Vermont § 3321 - Renewals

§ 3321. Renewals

• (a) Except for a license issued to an appraisal management company, a licensed issued
  under this chapter shall be renewed biennially upon payment of the required fee and
  upon satisfactory completion of the minimum continuing education requirements established
  by AQB during the immediately preceding two-year period. An appraisal management company
  shall renew its license annually in compliance with State and federal regulations. (b) If an individual or an appraisal management company fails to renew in a timely manner,
  he, she, or it may renew the license within 30 days of the renewal date by satisfying
  all requirements set forth in law, including, as applicable, those requirements of
  AQB for reactivation and payment of an additional late renewal penalty. (c) The Director may reactivate the license of an individual or an appraisal management
  company whose license has lapsed for more than 30 days upon payment of the renewal
  fee, the reactivation fee, and the late renewal penalty, provided the individual or
  appraisal management company has satisfied all the requirements set forth in law,
  including, as applicable, those requirements of AQB for reactivation. (d) The Director may require, by rule, as a condition of reactivation, that an applicant,
  other than an appraisal management company, undergo review of one or more aspects
  of the applicant’s professional work in the practice of real estate appraising, provided
  that the manner and performance results of the review be specified by the Director.
  Such a review requirement shall: (1) be adopted reasonably in advance of the time when it is first required to be met;
  and (2) provide for compliance if the applicant shows that within the two years preceding
  renewal, the applicant underwent a satisfactory quality review for other purposes
  and that review was substantially equivalent to a review required under this section. (e) [Repealed.] (Added 1989, No. 264 (Adj. Sess.), § 1; amended 1993, No. 217 (Adj. Sess.), §§ 11, 12; 2009, No. 103 (Adj. Sess.), § 46, eff. May 12, 2010; 2011, No. 66, § 11, eff. June 1, 2011; 2013, No. 27, § 44; 2019, No. 30, § 21; 2019, No. 178 (Adj. Sess.), § 18, eff. Oct. 1, 2020.)