Section 175. A. The board shall have the following powers and duties:

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(1) to define by regulation and with respect to each category of certified or licensed real estate appraiser the type of educational experience, appraisal experience and equivalent experience necessary to carry out the responsibility of such position, consistent with and equivalent to Title XI and guidelines issued thereunder by the Federal Financial Institutions Examination Council or its Federal Appraisal Subcommittee;

(2) to establish the examination specifications for each category of certified and licensed real estate appraiser, to provide or procure appropriate examination questions and answers, and to establish procedures for grading examinations, consistent with and equivalent to Title XI and any guidelines issued thereunder by the Federal Financial Institutions Examination Council or its Federal Appraisal Subcommittee;

(3) to receive applications for certification and licensing;

(4) to approve or disapprove applications for certification and licensing and to issue certificates and licenses;

(5) to establish the administrative procedures for processing applications for certification and licensing;

(6) to maintain a registry of the names and addresses of people registered as state-certified general real estate appraisers, state-certified residential real estate appraisers, state-licensed real estate appraisers and real estate trainees and to transmit a roster of the state-certified and state-licensed appraisers and the registry fees on an annual basis, or more frequently as required to the Federal Appraisal Subcommittee as required by Title XI;

(7) to retain records and all application materials submitted to it in accordance with the public records law;

(8) to define by regulation and with respect to each category of state-certified and state-licensed real estate appraiser, the continuing education requirements for the renewal of certification and licensure, consistent with Title XI and any guidelines issued thereunder by the Federal Financial Institutions Examination Council or its Federal Appraisal Subcommittee;

(9) to review from time to time the standards for the development and communication of real estate appraisals provided herein and to adopt regulations explaining and interpreting the standards;

(10) to establish administrative procedures for disciplinary proceedings;

(11) to fine, censure, suspend or revoke certificates and licenses pursuant to the disciplinary proceedings provided for herein;

(12) to perform such other functions and duties as may be necessary to carry out the provisions of this chapter.

B. The board shall adopt a code of professional responsibility consistent with the requirements of Title XI and guidelines issued thereunder by the Federal Financial Institutions Examination Council or its Federal Appraisal Subcommittee.

C. The director of consumer affairs and business regulation shall have the authority to review the rules and regulations proposed by the board to verify that such rules and regulations are consistent with Title XI and other provisions of state law. Such rules and regulations shall be deemed approved unless disapproved within fifteen days of submission to the director; provided, however, that any such disapproval shall be in writing setting forth the specific provisions of law leading to such disapproval.