Rhode Island General Laws 5-20.9-6. Retention of records
(a) Each appraisal management company shall maintain for five (5) years all business records, either in electronic or paper format, relating to each request for an appraisal service that the appraisal management company has received and to the appraiser who performs the appraisal service for the appraisal management company.
Terms Used In Rhode Island General Laws 5-20.9-6
- Appraisal: A determination of property value.
- Appraisal: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate. See Rhode Island General Laws 5-20.9-2
- Appraisal management company: means :
(i) In connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling, or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than fifteen (15) certified or licensed appraisers in Rhode Island or twenty-five (25) or more nationally, excluding those appraisers who do not provide appraisal services for covered transactions, within a given year to:
(A) Recruit, select, and retain appraisers;
(B) Contract with licensed and certified appraisers to perform appraisal assignments;
(C) Manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed; or
(D) Review and verify the work of appraisers. See Rhode Island General Laws 5-20.9-2
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Department: means the department of business regulation. See Rhode Island General Laws 5-20.9-2
- in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
(b) The department may inspect these records periodically without prior notice and may also inspect these records whenever the department determines that they are pertinent to an investigation of any specific complaint against an appraisal management company.
(c) Each appraisal management company must notify the department in writing of any change of business name or address within ten (10) calendar days.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.