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