reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.7 - Real Estate Appraiser Certification Act › Section 5-20.7-17. - Continuing education prerequisite to renewal.

§ 5-20.7-17. Continuing education prerequisite to renewal.
(a)
As a prerequisite to certificate or license renewal, a state-certified or licensed real estate appraiser shall present evidence satisfactory to the director of having met the continuing education requirements of this section.
(b)
The basic continuing education requirement for renewal of a certificate or license is the completion by the applicant, during the immediately preceding term of certification, of not less than twenty-eight (28) hours of instruction in courses or seminars from a duly licensed real estate school pursuant to the provisions of § 5-20.5-19 or a nationally recognized appraisal organization, college, university, or other school approved by the Appraiser Qualifications Board of the Appraisal Foundation or such other school as approved by the board.
(c)
In lieu of meeting the requirements of subsection (b) of this section, an applicant for certificate or license renewal may satisfy all or part of the recertification requirements by presenting evidence of the following:
(1)
Completion of an educational program of study determined by the board to be equivalent, for continuing education purposes, to courses meeting the requirements of subsection (b) of this section; or
(2)
Up to one-half (½) of an individual’s continuing education requirement may be completed by participation other than as a student in educational processes and programs approved by the board that relate to appraisal theory, practices, or techniques, including, but not necessarily limited to, teaching, program development, and preparation of textbooks, monographs, articles, and other instructional materials.
(3)
[Deleted by P.L. 2013, ch. 54, § 1 and P.L. 2013, ch. 58, § 1.]
History of Section.
P.L. 1990, ch. 424, § 1; P.L. 1992, ch. 275, § 1; P.L. 2013, ch. 54, § 1; P.L. 2013, ch. 58, § 1; P.L. 2023, ch. 163, § 1, effective June 20, 2023; P.L. 2023, ch. 164, § 1, effective June 20, 2023.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.7 - Real Estate Appraiser Certification Act › Section 5-20.7-18. - Retention of records.

§ 5-20.7-18. Retention of records.
(a)
A state-certified or licensed real estate appraiser shall retain for five (5) years originals or true copies of all written contracts engaging his or her services for real property appraisal work, and all reports and supporting data assembled and formulated by the appraiser in preparing the reports.
(b)
The five-year (5) period for retention of records is applicable to each engagement of the services of the appraiser and commences upon the date of the submittal of the appraisal to the client unless, within such five-year (5) period, the appraiser is notified that the appraisal or report is involved in litigation, in which event the five-year (5) period for the retention of records is five (5) years upon the date of the submittal of the appraisal to the client or three (3) years from the date of the final disposition of the litigation, whichever is greater.
(c)
All records required to be maintained under the provisions of this chapter shall be made available by the certified real estate appraiser for inspection and copying by the board on reasonable notice to the appraiser.
History of Section.
P.L. 1990, ch. 424, § 1; P.L. 1992, ch. 275, § 1; P.L. 1994, ch. 211, § 1; P.L. 1994, ch. 266, § 2.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.7 - Real Estate Appraiser Certification Act › Section 5-20.7-19. - Standards of practice.

§ 5-20.7-19. Standards of practice.
A state-certified or licensed real estate appraiser must comply with the uniform standards of professional appraisal practice promulgated by the appraisal standard board of the Appraisal Foundation.
History of Section.
P.L. 1990, ch. 424, § 1; P.L. 1992, ch. 275, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.7 - Real Estate Appraiser Certification Act › Section 5-20.7-21. - Violations — Penalties.

§ 5-20.7-21. Violations — Penalties.
(a)
Any person upon conviction of acting or representing themselves to be a state-certified or licensed real estate appraiser or performing the duties of a certified or licensed real estate appraiser as defined within this chapter without first obtaining a certification or license is guilty of a misdemeanor punishable by a fine of not less than one hundred dollars ($100) nor more than five hundred dollars ($500), or by imprisonment for a term not to exceed one year, or both; and if a corporation, by a fine of not less than one thousand dollars ($1,000) nor more than two thousand dollars ($2,000). Any person upon conviction of a second or subsequent offense is punishable by a fine of not less than five hundred dollars ($500) nor more than one thousand dollars ($1,000), or by imprisonment for a term not to exceed two (2) years, or both; and if a corporation, by a fine of not less than two thousand dollars ($2,000) nor more than five thousand dollars ($5,000).
(b)
In case any person has received any money, or the equivalent of money, as a fee, commission, compensation, or profit by or in consequence of a violation of any provision of this chapter, he or she shall, in addition, be liable to a penalty of not less than the amount of this sum or money so received and not more than three (3) times the sum received, as may be determined by the court, which penalty may be recovered in any court of competent jurisdiction by any person aggrieved together with all reasonable attorney’s fees and costs incurred in the prosecution of the action.
History of Section.
P.L. 1990, ch. 424, § 1; P.L. 1992, ch. 275, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.7 - Real Estate Appraiser Certification Act › Section 5-20.7-22. - Hearing before revocation or suspension; refusal of certification or licensing.

