HF 3576

as introduced - 91st Legislature (2019 - 2020) Posted on 02/20/2020 01:16pm

A bill for an act
relating to commerce; allowing continuing education credit, evaluations, and
standards of conduct for real property appraisers; amending Minnesota Statutes
2018, sections 82B.021, by adding subdivisions; 82B.03, by adding a subdivision;
82B.19, by adding a subdivision; 82B.195, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2018, section 82B.021, is amended by adding a subdivision
to read:

new text begin Subd. 13a. new text end

new text begin Evaluation. new text end

new text begin "Evaluation" means an opinion regarding the value of real
property, made in accordance with the Interagency Appraisal and Evaluation Guidelines
provided to an entity regulated by a federal financial institution's regulatory agency, for use
in a real estate-related financial transaction for which an appraisal is not required by federal
law.
new text end

Sec. 2.

Minnesota Statutes 2018, section 82B.021, is amended by adding a subdivision to
read:

new text begin Subd. 16a. new text end

new text begin Interagency Appraisal and Evaluation Guidelines. new text end

new text begin "Interagency Appraisal
and Evaluation Guidelines" means the appraisal and evaluation guidelines provided by a
federal financial institution's regulatory agency, as provided by Federal Register, volume
75, page 77450 (2010), as amended.
new text end

Sec. 3.

Minnesota Statutes 2018, section 82B.03, is amended by adding a subdivision to
read:

new text begin Subd. 3. new text end

new text begin Evaluations. new text end

new text begin A licensed real estate appraiser may provide an evaluation. When
providing an evaluation, a licensed real estate appraiser is not engaged in real estate appraisal
activity and is not subject to this chapter. An evaluation by a licensed real estate appraiser
under this subdivision must contain a disclosure that the evaluation is not an appraisal.
new text end

Sec. 4.

Minnesota Statutes 2018, 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,
"classroom course" means an educational process where there is no geographic separation
between the instructor and the learner.
new text end

new text begin (b) Notwithstanding section 45.30, subdivisions 1 and 6, the commissioner must grant
a licensee continuing education credit for a classroom course completed out of state if:
new text end

new text begin (1) the course has been approved for continuing education credit by the regulator of
appraisers in at least two other states, provided the continuing education requirements in
the approving states comply with the Appraiser Qualifications Board requirements;
new text end

new text begin (2) the course content, textbooks, and examinations are substantially similar to those
used in Minnesota; and
new text end

new text begin (3) the licensee provides the commissioner with:
new text end

new text begin (i) a request for credit for a continuing education course completed out of state;
new text end

new text begin (ii) a certificate of successful course completion from the educator; and
new text end

new text begin (iii) a fee to be determined by the commissioner.
new text end

new text begin (c) The commissioner must grant a licensee the same number of continuing education
credits for a classroom course as the number approved by the out-of-state appraisal regulatory
authority. If other states have approved a different number of continuing education credits
for a course, the commissioner must grant a licensee credit for the highest number of credits
approved by another state.
new text end

new text begin (d) This subdivision does not apply to continuing education courses subject to section
45.306.
new text end

Sec. 5.

Minnesota Statutes 2018, section 82B.195, is amended by adding a subdivision to
read:

new text begin Subd. 5. new text end

new text begin Evaluations. new text end

new text begin When providing an evaluation, a licensed real estate appraiser is
not required to comply with the Uniform Standards of Professional Appraisal Performance.
new text end

Sec. 6. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 to 5 are effective August 1, 2020.
new text end