The secretary of the Department of Labor and Regulation may promulgate rules pursuant to chapter 1-26 relating to appraisal management companies and appraisal management services in the following areas:

(1) Registration of appraisal management companies;

(2) Definition of terms;

(3) Responsibilities and duties;

(4) Application for and issuance of certificate of registration;

(5) Renewal and late renewal procedures;

(6) Contracting for investigations;

(7) Complaints and grounds for disciplinary actions, including denial, revocation, suspension, censure, and reprimand;

(8) Retention and inspection of records;

(9) Roster;

(10) Review of appraisal related records;

(11) Inspection, examination, and photocopy of records;

(12) National registry fee collection and remittance; and

(13) Filing of surety bonds or irrevocable letters of credit.

Source: SL 2011, ch 184, § 4; SL 2014, ch 184, § 4; SL 2021, ch 168, § 36.