§ 5-20.7-22. Hearing before revocation or suspension; refusal of certification or licensing.
(a)
Before refusing to issue a certificate or license or suspending or revoking a certificate or license on its own motion, the director shall notify the applicant of his or her intended action and the grounds for the action. The applicant may, within twenty (20) days, file with the director a request for a hearing setting out his or her answer to the grounds specified in the notification. The director shall consider the answer and set a date for the hearing, notifying the applicant of that date at least twenty (20) days prior to the hearing date.
(b)
Before refusing to issue a certification or suspending or revoking an existing certificate or license upon the verified, written complaint of any person setting out a cause of action under § 5-20.7-20, the director shall, in writing, notify the accused applicant or certificate holder of its receipt of the complaint, enclosing a copy of the complaint. The accused applicant, certificate, or license holder shall, within twenty (20) days, file his or her answer(s) to the complaint or complaints with the department.
(c)
The board shall transmit a copy of the answer to the complainant or complainants and set a time and place for a hearing, which shall be at least twenty (20) days prior to the hearing date.
(d)
All notices and answers required or authorized to be made or filed under this section may be served or filed personally, or by certified mail to the last known business address of the addressee. If served personally, the time runs from the date of service; if by registered mail, from the postmarked date of the letter enclosing the document.
(e)
The director shall render a decision on any application or complaint within sixty (60) days after the final hearing in the matter and shall immediately notify the parties to the proceedings, in writing, of its rulings, orders, or decisions. If the matter contained in the complaint has been filed or made a part of a case pending in any court in this state, the director may then withhold its decision until the court action has been concluded. Hearings shall be held in accordance with rules promulgated by the department in conformity with law. Any party aggrieved by a final administrative decision of the director may appeal the decision in accordance with the provisions of the administrative procedures act, chapter 35 of title 42.
History of Section.
P.L. 1990, ch. 424, § 1; P.L. 1992, ch. 275, § 1; P.L. 2014, ch. 92, § 2; P.L. 2014, ch. 93, § 2.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.7 - Real Estate Appraiser Certification Act › Section 5-20.7-23. - Severability.

§ 5-20.7-23. Severability.
If any provision of this chapter or the application of this chapter to any person or circumstances is deemed invalid, that invalidity does not affect other provisions or applications of the chapter that can be given effect without the invalid provision or application, and to this end the provisions of this chapter are declared to be severable; provided, that if any provision of this chapter, or the application of any provision to any person or circumstance, is held invalid or determined to be contrary to federal laws or regulations governing the certification or licensure of real estate appraisers, the remainder of this chapter shall be given effect without the invalid provision or application.
History of Section.
P.L. 1990, ch. 424, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.7 - Real Estate Appraiser Certification Act › Section 5-20.7-24. - Mortgage loan appraisers — Relationship with lending institution.

§ 5-20.7-24. Mortgage loan appraisers — Relationship with lending institution.
(a)
Every bank, trust company, loan-investment company, mortgage company, and credit union or any other lending institution, that accepts an application for any residential mortgage loan or any commercial mortgage loan that requires an appraisal in order to process the loan is not permitted to use an appraisal company that is either owned by or has directors, stockholders, or employees of that bank, trust company, loan-investment company, mortgage company, and credit union or any other lending institution.
(b)
All appraisal companies doing business in the state are required to disclose with the Rhode Island department of business regulation those lending institutions that may have an ownership interest in the appraisal company. If an ownership relationship exists between the lending institution and an appraisal company, then the appraisal company is prohibited from conducting any appraisals for that lending institution.
(c)
Any appraisal companies doing business within the state shall comply with the provisions of this chapter, title XI of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989, 12 U.S.C. § 3331 et seq., as may be amended from time to time, and with the federal and state regulatory standards promulgated thereunder.
(d)
Any lending institution that maintains Federal Deposit Insurance Corporation (FDIC) or National Credit Union Association (NCUA) insurance protection for its deposits at a lending institution is exempt from this provision.
(e)
A violation of this section shall also be considered to be a violation of chapter 13.1 of title 6.
History of Section.
P.L. 1992, ch. 211, § 1; P.L. 2014, ch. 92, § 2; P.L. 2014, ch. 93, § 2.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.7 - Real Estate Appraiser Certification Act › Section 5-20.7-25. - Effect of federal law.

