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§ 16-401. Record retention requirements

West's Annotated Code of MarylandBusiness Occupations and Professions

West's Annotated Code of Maryland
Business Occupations and Professions
Title 16. Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors (Refs & Annos)
Subtitle 4. Miscellaneous Provisions for Real Estate Appraisers (Refs & Annos)
MD Code, Business Occupations & Professions, § 16-401
§ 16-401. Record retention requirements
Contracts, appraisal reports, and supporting data
(a) Subject to the provisions of subsection (b) of this section, a licensed real estate appraiser shall keep, for 5 years from the date of delivery to the client, the original or a copy of:
(1) each contract the licensee enters into for the provision of real estate appraisal services;
(2) each appraisal report the licensee prepares or signs; and
(3) all supporting data that the licensee assembles or formulates to prepare an appraisal report.
Appraisals or appraisal reports involved in litigation
(b) If, within the 5-year period for the retention of records, a licensed real estate appraiser is given notice that an appraisal or appraisal report is involved in litigation, a new 5-year period shall start on the date of the final disposition of the litigation.
Request to inspect or copy records
(c) On request, a licensed real estate appraiser shall make any record required to be kept under this section available to the Commission to inspect or copy.

Credits

Added by Acts 1990, c. 594. Renumbered from Business Occupations and Professions § 15.5-401 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994. Amended by Acts 2001, c. 470, § 1, eff. Oct. 1, 2001.
MD Code, Business Occupations & Professions, § 16-401, MD BUS OCCUP & PROF § 16-401
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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