543E.13 Recordkeeping — payment. 1. An appraisal management company shall maintain a detailed record of each service request the appraisal management company receives involving real estate located in thisstate and the identity of the appraiser who performs the appraisal assignment. All suchrecords shall be maintained for at least five years after the request is sent by the appraisalmanagement company to the appraiser or the completion of the appraisal report, whicheverperiod expires later. An appraisal management company shall maintain such additionalrecords regarding appraisal management services performed in this state as the directormay specify by rule. 2. An appraisal management company shall, except in the case of breach of contract or substandard performance of an appraisal service, make payment to an appraiser forthe completion of an appraisal service within forty-five days of the date on which theappraiser transmits or otherwise provides the results of the completed appraisal service tothe appraisal management company. An appraisal management company shall maintaindetailed records to verify that all payments to appraisers have been made in compliancewith this section. sal service tothe appraisal management company. An appraisal management company shall maintaindetailed records to verify that all payments to appraisers have been made in compliancewith this section. All such records shall be maintained for at least five years after payment ismade or the completion of the appraisal service, whichever is later. 2016 Acts, ch 1124, §13, 32; 2023 Acts, ch 19, §1687Subsection 1 amended Sat Dec 23 01:46:26 2023 Iowa Code 2024, Section 543E.13 (9, 1)
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