§ 5-20.7-25. Effect of federal law.
Notwithstanding any provision in this chapter to the contrary, any applicable provisions of title XI of the federal “Financial Institutions Reform, Recovery & Enforcement Act of 1989 (FIRREA),” 12 U.S.C. § 3331 et seq., as may be amended from time to time, and any federal regulatory standards promulgated thereunder shall supersede any inconsistent provisions of this chapter.
History of Section.
P.L. 1994, ch. 211, § 2; P.L. 2014, ch. 92, § 2; P.L. 2014, ch. 93, § 2.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.7 - Real Estate Appraiser Certification Act › Section 5-20.7-26. - Order to cease unsafe practices — Appeal.

§ 5-20.7-26. Order to cease unsafe practices — Appeal.
If the department of business regulation has reason to believe that any person, firm, or corporation or association is conducting any activities requiring licensure or certification pursuant to this chapter without obtaining a license, or who after the denial, suspension, or revocation of a license conducts any activities requiring licensure or certification pursuant to this chapter, the department may issue its order to that person, firm, corporation, or association commanding them to appear before the department at a hearing to be held not sooner than ten (10) days and not later than twenty (20) days after issuance of that order, to show cause why the department should not issue an order to that entity to cease and desist from the violation of the provisions of this chapter. The order to show cause may be served on any person, firm, corporation, or association named in the order in the same manner that a summons in a civil action may be served, or by mailing a copy of the order, certified mail, return receipt requested, to that entity at any address that is the place of business or place of residence. If upon that hearing the department is satisfied that the entity is in fact violating any provision of this chapter, then the department may order that entity, in writing, to cease and desist from that violation. All hearings shall be governed in accordance with chapter 35 of title 42. If that entity fails to comply with an order of the department after being afforded a hearing, the superior court in the county where the land or real estate is located has jurisdiction upon complaint of the department to restrain and enjoin that entity from violating this chapter.
History of Section.
P.L. 2000, ch. 154, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.8 - Real Estate Sales Disclosures › Section 5-20.8-1. - Definitions.

§ 5-20.8-1. Definitions.
When used in this chapter, unless the context indicates otherwise:
(1)
“Agent” means any individual or entity acting on behalf of a seller or buyer to effect the transfer of real estate. It includes listing agent, selling agent, buyer’s agent, and their respective brokers.
(2)
“Agreement to transfer” means a purchase and sale agreement, installment-sales contract, option to purchase agreement, or other agreement intended to effect the transfer of real estate from a seller to a buyer.
(3)
“Buyer” means any individual or entity seeking to obtain title to real estate from a seller for consideration.
(4)
“Closing” means the time at which real estate is transferred from seller to buyer and consideration is delivered to the seller or to a settlement agent with the intention of imminent delivery upon the recording of pertinent documents and other ministerial acts associated with settlement.
(5)
“Deficient conditions” means any land restrictions, defect, malfunction, breakage, or unsound condition existing on, in, across, or under the real estate of which the seller has knowledge.
(6)
“Lead exposure hazard” means a condition that presents a clear and significant health risk to occupants of the dwelling, dwelling unit, or premises, particularly where there are children under the age of six (6) years.
(7)
“Real estate” means vacant land or real property and improvements consisting of a house or building containing one to four (4) dwelling units.
(8)
“Seller” means any individual or entity seeking to transfer title to real estate to a buyer for consideration.
(9)
“Transfer” means the sale or conveyance, exchange of, or option to purchase any real estate.
History of Section.
P.L. 1992, ch. 425, § 1; P.L. 2023, ch. 333, § 3, effective June 24, 2023; P.L. 2023, ch. 334, § 3, effective June 24, 2023.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.8 - Real Estate Sales Disclosures › Section 5-20.8-3. - Exemptions.

