HF 2471

as introduced - 89th Legislature (2015 - 2016) Posted on 03/08/2016 04:20pm

A bill for an act
relating to real estate appraisers; regulating appraisal management companies;
amending Minnesota Statutes 2014, section 82C.02, subdivisions 4, 5.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2014, section 82C.02, subdivision 4, is amended to read:

Subd. 4.

Appraisal management company.

"Appraisal management company"
deleted text begin means a corporation, partnership, sole proprietorship, subsidiary, unit, or other business
entity that directly or indirectly performs the following appraisal management services:
deleted text end

deleted text begin (1) administers networks of independent contractors and/or employee appraisers to
perform residential real estate appraisal assignments for clients;
deleted text end

deleted text begin (2) receives requests for residential real estate appraisal services from clients and, for
a fee paid by the client, enters into an agreement with one or more independent appraisers
to perform the real estate appraisal services contained in the request; or
deleted text end

deleted text begin (3) serves as a third-party broker of appraisal management services between clients
and appraisers deleted text end new text begin has the meaning given it in Code of Federal Regulations, title 12, section
323.9 new text end .

Sec. 2.

Minnesota Statutes 2014, section 82C.02, subdivision 5, is amended to read:

Subd. 5.

Appraisal management services.

"Appraisal management services"
deleted text begin means the process of directly or indirectly performing any of the following functions on
behalf of a lender, financial institution, client, or any other person to:
deleted text end

deleted text begin (1) administer an appraiser panel;
deleted text end

deleted text begin (2) recruit, qualify, verify licensing or certification, and negotiate fees and service
level expectations with persons who are part of an appraiser panel;
deleted text end

deleted text begin (3) receive an order for an appraisal from one person, and deliver the order for the
appraisal to an appraiser that is part of an appraiser panel for completion;
deleted text end

deleted text begin (4) track and determine the status of orders for appraisals;
deleted text end

deleted text begin (5) conduct quality control of a completed appraisal prior to the delivery of the
appraisal to the person that ordered the appraisal; or
deleted text end

deleted text begin (6) provide a completed appraisal performed by an appraiser to one or more clients
deleted text end new text begin has the meaning given it in Code of Federal Regulations, title 12, section 323.9 new text end .

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective August 1, 2016, and apply to appraisal assignments
commenced on or after that date.
new text end