§ 5-20.9-6. Retention of records.
(a) Each appraisal management company shall maintain for five (5) years all business records, either in electronic or paper format, relating to each request for an appraisal service that the appraisal management company has received and to the appraiser who performs the appraisal service for the appraisal management company.
(b) The department may inspect these records periodically without prior notice and may also inspect these records whenever the department determines that they are pertinent to an investigation of any specific complaint against an appraisal management company.
(c) Each appraisal management company must notify the department in writing of any change of business name or address within ten (10) calendar days.
History of Section.P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.
Structure Rhode Island General Laws
Title 5 - Businesses and Professions
Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act
Section 5-20.9-1. - Legislative purpose.
Section 5-20.9-2. - Definitions.
Section 5-20.9-3. - Registration required for appraisal management companies.
Section 5-20.9-4. - Requirements for registration.
Section 5-20.9-5. - Consent to service of process.
Section 5-20.9-6. - Retention of records.
Section 5-20.9-7. - Initial registration, renewals, forms, and fees.
Section 5-20.9-8. - Expiration of registration.
Section 5-20.9-10. - Owner requirements.
Section 5-20.9-11. - Controlling person and review appraiser employees.
Section 5-20.9-12. - Verification of appraiser licensure or certification.
Section 5-20.9-13. - Appraiser independence.
Section 5-20.9-14. - Prohibited practices.
Section 5-20.9-16. - Investigations.
Section 5-20.9-17. - Order to cease and desist.
Section 5-20.9-18. - Hearing before revocation or suspension or refusal of registration.