§ 5-20.8-3. Exemptions.
The following transfers are exempt from the provisions of this chapter:
(1)
Transfer pursuant to a court order, including, but not limited to, transfer ordered by a probate court in administration of an estate, transfer pursuant to a writ of execution, transfer by a trustee in bankruptcy, transfer by eminent domain, and transfer resulting from a decree for specific performance;
(2)
Transfer to a mortgagee by a mortgagor or pursuant to a foreclosure sale, or transfer by a mortgagee who has so acquired the real estate;
(3)
Transfer by a fiduciary in the course of the administration of a decedent’s estate, guardianship, conservatorship, or trust;
(4)
Transfer from one co-owner to one or more other co-owners;
(5)
Transfer made to a spouse, or to a person or persons in the lineal line of consanguinity of one or more of the transferors;
(6)
Transfer between spouses resulting from a decree of dissolution of marriage or a decree of legal separation or from a property settlement agreement incidental to that decree;
(7)
Transfer from any governmental entity;
(8)
Transfer of any new unoccupied dwelling unit from a builder or developer;
(9)
Transfer by a relocation company; and
(10)
Transfer of title with no consideration.
History of Section.
P.L. 1992, ch. 425, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.8 - Real Estate Sales Disclosures › Section 5-20.8-4. - Buyer’s rights to inspection.

§ 5-20.8-4. Buyer’s rights to inspection.
(a)
Every contract for the purchase and sale of real estate shall provide that a potential purchaser or potential purchasers shall be permitted a ten-day (10) period, exclusive of Saturdays, Sundays, and holidays, to conduct inspections of the property and any structures thereon before the purchaser(s) becomes obligated under the contract to purchase. The parties have the right to mutually agree upon a different period of time; provided, a potential purchaser may waive this right to inspection in writing.
(b)
Failure to include the provision required in subsection (a) in the purchase and sale agreement for real estate does not create any defect in title.
(c)
Failure to include in the purchase and sale agreement the provision required in subsection (a) shall entitle the purchaser to void the purchase and sale agreement by providing notice, in writing, to the seller prior to the transfer of the title at a closing.
History of Section.
P.L. 1992, ch. 425, § 1; P.L. 2012, ch. 375, § 1; P.L. 2012, ch. 394, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.8 - Real Estate Sales Disclosures › Section 5-20.8-5. - Real estate disclosure form acknowledgement — Inclusion in real estate sales agreements — Penalty for violation.

§ 5-20.8-5. Real estate disclosure form acknowledgement — Inclusion in real estate sales agreements — Penalty for violation.
(a)
Every agreement for the purchase and sale of residential real estate located in the state shall contain an acknowledgement that a completed real estate disclosure form has been provided to the buyer by the seller.
(b)
Failure to provide the seller disclosure form to the buyer does not void the agreement nor create any defect in title. Each violation of this statute by the seller or his or her agent is subject to a maximum civil penalty in the amount of one thousand dollars ($1,000) per occurrence.
History of Section.
P.L. 1992, ch. 425, § 1; P.L. 2023, ch. 71, § 1, effective June 14, 2023; P.L. 2023, ch. 72, § 1, effective June 14, 2023.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.8 - Real Estate Sales Disclosures › Section 5-20.8-6. - Disclosure of psychologically impacted property.

§ 5-20.8-6. Disclosure of psychologically impacted property.
(a)
The fact or suspicion that real property may be or is psychologically impacted is not a material fact requiring disclosure in any real estate transaction. “Psychologically impacted” means an impact being the result of facts or suspicions including, but not limited to, the following:
(1)
That an occupant of real property is now or has been suspected to be infected or is infected or has been infected with Human Immunodeficiency Virus or diagnosed with Acquired Immune Deficiency Syndrome, or any other disease that has been determined by medical evidence to be highly unlikely to be transmitted through the occupying of a dwelling place; or
(2)
That the real property was or has been, at any time, suspected of being the site of a homicide, other felony, or suicide.
(b)(1)
No cause of action shall arise against the seller of the real property or his or her agent for failure to disclose to the buyer that the real property was psychologically impacted as defined in this chapter.
(2)
Under no circumstances shall this provision be interpreted as or used as authorization for an agent or seller to make any misrepresentation of fact or false statement.
History of Section.
P.L. 1992, ch. 425, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.8 - Real Estate Sales Disclosures › Section 5-20.8-7. - Public agency notification.

§ 5-20.8-7. Public agency notification.
Any information required to be disclosed by this chapter to a prospective buyer by a public agency is deemed to comply with the requirements of this chapter and relieves the seller or agent of any further duty under this chapter as to that item of information.
History of Section.
P.L. 1992, ch. 425, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.8 - Real Estate Sales Disclosures › Section 5-20.8-8. - Expert report.

