85-2-426. Fee. (1) The department shall by rule prescribe a fee that may not be higher than necessary to cover the cost to the department of updating its water right ownership records. A fee must be paid:

(a) at closing when the realty transfer certificate discloses the transfer of a water right; or

(b) at the time of filing of the water right ownership update form or the form describing the severance or exempting of the water right.

(2) The fee must be deposited in the water right appropriation account provided for in 85-2-318.