61-2e-304 - Required disclosure. - Utah Statutes

61-2e-304. Required disclosure.
(1) Before an appraisal management company may receive money from a client for a realestate appraisal activity requested by the client, the appraisal management company shall discloseto the client the total compensation that the appraisal management company pays to the appraiserwho performs the real estate appraisal activity.
(2) The board may define by rule made in accordance with Title 63G, Chapter 3, UtahAdministrative Rulemaking Act:
(a) what constitutes the total compensation that an appraisal management company paysto an appraiser who performs a real estate appraisal activity, except that the rules shall providefor disclosing this amount:
(i) as a dollar amount; or
(ii) as a percentage of the total amount charged to a client by an appraisal managementcompany;
(b) the method an appraisal management company is required to use in calculating thefigures 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