Commercial Licensing Regulation 10 - Real Estate Appraisers


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Title 230 Department of Business Regulation (includes the Office of the Health Insurance Commissioner)
Chapter 30 Commercial Licensing
Subchapter 20 Real Estate
Part 1 Commercial Licensing Regulation 10 - Real Estate Appraisers
Type of Filing Amendment
Regulation Status Inactive
Effective 01/31/2008 to 10/29/2008

Regulation Authority:

R.I.Gen.Laws §§ 5-20.7 et seq., , 5-20.7-25, 42-14-17, 42-35-3

Purpose and Reason:

Pursuant to R.I. Gen. Laws § 5-20.7-25, the Department of Business Regulation ("Department")is required to comply with certain mandates pursuant to Federal Financial Institutions Reform, Recovery & Enforcement Act of 1989 (FIRREA) 12 U.S.C. § 331 et seq. Based on audit of the Department's Real Estate Appaisal Section in April, 2007 by the federal Appraisal Subcommittee, the Department is required to amend its Commercial Licensing Regulation 10 in order to comply with certain federal appraisal requirements of the Appraisal Subcommittee that allow Rhode Island licensed Real Estate Appraisers to be certified to engage in ferderally-related transactions.