(a) A person applying for registration as an appraisal management company shall certify to the Commission on an annual basis that it will maintain a detailed record of:
(1) each service request that it receives; and
(2) each appraiser that performs the appraisal for the appraisal management company.
(b) An appraisal management company shall retain the records required under subsection (a) of this section for 5 years after an appraisal is completed, or 2 years after final disposition of a judicial proceeding related to the assignment, whichever period expires later.
Structure Maryland Statutes
Business Occupations and Professions
Title 16 - Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors
Subtitle 5B - Real Estate Appraisal Management Companies
Section 16-5B-01 - Definitions
Section 16-5B-02 - Scope of Subtitle
Section 16-5B-03 - Registration Required
Section 16-5B-04 - Application and Registration
Section 16-5B-05 - Ownership Requirements
Section 16-5B-06 - Person Designated as Controlling Person
Section 16-5B-07 - Prohibited Relationships
Section 16-5B-08 - Competency Requirements
Section 16-5B-10 - Prohibited Acts
Section 16-5B-11 - Compliance With Appraisal Independence and Impartiality Standards
Section 16-5B-12 - Duty to Report Compliance Failures and Violations
Section 16-5B-13 - Standards of Unprofessional Conduct
Section 16-5B-14 - Schedule of Payments to Appraisers on Completion of Work
Section 16-5B-15 - Alterations of Completed Reports; Digital Signature or Seal
Section 16-5B-16 - Issuance and Use of Registration Number; Annual List of Companies
Section 16-5B-17 - Disciplinary Procedures
Section 16-5B-18 - Regulations
Section 16-5B-19 - Appraisal Management Company Annual Federal Registry Fee Fund