La. Admin. Code tit. 46 § LXVII-30501

Current through Register Vol. 50, No. 12, December 20, 2024

Section LXVII-30501 - Record Keeping

A. Licensees shall maintain the following records in a complete and accurate manner:

1. all requests for appraisal services that have been referred to state certified real estate appraisers by the appraisal management company;

2. the amount of fees collected from borrowers or clients by the appraisal management company;

3. all payments made by the appraisal management company to any state licensed real estate appraiser;

4. any and all related documents, correspondence, accounts, reports, papers, books, or records.

B. In addition to the records that shall be maintained in Subsection A of this Section, licensees shall maintain a complete list of all real estate fee appraisers approved by the licensee to receive appraisal assignments. The list shall include, but is not limited to, the following information on each fee appraiser:

1. name, license status, and qualifications;

2. errors and omission insurance status, including the carrier, the policy number, the dollar limits of the coverage and the dates covered in the policy, if such insurance is required by the licensee;

3. experience and professional record;

4. the areas in which each fee appraiser considers him/herself geographically competent broken down by parish and/or zip code;

5. the type of property for each appraisal performed;

6. the scope of work for each appraisal performed;

7. the turn time in which the appraisal services are required to be performed;

8. fee appraiser work quality;

9. the number and type of assignments completed per year; and

10. the fee or remuneration or monetary compensation for each report or assignment.

C. All records shall be kept properly indexed and readily available to the board for review upon request. Duly authorized representatives of the board shall be authorized to inspect such records at the offices of licensees between the hours of 9 a.m. and 4 p.m., Saturdays, Sundays, and legal holidays excluded, upon 10 calendar days written notice to the licensee, and to subpoena any of the said records.

D. All records specified in this Chapter shall be retained for a period of five years; however, records that are used in a judicial proceeding, in which the appraiser provided testimony related to the appraisal assignment, shall be retained for at least two years after disposition, whichever period expires last.

E. At any time that a document or information on file with the board becomes inaccurate or incomplete, the appraisal management company shall notify the board in writing within 10 business days.

La. Admin. Code tit. 46, § LXVII-30501

Promulgated by the Office of the Governor, Real Estate Appraisers Board, LR 37:2407 (August 2011), amended LR 39:3072 (November 2013).

AUTHORITY NOTE: Promulgated in accordance with R.S. 37:3415.1 et seq.