1.  Each motor vehicle physical damage appraiser shall keep at the business address shown on his or her license a record of all transactions under the license.

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2.  The record shall include:

(a) A copy of all appraisals undertaken.

(b) A statement of any fee, commission or other compensation received or to be received by the appraiser on account of such appraisal.

3.  The appraiser shall make such records available for examination by the Commissioner at all times, and shall retain the records for at least 3 years.