§ 5-20.8-8. Expert report.
(a)
The delivery of a report or opinion prepared by an engineer, land surveyor, geologist, home inspector, pest control operator, contractor, or other expert, dealing with matters within the scope of the professional’s license or expertise, is sufficient compliance to qualify for the exemption provided by § 5-20.8-9. An expert may indicate, in writing, that the information provided will be used in fulfilling the requirements of this section.
(b)
A home inspector, pest control operator, or contractor who has provided and/or prepared a report or opinion per subsection (a) may not solicit, in writing or otherwise, to perform work on the property that has been the subject of the inspection to either a buyer or seller who has executed a purchase and sale agreement for the sale/transfer of the property. Nothing in this section restricts a buyer or seller from contacting the home inspector, pest control operator, or contractor for this work to be performed. Nothing in this section restricts the solicitation of work by that home inspector, pest control operator or contractor after the closing on the property as defined in § 5-20.8-1.
History of Section.
P.L. 1992, ch. 425, § 1; P.L. 1996, ch. 408, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.8 - Real Estate Sales Disclosures › Section 5-20.8-9. - Seller and agent liability.

§ 5-20.8-9. Seller and agent liability.
Neither the seller nor agent is liable for any error, inaccuracy, or omission of any information delivered pursuant to this chapter if the error, inaccuracy, or omission was not within the personal knowledge of the seller or agent; was based on information timely provided pursuant to §§ 5-20.8-7 and 5-20.8-8; and ordinary care was exercised in obtaining and transmitting it.
History of Section.
P.L. 1992, ch. 425, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.8 - Real Estate Sales Disclosures › Section 5-20.8-10. - Subsequent acts.

§ 5-20.8-10. Subsequent acts.
If information disclosed in accordance with this chapter is subsequently rendered inaccurate as a result of any act, passage of time, occurrence, or agreement subsequent to the delivery of the required disclosures, the resulting inaccuracy does not constitute a violation of this chapter. If at the time the disclosures are required to be made, an item of information required to be disclosed is unknown or not available to the seller, the seller shall so state and may use an approximation in responding.
History of Section.
P.L. 1992, ch. 425, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.8 - Real Estate Sales Disclosures › Section 5-20.8-11. - Lead inspection requirement.

§ 5-20.8-11. Lead inspection requirement.
(a)
Every contract for the purchase and sale of residential real estate (1-4 family built prior to 2011) located in the state shall provide that potential purchasers be permitted a ten-day (10) period, unless the parties mutually agree upon a different period of time, to conduct a risk assessment or inspection for the presence of lead exposure hazards before becoming obligated under the contract to purchase.
(b)
Failure to include the provision required in subsection (a) in the purchase and sale agreement for residential real estate does not create any defect in title; provided, that each violation of this section by the seller or their agent is subject to a civil penalty of not less than one hundred dollars ($100) nor more than five hundred dollars ($500).
(c)
Failure to provide inspection results and/or educational materials pursuant to department regulations required by § 23-24.6-16(a) does not create any defect in title; provided, that each violation of this section by the seller or their agent is subject to a civil penalty of not less than one hundred dollars ($100) nor more than five hundred dollars ($500).
(d)
Failure to include the purchase and sale agreement provision required in subsection (a); failure to provide inspection results pursuant to § 23-24.6-16(a); or inspection results that show a lead exposure hazard as defined at § 23-24.6-4 entitles the purchaser to void the purchase and sale agreement by providing notice, in writing, to the seller prior to the transfer of the title at closing.
History of Section.
P.L. 1994, ch. 389, § 2; P.L. 2023, ch. 333, § 3, effective June 24, 2023; P.L. 2023, ch. 334, § 3, effective June 24, 2023.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.8 - Real Estate Sales Disclosures › Section 5-20.8-12. - Private well testing requirement.

