§ 61-2e-304. Required disclosure.

(1) Before an appraisal management company may receive money from a client for a real estate appraisal activity requested by the client, the appraisal management company shall disclose to the client the total compensation that the appraisal management company pays to the appraiser who performs the real estate appraisal activity.

(2) The board may define by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act:

(a) what constitutes the total compensation that an appraisal management company pays to an appraiser who performs a real estate appraisal activity, except that the rules shall provide for disclosing this amount:

(i) as a dollar amount; or

(ii) as a percentage of the total amount charged to a client by an appraisal management company;

(b) the method an appraisal management company is required to use in calculating the figures described in Subsection (2)(a); and

(c) the form and content of the disclosure required by Subsection (1).

Enacted by Chapter 269, 2009 General Session