- (a) An audit of an AMC registered to provide appraisal management services in Arkansas may be conducted by the State Board of Appraisers, Abstracters, and Home Inspectors.
- (b) In the case of a subsidiary or affiliate of a financial institution engaging in business as an AMC without obtaining a registration to provide appraisal management services in Arkansas, the board may conduct an audit of the appraisal management company in a joint or alternating manner with the appropriate federal banking agency or the Consumer Financial Protection Bureau as permitted or required by applicable law.
- (c) The board may audit an AMC at any time or times and may require the production of such records at the office of the board as often as necessary.
- (d) An AMC that refuses to submit to an audit shall be considered to have failed the audit and may be subject to disciplinary action.