§ 5-20.8-12. Private well testing requirement.
(a)
Every contract for the purchase and sale of real estate located in the state, and which is served by a private water supply (well), shall provide that potential purchasers shall be permitted a ten-day (10) period, unless the parties mutually agree upon a different period of time, to conduct the testing pursuant to department regulations required by § 23-1-5.3 before becoming obligated under the contract to purchase. The test results may be provided by the seller pursuant to the standards in the regulations.
(b)
Failure to include the provision required in subsection (a) in the purchase and sale agreement for real estate does not create any defect in title.
(c)
Failure to provide the results of any previous testing of a private water supply (well) servicing the property does not create any defect in title.
(d)
Failure to include the purchase and sale agreement provision required in subsection (a); failure to provide previous testing results of a private water supply (well) servicing the property; or testing results that show a contaminant level or levels in excess of those established by department regulation pursuant to § 23-1-5.3 entitles the purchaser to void the purchase and sale agreement by providing notice, in writing, to the seller prior to the transfer of the title at the closing.
(e)
The prospective buyer shall pay for the collection and analysis of the water samples and a qualified opinion relating to the portability of the water, unless otherwise agreed in writing.
History of Section.
P.L. 2002, ch. 161, § 3; P.L. 2002, ch. 162, § 3.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.8 - Real Estate Sales Disclosures › Section 5-20.8-13. - Cesspool inspection requirement.

§ 5-20.8-13. Cesspool inspection requirement.
(a)
Every contract for the purchase and sale of real estate that is or may be served by a private cesspool, shall provide that potential purchasers be permitted a ten-day (10) period, unless the parties mutually agree upon a different period of time, to conduct an inspection of a property’s on-site sewage system, before becoming obligated under the contract to purchase, to determine if a cesspool exists, and if so, whether it will be subject to the phase-out requirements as established in chapter 19.15 of title 23.
(b)
Failure to include the provision required in subsection (a) in the purchase and sale agreement for real estate does not create any defect in title.
(c)
Failure to provide the results of any previous inspection of a cesspool servicing the property does not create any defect in title.
(d)
Failure to include the purchase and sale agreement provision required in subsection (a) or failure to provide previous inspection results of a cesspool servicing the property entitles the purchaser to void the purchase and sale agreement by providing notice in writing to the seller prior to the transfer of the title at closing.
History of Section.
P.L. 2007, ch. 136, § 3; P.L. 2007, ch. 233, § 3.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-1. - Legislative purpose.

§ 5-20.9-1. Legislative purpose.
This legislation provides the department with the statutory authority to develop and implement registration requirements for appraisal management companies (“AMCs”) in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization or any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer’s principal dwelling or by an underwriter of or other principal in the secondary mortgage markets operating in this state as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-3. - Registration required for appraisal management companies.

§ 5-20.9-3. Registration required for appraisal management companies.
(a)
It shall be unlawful for any person or entity to act as a real estate appraisal management company, or to directly or indirectly engage in the business of real estate appraisal management in this state, or to advertise or hold himself, herself, or itself out as engaging in the business of real estate appraisal management in this state, without first registering with the department under the provisions of this chapter.
(b)
A partnership, limited-liability partnership, limited-liability company, or corporation that acts as an appraisal management company shall register with the department and shall renew the registrations of its members, officers, and directors for each registration period.
(c)
However, this chapter shall not be applicable to:
(1)
An agency of the federal government or any state or municipal government;
(2)
An appraisal management company that is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution regulatory agency, provided the appraisal management company is in compliance with § 1124 of the federal Financial Institutions Reform, Recovery and Enforcement Act of 1989, 12 U.S.C. § 3353, and any rules promulgated pursuant to the authority granted in said § 1124;
(3)
Any domestic corporation, partnership, sole proprietorship, subsidiary, unit, or other domestic business entity that exclusively employs persons in employer-employee relationships to perform residential real estate appraisal services in accordance with USPAP in the normal course of its business;
(4)
Any individual, corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity who or that in the normal course of business enters into an agreement, whether written or otherwise, with an independent fee appraiser for the performance of residential real estate appraisal services shall, upon the completion of the appraisal, cosign the report with the independent fee appraiser with whom it or the individual subcontracted for the performance of the residential real estate appraisal service.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-5. - Consent to service of process.

§ 5-20.9-5. Consent to service of process.
Every applicant for registration under this chapter who or that is not a resident of this state shall submit with the application an irrevocable consent that service of process in any action against the applicant arising out of the applicant’s activities as an appraisal management company may be made by delivery of the process on the director. In addition, each application for registration must submit the name and address of its registered agent that is located in this state.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-6. - Retention of records.

§ 5-20.9-6. Retention of records.
(a)
Each appraisal management company shall maintain for five (5) years all business records, either in electronic or paper format, relating to each request for an appraisal service that the appraisal management company has received and to the appraiser who performs the appraisal service for the appraisal management company.
(b)
The department may inspect these records periodically without prior notice and may also inspect these records whenever the department determines that they are pertinent to an investigation of any specific complaint against an appraisal management company.
(c)
Each appraisal management company must notify the department in writing of any change of business name or address within ten (10) calendar days.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-7. - Initial registration, renewals, forms, and fees.

