A. There is created in the state treasury the 'appraiser fund' to be administered by the board. All fees received by the board pursuant to the Real Estate Appraisers Act and the Appraisal Management Company Registration Act [Chapter 47, Article 14 NMSA 1978] shall be deposited with the state treasurer to the credit of the appraiser fund. Income earned on investment of the fund shall be credited to the fund. B. Money in the appraiser fund shall be used by the board to meet necessary expenses incurred in the enforcement of the provisions of the Real Estate Appraisers Act and the Appraisal Management Company Registration Act, in carrying out the duties imposed by the Real Estate Appraisers Act and the Appraisal Management Company Registration Act and for the promotion of education and standards for real estate appraisers in this state. Payments out of the appraiser fund shall be on vouchers issued and signed by the person designated by the board upon warrants drawn by the department of finance and administration. C. All unexpended or unencumbered balances remaining at the end of each fiscal year shall remain in the appraiser fund for use in accordance with the provisions of the Real inance and administration. C. All unexpended or unencumbered balances remaining at the end of each fiscal year shall remain in the appraiser fund for use in accordance with the provisions of the Real Estate Appraisers Act and the Appraisal Management Company Registration Act. Money in the fund shall be used by the board to support efforts to comply with the rules of the appraisal subcommittee, including the complaint process, complaint investigations and appraiser enforcement activities. History: Laws 1990, ch. 75, § 18; 1993, ch. 269, § 16; 2009, ch. 214, § 24; 2014, ch. 33, § 15. ANNOTATIONSDelayed repeals. — For delayed repeal of this section, see 61-30-24 NMSA 1978. The 2014 amendment, effective May 21, 2014, provided for the use of the money in the appraiser fund; and in Subsection C, added the second sentence. The 2009 amendment, effective June 19, 2009, added 'and the Appraisal Management Company Registration Act'. The 1993 amendment, effective June 18, 1993, substituted 'board' for 'commission' throughout the section.
New Mexico Legal Code