Minnesota Legislature
SF 3503
1st Engrossment - 92nd Legislature (2021 - 2022) Posted on 05/21/2022 01:40pm
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A bill for an act
relating to commerce; real estate appraisers; making changes related to minimum
damage acquisition reports and continuing education; amending Minnesota Statutes
2020, sections 82B.03, by adding a subdivision; 82B.19, by adding a subdivision;
82C.17, subdivision 2; Minnesota Statutes 2021 Supplement, section 82B.25,
subdivision 2.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2020, section 82B.03, is amended by adding a subdivision
to read:
new text begin Subd. 4. new text end
new text begin Minimum damage acquisition report. new text end
new text begin
A real estate appraiser may provide a
minimum damage acquisition report for purposes of section 117.036. When providing a
minimum acquisition damage report, a real estate appraiser is not engaged in real estate
appraisal activity and is not subject to this chapter.
new text end
Sec. 2.
Minnesota Statutes 2020, section 82B.19, is amended by adding a subdivision to
read:
new text begin Subd. 5. new text end
new text begin Out-of-state continuing education credit. new text end
new text begin
(a) For purposes of this subdivision,
the following terms having the meanings given:
new text end
new text begin
(1) "asynchronous educational offering" has the meaning given in the most recent version
of the real property appraiser qualification criteria, as established by the Appraiser
Qualifications Board; and
new text end
new text begin
(2) "synchronous educational offering" has the meaning given in the most recent version
of the real property appraiser qualification criteria, as established by the Appraiser
Qualifications Board, and includes an educational process based on live or real-time
instruction where there is no geographic separation of instructor and learner.
new text end
new text begin
(b) Notwithstanding section 45.30, subdivisions 1 and 6, an appraiser licensee may
submit, in a form prescribed by the commissioner, an application for continuing education
credit for a synchronous educational offering that has not been submitted for prior approval
in Minnesota. The commissioner must grant the appraiser licensee continuing education
credit if:
new text end
new text begin
(1) the application is submitted by August 1 of the year in which the appraiser license
is due for renewal;
new text end
new text begin
(2) the synchronous educational offering has been approved for continuing education
credit by the regulator of appraisers in at least one other state or United States territory; and
new text end
new text begin
(3) the application is submitted by the appraiser licensee to the commissioner within 30
days of successfully completing the synchronous educational offering.
new text end
new text begin
(c) The application must include a certificate of successful course completion from the
synchronous educational offering provider. The commissioner must grant an appraiser
licensee the same number of continuing education credits for successfully completing the
synchronous educational offering as that course was approved for by the out-of-state appraiser
regulatory authority.
new text end
new text begin
(d) The commissioner may charge an appraisal licensee an application fee in an amount
to be determined by the commissioner.
new text end
new text begin
(e) This subdivision does not apply to asynchronous educational offerings.
new text end
Sec. 3.
Minnesota Statutes 2021 Supplement, section 82B.25, subdivision 2, is amended
to read:
Subd. 2.
Education.
deleted text begin Within two years of receiving a license under this chapter and as
required by the Appraiser Qualifications Board,deleted text end A real property appraiser shall provide to
the commissioner evidence of satisfactory completion of a continuing education course on
the valuation bias of real property.new text begin Appraisers licensed after September 1, 2021, must
complete the course required by this section prior to their first license renewal.
new text end
Sec. 4.
Minnesota Statutes 2020, section 82C.17, subdivision 2, is amended to read:
Subd. 2.
Evidence.
(a) An appraisal management company can evidence that the fees
paid to an appraiser were reasonable and customary through:
(1) objective third-party information, including, but not limited to, government agency
fee schedules or academic studies. An academic study used must exclude appraisal
assignments ordered by an appraisal management companydeleted text begin . The commissioner may establish
a fee scheduled for use by an appraisal management companydeleted text end ; or
(2) reviewing each of the following factors and making adjustments to recent fees paid
for appraisal services performed in the market area:
(i) the type of property appraised;
(ii) the scope of the appraisal work;
(iii) the time in which the appraisal service must be performed;
(iv) appraiser qualifications;
(v) appraiser experience and professional record; and
(vi) appraiser work quality.
(b) The fees paid for a complex appraisal assignment shall reflect the increased time,
difficulty, and scope of work required.
(c) An appraisal management company shall maintain written documentation describing
and substantiating all methods and information used to determine the customary and
reasonable fees required by this section.
Sec. 5. new text begin EFFECTIVE DATE.
new text end
new text begin
This act is effective September 1, 2022.
new text end