§ 5-20.9-7. Initial registration, renewals, forms, and fees.
(a)
An applicant for registration as an appraisal management company shall submit to the department an application on forms prescribed by the department and pay the required fee(s).
(b)
The fees for initial registration, renewal, and late renewals shall be determined by the director and established by regulation.
(c)
There is hereby created a restricted-receipt account within the general fund of the state to be known as the appraisal management company — registration account. Fees collected pursuant to this section shall be deposited into this account and be used to finance costs associated with appraisal management company registration and operations. The restricted receipt account will be included in the budget of the department of business regulation.
(d)
Every appraisal management company that desires to renew a registration for the next term shall apply for the renewal of the registration upon a form furnished by the director and containing information that is required by this chapter. Renewal of a registration is subject to the same provisions as the initial registration.
(e)
The department shall receive applications for registration for initial licensing and renewal and establish administrative procedures for processing applications and issuing and renewing registrations.
(f)
The department shall have the authority to assess and collect from registered entities, the appraisal management companies (AMC) federal registry fee in any amount assessed by the appraisal subcommittee of the Federal Financial Institutions Examination Council or its successor entity, and transmit the fee to the Federal Financial Institutions Examination Council.
(g)
A federally regulated appraisal management company operating in this state shall report to the department any information necessary for the department to assess, collect, and forward the AMC federal registry fee in any amount assessed by the appraisal subcommittee of the Federal Financial Institutions Examination Council or its successor entity.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1; P.L. 2019, ch. 88, art. 2, § 2.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-8. - Expiration of registration.

§ 5-20.9-8. Expiration of registration.
A registration granted by the department pursuant to this chapter shall be valid for one year from the date on which it is issued.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1; P.L. 2023, ch. 163, § 2, effective June 20, 2023; P.L. 2023, ch. 164, § 2, effective June 20, 2023.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-9. - Grounds for denial, suspension, or revocation of registration — Fines and penalties.

§ 5-20.9-9. Grounds for denial, suspension, or revocation of registration — Fines and penalties.
(a)
The department may deny, censure, suspend, or revoke a registration of an appraisal management company issued under this chapter, levy fines or impose civil penalties not to exceed five thousand dollars ($5,000) per violation, if in the opinion of the department, an appraisal management company is attempting to perform, has performed, or has attempted to perform any of the following acts:
(1)
The appraisal management company has filed an application for registration that, as of its effective date or as of any date after filing, contained any statement that, in light of the circumstances under which it was made, is false or misleading with respect to any material fact;
(2)
The appraisal management company has violated or failed to comply with any provision of this chapter, or any rule adopted by the department;
(3)
The appraisal management company is permanently or temporarily enjoined by any court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of the real estate appraisal management business;
(4)
The appraisal management company or a controlling person thereof is the subject of an order of the department or any other state appraiser regulatory agency denying, suspending, or revoking that person’s license as a real estate appraiser;
(5)
The appraisal management company acted as an appraisal management company while not properly registered with the department;
(6)
The appraisal management company has failed to pay the proper filing or renewal fee under this chapter;
(7)
The appraisal management company has demonstrated incompetence, untrustworthiness, or conduct or practices that render the applicant unfit to perform appraisal management services; or
(8)
The appraisal management company has committed any of the prohibited practices set forth in this chapter or in the department’s regulations.
(b)
The department shall provide written notice of the denial, suspension, or revocation of a registration under this chapter. Any party aggrieved by the department’s decision regarding registration issuance or renewal may, within ten (10) days of the decision, appeal the matter to the director by submitting a written request for a formal hearing to be conducted in accordance with the provisions of § 5-20.9-18.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1; P.L. 2023, ch. 163, § 2, effective June 20, 2023; P.L. 2023, ch. 164, § 2, effective June 20, 2023.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-10. - [Repealed.]

§ 5-20.9-10. [Repealed.]
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1; repealed by P.L. 2023, ch. 163, § 3, effective June 20, 2023; repealed by P.L. 2023, ch. 164, § 3, effective June 20, 2023.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-11. - Controlling person and appraisal review employees.

