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Section 40-60-420. Record-keeping requirements for registration renewal.

SC Code § 40-60-420 (2019) (N/A)
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An appraisal management company seeking to be registered shall certify to the board, at each renewal, that it:

(1) maintains a detailed record of each service request that it receives;

(2) has 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 later of:

(a) five years after preparation; or

(b) two years after final disposition of a judicial proceeding in which the appraiser or the appraisal management company provided testimony related to the assignment.

HISTORY: 2017 Act No. 32 (S.279), Section 1, eff May 10, 2017.

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."

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