impose the fees assessed upon appraisal management companies under KRS\n324A.155 whenever the balance of the fund is less than three hundred\nthousand dollars ($300,000). The board shall cease imposing the fees when\nthe balance of the fund is three hundred thousand dollars ($300,000).\n(5) Within one hundred twenty (120) days after the end of each fiscal year, the board\nshall make public, in accordance with KRS 424.180 and 424.190, a statement of\nincome and expenses of the appraisal management company recovery fund, the\ndetails of which are in accordance with generally accepted accounting principles.","path":["KRS Chapter 324A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=42089","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:20Z","sha256":"547bd47dd746949a2bbfccb24ae4bae20ee7f6aaf102d810ea241299866c42ec","source_id":"us-ky","stale":false,"prev":"us-ky/krs-324a.162","next":"us-ky/krs-324a.164"},"notice":"GroundRules: Original legal text. Not legal advice."}