1. (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. (1) each service request that it receives; and
   2. (2) each appraiser that performs the appraisal for the appraisal management company.
2. (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.

Added by Acts 2011, c. 269, § 1, eff. July 1, 2011; Acts 2011, c. 270, § 1, eff. July 1, 2011.