A. Each AMC seeking to be registered or to renew an existing registration in this state shall certify to the Oklahoma Real Estate Appraiser Board on a form prescribed by the Board on an annual basis that it maintains a detailed record of each service request that it receives for appraisal of real property located in Oklahoma.
B. An AMC registered under the provisions of the Oklahoma Appraisal Management Company Regulation Act shall retain for five (5) years all records required to be maintained under the Oklahoma Appraisal Management Company Regulation Act as described in the rules promulgated by the Board in accordance with the Oklahoma Appraisal Management Company Regulation Act. This five-year period shall commence on the date of the final action by the AMC for each individual transaction or, if the AMC is notified that the transaction is involved in litigation, the five-year period shall commence on the date that the litigation is finally disposed.
C. All records required to be maintained by the registered AMC pursuant to the provisions of the Oklahoma Appraisal Management Company Regulation Act and the rules promulgated thereunder shall be made available by the registration holder for inspection and copying by the Board or its designee on reasonable notice to the AMC.
Added by Laws 2010, c. 364, § 17, eff. Jan. 1, 2011.
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