SECTION 159.156. Business Records

(a) For the purposes of the requirement in §1104.156(c) of the AMC Act regarding retention of written records of substantive communications between an AMC and an appraiser, a communication is substantive if it relates to the appraiser's qualifications or to the scope of work of an assignment.

(b) An AMC may not require an appraiser to keep confidential the existence of the appraiser's business relationship with an AMC or the fact that the appraiser has received any specific assignment from the AMC to perform an appraisal.

(c) A business entity required to register as an AMC must maintain documentation showing that it has complied with the requirements contained in its governing documents for changing officers or managers. The business entity must promptly provide to the Board upon request all business formation, ownership and representative authorization records and changes thereto required to be kept by the business entity by law.

(d) Written records include electronic records.

Source Note: The provisions of this §159.156 adopted to be effective November 3, 2011, 36 TexReg 7320; amended to be effective September 12, 2012, 37 TexReg 7175; amended to be effective December 14, 2014, 39 TexReg 9668; amended to be effective December 10, 2017, 42 TexReg 6927