Section 457.26 - Fees and renewals(a) Filing fees.--The fee to file an application for registration or renewal of a registration under this act shall be $1,000 or such other amounts as are set by the rules and regulations of the board.(b) Bond or letter of credit.--(1) In addition to the filing fee, each applicant for registration shall either comply with: (i) paragraph (2) regarding the posting of a bond; or(ii) paragraph (3) regarding the posting of a letter of credit.(2) The requirements for posting a bond shall be: (i) The bond shall be in the amount of $20,000 or any other amount as set by the rules and regulations of the board.(ii) The bond shall be in the form prescribed by the rules and regulations of the board.(iii) The bond shall accrue to the Commonwealth for the benefit of: (A) a claimant against the registrant to secure the faithful performance of the registrant's obligations under this act; or(B) an appraiser who has performed an appraisal for the registrant for which the appraiser has not been paid.(iv) The aggregate liability of the surety shall not exceed the principal sum of the bond.(v) A party having a claim against the registrant may bring suit directly on the surety bond or the board may bring suit on behalf of the party having a claim against the registrant.(vi) The amount of the bond shall be restored to the full amount required within 15 days after the payment of any claim on the bond.(3) The requirements for posting a letter of credit shall be: (i) The letter of credit shall be in the amount of $20,000 or any other amount as set by the rules and regulations of the board.(ii) The letter of credit shall be irrevocable and in a form approved by the board. The letter of credit shall be payable to the Bureau of Professional and Occupational Affairs in the Department of State.(iii) The letter of credit shall be for the use and the benefit of: (A) a person suffering damages for failure of the registrant to perform its obligations under this act; or(B) An appraiser who has performed an appraisal for the registrant for which the appraiser has not been paid.(iv) A person described under subparagraph (iii) may file with the bureau a complaint against the registrant and request a draw upon the registrant's letter of credit. Upon receipt of a complaint, the bureau shall notify the registrant and investigate the complaint. Upon determination by the bureau that the registrant is liable to the complainant, the bureau may, after providing notice to the registrant, draw upon the irrevocable letter of credit to satisfy the complaint.(v) Upon a draw against a letter of credit, the registrant must provide a new letter of credit in the amount required under subparagraph (i).(c) Renewal.--(1) Registrations under this act shall be renewed on a biennial basis for persons in good standing.(2) Failure to timely renew a registration shall result in a loss of authority to operate under this act.(3) A request to reinstate a registration shall be accompanied by payment of a penalty of $50 for each month of delinquency.(4) The contents of an application for renewal shall be prescribed by the rules and regulations of the board.Added by P.L. 30 2012 No. 4, § 6, eff. 7/31/2012.