as introduced - 91st Legislature (2019 - 2020) Posted on 02/20/2020 01:16pm
Engrossments | ||
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Introduction | Posted on 02/20/2020 |
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:
Minnesota Statutes 2018, section 82B.021, is amended by adding a subdivision
to read:
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"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.
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Minnesota Statutes 2018, section 82B.021, is amended by adding a subdivision to
read:
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"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.
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Minnesota Statutes 2018, section 82B.03, is amended by adding a subdivision to
read:
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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.
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Minnesota Statutes 2018, section 82B.19, is amended by adding a subdivision to
read:
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(a) For purposes of this subdivision,
"classroom course" means an educational process where there is no geographic separation
between the instructor and the learner.
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(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:
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(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;
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(2) the course content, textbooks, and examinations are substantially similar to those
used in Minnesota; and
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(3) the licensee provides the commissioner with:
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(i) a request for credit for a continuing education course completed out of state;
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(ii) a certificate of successful course completion from the educator; and
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(iii) a fee to be determined by the commissioner.
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(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.
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(d) This subdivision does not apply to continuing education courses subject to section
45.306.
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Minnesota Statutes 2018, section 82B.195, is amended by adding a subdivision to
read:
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When providing an evaluation, a licensed real estate appraiser is
not required to comply with the Uniform Standards of Professional Appraisal Performance.
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Sections 1 to 5 are effective August 1, 2020.
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