§ 5-20.9-11. Controlling person and appraisal review employees.
(a)
Each appraisal management company applying to the department for a registration in this state shall designate one controlling person who will be the principal contact for all communication between the department and the appraisal management company.
(b)
Any employee of the appraisal management company who has the responsibility to conduct an appraisal review, as defined in § 5-20.9-2, of the work of independent fee appraisers must be a state-licensed or certified appraiser.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1; P.L. 2023, ch. 163, § 2, effective June 20, 2023; P.L. 2023, ch. 164, § 2, effective June 20, 2023.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-12. - Verification of appraiser licensure or certification.

§ 5-20.9-12. Verification of appraiser licensure or certification.
An appraisal management company registered in this state pursuant to this chapter may not enter into contracts or agreements with an independent fee appraiser for the performance of residential real estate appraisal services unless that person is licensed or certified and in good standing pursuant to chapter 20.7 of this title.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-14. - Prohibited practices.

§ 5-20.9-14. Prohibited practices.
An appraisal management company registered in this state shall not:
(a)
Require an independent fee appraiser to collect the appraisal fee from a borrower, homeowner, or other person;
(b)
Require an independent fee appraiser to provide the company with the appraiser’s digital signature;
(c)
Alter, amend, or change an appraisal report submitted by an independent fee appraiser in any fashion, including removing the appraiser’s signature or adding information to or removing information from the report;
(d)
Transmit an appraisal to the appraisal management company’s client if the appraisal has been altered in any fashion after it was transmitted to the appraisal management company; or
(e)
Require an independent fee appraiser to sign any indemnification agreement that would require the independent fee appraiser to defend and hold harmless the appraisal management company or any of its agents, employees, or independent contractors for any liability, damage, losses, or claims arising out of the services performed by the appraisal management company.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-15. - Adjudication of disputes between an appraisal management company and an appraiser.

§ 5-20.9-15. Adjudication of disputes between an appraisal management company and an appraiser.
(a)
An appraisal management company may not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an independent appraiser without:
(1)
Notifying the appraiser in writing of the reasons why the appraiser is being removed from the appraiser panel of the appraisal management company, including the alleged statutory or USPAP violation, if any; and
(2)
Providing an opportunity for the appraiser to respond to the notification of the appraisal management company.
(b)
An appraiser that is removed from the appraiser panel of an appraisal management company for alleged illegal conduct, violation of the USPAP, or violation of state licensing statutes, may file a complaint with the department for a review of the decision of the appraisal management company. The review of the department in any such case is limited to determining whether the appraisal management company has complied with subsection (a) of this section and whether the appraiser has committed a violation of state law, state licensing standards, or a violation of the USPAP.
(c)
If, after opportunity for hearing and review, the department determines that an appraisal management company acted improperly in removing an appraiser from the appraiser panel, or that an appraiser did not commit a violation of law, a violation of the USPAP, or a violation of state licensing standards, the department may order that an appraiser be restored to the appraiser panel of the appraisal management company that was the subject of the complaint, or impose any other administrative penalties set forth in regulations.
(d)
Hearings will be conducted in accordance with § 5-20.9-18, chapter 35 of title 42, and the department’s rules of procedure for administrative hearings.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1; P.L. 2023, ch. 163, § 2, effective June 20, 2023; P.L. 2023, ch. 164, § 2, effective June 20, 2023.
2023 Rhode Island General Laws › Title 5 - Businesses and Professions › Chapter 5-20.9 - Real Estate Appraisal Management Company Registration Act › Section 5-20.9-16. - Investigations.

§ 5-20.9-16. Investigations.
(a)
If the department has reasonable grounds to believe that an appraisal management company has violated the provisions of this chapter or that facts exist that would be the basis for an order against an appraisal management company, the department may at any time investigate or examine the books, accounts, records, and files of any registrant or other person relating to the complaint or matter under investigation. The department may require any registrant or other person to submit a criminal history record check in connection with any examination or investigation. Refusal to submit the requested criminal history record check shall be grounds for disciplinary action. The reasonable cost of this investigation or examination shall be charged against the registrant.
(b)
The department shall have the power to issue subpoenas requiring the attendance of persons and the production of papers and records before the department in any hearing, investigation, inquiry, or other proceeding conducted by it. Upon the production of any papers, records, or documents, the department shall have the power to authorize true copies thereof to be substituted in the permanent record of the matter in which the books, records, or documents shall have been introduced in evidence.
(c)
The department may from time to time conduct routine examinations of the books and records of an appraisal management company registered with the department in order to determine the compliance with this chapter and any rules promulgated thereunder.
History of Section.
P.L. 2017, ch. 14, § 1; P.L. 2017, ch. 26, § 1.