An appraisal management company seeking to be registered shall certify to the board, at each renewal, that it:
(1) maintains a detailed record of each service request that it receives;
(2) has a policy that requires a certified or licensed appraiser who is an independent contractor and who performs a real estate appraisal service for the appraisal management company to maintain those records, including, but not limited to, the work file, for at least the later of:
(a) five years after preparation; or
(b) two years after final disposition of a judicial proceeding in which the appraiser or the appraisal management company provided testimony related to the assignment.
HISTORY: 2017 Act No. 32 (S.279), Section 1, eff May 10, 2017.
Editor's Note
2017 Act No. 32, Section 5, provides as follows:
"SECTION 5. This act takes effect upon approval by the Governor. In the event that a registration process is unavailable upon the effective date of this act, an appraisal management company already conducting business in this State may continue to conduct business until one hundred twenty days after a registration process becomes available."
Structure South Carolina Code of Laws
Title 40 - Professions and Occupations
Chapter 60 - South Carolina Real Estate Appraiser License And Certification Act
Section 40-60-5. Citation and application of chapter; conflict with Article 1, Chapter 1, Title 40.
Section 40-60-10. South Carolina Real Estate Appraisers Board.
Section 40-60-20. Definitions.
Section 40-60-30. License requirement; exceptions.
Section 40-60-31. Qualifications.
Section 40-60-32. Application forms.
Section 40-60-33. Educational and applicable experience requirements.
Section 40-60-35. Continuing education requirements; exceptions.
Section 40-60-36. Approval of courses, educational providers and instructors; instructor workshops.
Section 40-60-70. Code of ethics.
Section 40-60-80. Investigation of complaints and violations; stays; appeal.
Section 40-60-90. Power to administer oaths.
Section 40-60-100. Restraining orders and cease and desist orders.
Section 40-60-110. Grounds for denying license or taking disciplinary action.
Section 40-60-115. Board jurisdiction.
Section 40-60-130. Grounds for denial of license or discipline.
Section 40-60-140. License denial based on prior criminal record.
Section 40-60-150. Voluntary surrender of license.
Section 40-60-170. Investigation and prosecution costs.
Section 40-60-180. Collection of costs and fines.
Section 40-60-190. Confidentiality of investigations and proceedings; privileged communications.
Section 40-60-200. Advertising or engaging in business of appraising without license; penalties.
Section 40-60-210. Injunctive relief; fine.
Section 40-60-220. Continuation of existing licenses.
Section 40-60-230. Severability.
Section 40-60-310. Short title.
Section 40-60-320. Definitions.
Section 40-60-330. Registration; requirements.
Section 40-60-340. Exclusions from registration requirements.
Section 40-60-350. Renewal of registrations.
Section 40-60-380. Designation of a controlling person; notification of changes.
Section 40-60-400. Certification or licensure required for employees and independent contractors.
Section 40-60-410. Good standing with board required for certified or licensed appraisers.
Section 40-60-420. Record-keeping requirements for registration renewal.
Section 40-60-430. Criminal background checks for appraisers.
Section 40-60-450. Payment for completions of an appraisal or valuation assignment.
Section 40-60-460. Appraiser's consent required to modify report; use of appraisal reports.
Section 40-60-470. Disciplinary action for violations of this article.
Section 40-60-480. Investigations and disciplinary proceedings; notice requirements.
Section 40-60-490. Board authorized to issue restraining orders.
Section 40-60-500. Jurisdiction.
Section 40-60-510. Grounds for denial of registration.
Section 40-60-520. Denial of registration; prior criminal conviction.
Section 40-60-530. Voluntary surrender of registration; public disclosure.
Section 40-60-540. Review of board decision by the Administrative Law Court.
Section 40-60-550. Confidentiality of investigations and proceedings; communications privileged.