An AMC's statement of recordkeeping required upon registration with the division and biennially thereafter shall be signed by its designated controlling person and shall describe:

1. (1) its system for maintaining a record of:

   1. (a)(i) the name of the appraiser who accepts each assignment and signs the corresponding appraisal report; and

      1. (ii) if an assignment is accepted by an appraisal entity, the name of the entity that accepts the assignment; and
   2. (b) the client that requested the appraisal report;
2. (2) the format in which the records required to be kept under Section 61-2e-303(1) are maintained;
3. (3) an explanation of the system through which the AMC backs up any records kept as required by Section 61-2e-303(1) that are maintained in an electronic format;
4. (4) the location where the records are kept; and
5. (5) the name of the records custodian.

KEY: administrative proceedings, appraisal management company (AMC), conduct, AMC registry fee

Date of Last Change: April 24, 2024

Notice of Continuation: December 24, 2024

Authorizing, and Implemented or Interpreted Law: 61-2e-102(4); 61-2e-103; 61-2e-307; 61-2e-305; 61-2e-402(1)