Okla. Admin. Code § 600:30-1-10

Current through Vol. 42, No. 3, October 15, 2024

Section 600:30-1-10 - Recordkeeping

(a) Each registrant shall maintain records as follows:

(1) a detailed record of each service request that it receives for appraisal of real property located in Oklahoma, which shall include, but is not limited to, the following:

(A) a copy of the letter of engagement between the registrant and the appraiser,

(B) a copy of each appraisal report received from an appraiser, including the original report, any revised reports, and any addenda or other materials furnished subsequent to the delivery of the original report,

(C) copies of all correspondence between the appraiser and the registrant and any other entity involved in the transaction,

(D) a copy of the letter of engagement engaging another appraiser for the purpose of reviewing the appraisal,

(E) a copy of any review of the appraisal performed, including the original review report, subsequent correspondence between the reviewer and registrant, and each subsequent revised review report.

(F) a copy of the request received from the registrant's client, all documentation supplied to that client, all correspondence between client and registrant, and

(G) a record of fees disbursed to contracted appraisers and the fee received by the registrant from the registrant's client.

(2) copies of all appraiser fee schedules maintained and used by the registrant for the purpose of compliance with the provisions of TILA relating to reasonable and customary fees, which shall include evidence for such fees required by TILA. Such fee schedules shall include the beginning and ending effective dates for the document.

(3) copies of rosters of appraiser fee panels used for assignments in Oklahoma including the name of the appraiser, each appraiser's Oklahoma credential number, the date the appraiser was placed on the panel and the date and reason an appraiser was removed from the panel.

(b) Registrants shall maintain the records set forth above for a period of five (5) years. This five (5) year period shall commence on the date of final action for each individual transaction, or if the registrant is notified that the transaction in involved in litigation or is the subject of administrative action by the Board, or on the date of final disposition of such action.

(c) Registrants shall produce for inspection and copying by the Board, any record herein required to be maintained on receipt of reasonable notice by registrant. Reasonable notice shall be taken to mean not later than seven (7) calendar days following receipt of any such request by a Designated Officer.

Okla. Admin. Code § 600:30-1-10

Added at 28 Ok Reg 308, eff 1-1-11 (emergency); Added at 28 Ok Reg 921, eff 7-14-11