District of Columbia Code Division VIII. General Laws. § 47-2853. Appraisal Education Fund.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) There is established as a special fund the Appraisal Education Fund (“Fund”), which shall be administered by the Mayor in accordance with subsection (b) of this section.

(a-1) The following revenue shall be deposited in the Fund:

(1) All funds obtained from the appraisal education fund fee established by the Mayor; and

(2) Civil penalties imposed by the Board or the Office of Administrative Hearings pursuant to this part.

(b)(1) The funds deposited in the Fund shall be used by the Board for the purpose of raising the standards of practice and the competency of licensees by:

(A) Promoting the advancement of education and research for the benefit of any licensee under this part;

(B) Underwriting educational seminars, workshops, and any other similar form of educational project for the benefit of any licensee under this part; and

(2) The funds deposited in the Fund shall also be used by the Board to defray the expenses to discharge the administrative and regulatory duties as prescribed by this part.

(c) The Board may establish minimum and maximum balances for the Fund, procedures for continuing and discontinuing assessing licensees, and rules for the implementation and operation of the Fund.

(d) If a licensee fails to pay the appraisal education fee within the time prescribed by rule, his or her license shall be automatically suspended. The Board shall send a notice of the suspension, by certified mail, to the address of record within 5 days after the suspension. The license shall be restored only upon the actual receipt by the Mayor of the delinquent fee.

(e)(1) The money deposited into the Fund but not expended in a fiscal year shall not revert to the unassigned fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time.

(2) Subject to authorization in an approved budget and financial plan, any funds appropriated in the Fund shall be continually available without regard to fiscal year limitation.

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Cite this article: FindLaw.com - District of Columbia Code Division VIII. General Laws. § 47-2853. Appraisal Education Fund. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-viii-general-laws/dc-code-sect-47-2853-154/

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