(a) A licensee or registrant shall retain all records related to an appraisal, review, or consulting assignment for not fewer than five years after preparation.

(b) A licensee or registrant shall retain records under this section that relate to a matter in litigation for two years after the litigation concludes or in conformance with the "Uniform Standards of Professional Appraisal Practice," as promulgated by the Appraisal Standards Board of the Appraisal Foundation, whichever period is longer.

(c) Upon reasonable notice, a licensee or registrant shall provide to the Director for inspection and copying any records governed by this section. (Added 1989, No. 264 (Adj. Sess.), § 1; amended 1993, No. 217 (Adj. Sess.), § 15; 2009, No. 103 (Adj. Sess.), § 49; 2019, No. 30, § 21.)