An appraisal management company shall: (1) maintain a detailed record of each service request that it receives for at least the latter of: (a) five years after the date of service request; or (b) two years after final disposition of a judicial proceeding in which the appraisal management company provided testimony related to an assignment; and (2) have 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 latter of: (a) five years after preparation; or (b) two years after the final disposition of a judicial proceeding in which the appraiser or the appraisal management company provided testimony related to the assignment. 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." Effect of Amendment 2024 Act No. 196, SECTION 23, in the first undesignated paragraph, substituted "shall" for "seeking to be registered shall certify to the board, at each renewal, that it"; in (1), substituted "maintain" for "maintains", substituted "receives for at least the latter of:" for "receives;", and inserted (a) and (b); and made nonsubstantive changes in (2).
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