Commercial Licensing Regulation 10 - Real Estate Appraisers
230-RICR-30-20-1 INACTIVE RULE
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.