{"data":{"id":"us-ky/krs-324a.156","jurisdiction":"us-ky","citation":"KRS 324A.156","heading":"Duties of registrants -- Recordkeeping.","body":"(1) A registrant that is an organization shall:\n(a) Maintain a registered agent for service of process; and\n(b) Provide to the board the information required by the Secretary of State\nconcerning the organization's agent for service of process. If changes are made\nto the information required by the Secretary of State, the changes shall be\nprovided to the board within five (5) business days.\n(2) A registrant shall maintain, or cause to be maintained, complete records of requests\nfor appraisal services referred to  an appraiser licensed or certified by the board,\nincluding without limitation records pertaining to the acceptance of fees from\nclients and payments to appraisers. The board may inspect records, without prior\nnotice, periodically, or if the board determin es that the records are pertinent to an\ninvestigation of a complaint against a registrant.\n(3) A registrant shall designate a controlling person or managing principal responsible\nfor ensuring compliance with this section.\n(4) (a) The registrant shall file a form with the board:\n1. Documenting the identity of the person designated as the controlling\nperson or managing principal; and\n2. Certifying the individual's acceptance of the responsibility of a\ncontrolling person or managing principal.\n(b) The registrant shall submit a new form to the board within five (5) business\ndays after a change in its controlling person or managing principal.\n(c) An individual registrant who operates as a sole proprietorship is deemed the\nmanaging principal under this section.\n(5) A registrant shall make and keep its accounts, correspondence, memoranda, papers,\nbooks, and other records in accordance with administrative regulations promulgated\nby the board. All records shall be retained for five (5) years unless the board\nestablishes a different, longer retention period for particular types of records.\n(6) The registrant shall disclose, on all invoices, purchase orders, or other documents\nestablishing work to be performed for or compensation due from its clients,\nitemized actual fees paid to any third party for services performed, including\nappraisal services, for the client through contract with or arrangement through the\nregistrant. The disclosure shall include:\n(a) The name of the third party performing the service, including a licensed\nappraiser performing appraisal services;\n(b) The nature of the service and itemized fees paid to the third party for appraisal\nservices or any other services performed; and\n(c) Itemized fees or charges received by the registrant for appraisal management\nservices.\nIf the disclosure made becomes inaccurate because of changes to  services requested\nor performed, a revised or amended disclosure shall be provided by the end of the\nnext business day after the change to services has been performed, and the revised\nor amended disclosure shall be clearly marked as revised or amended and  contain\nsufficient information for the client to identify the original disclosure referenced.\n(7) The provisions of this section do not exempt the registrant from any other reporting\nrequirements contained within any federal or state law.","path":["KRS Chapter 324A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=39743","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:20Z","sha256":"1dffc8c7d4c73c7dac6f0e46fe49af6e39502f8a1c15f540c2e7b108c5f27d38","source_id":"us-ky","stale":false,"prev":"us-ky/krs-324a.155","next":"us-ky/krs-324a.158"},"notice":"GroundRules: Original legal text. Not legal advice."}