Section 101-05-01-16 - Retention of recordsAn appraisal management company registered under the provisions of this article shall retain the following records:
1. A detailed record of each service request it receives for appraisals of real property located in North Dakota, which must include:a. Letter of engagement with the utilized appraiser.b. Appraisal report received from the utilized appraiser, including the original report, any revised reports, and any addenda or other material furnished subsequent to the delivery of the original report.c. Any and all material assignment-related correspondence sent to and received from the utilized appraiser.d. Letter of engagement with the utilized reviewing appraiser for the purpose of reviewing the requested appraisal, if applicable.e. Records related to the review of the requested appraisal, if applicable, including the original review report, any and all correspondence sent to and received from the utilized reviewing appraiser, and each subsequent revised review report.f. Requests received from the client, all documentation supplied to that client, and any and all material correspondence sent to and received from the client.g. Fees paid to utilized appraisers and the fees received from the client.2. Records must be retained for the period required by North Dakota Century Code section 43-23.5-15. Records may be retained as a photocopy or electronic copy type of media.N.D. Admin Code 101-05-01-16
Adopted by Administrative Rules Supplement 367, January 2018, effective 1/1/2018.General Authority: NDCC 43-23.5-02
Law Implemented: NDCC 43-23.5-15