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Minnesota Legislature

Office of the Revisor of Statutes

SF 2991

3rd Engrossment - 90th Legislature (2017 - 2018) Posted on 05/16/2018 01:22pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to commerce; regulating real estate appraisals; authorizing broker license
reinstatement in certain instances; creating an advisory board; prescribing its duties;
amending Minnesota Statutes 2016, sections 13D.08, by adding a subdivision;
82.62, by adding a subdivision; proposing coding for new law in Minnesota
Statutes, chapter 82B.

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

Section 1.

Minnesota Statutes 2016, section 13D.08, is amended by adding a subdivision
to read:


new text begin Subd. 19. new text end

new text begin Real Estate Appraisal Advisory Board. new text end

new text begin Certain meetings of the Real Estate
Appraisal Advisory Board are governed by section 82B.073, subdivision 5.
new text end

Sec. 2.

Minnesota Statutes 2016, section 82.62, is amended by adding a subdivision to
read:


new text begin Subd. 6a. new text end

new text begin Commissioner discretion to reinstate license. new text end

new text begin For individuals who were
licensed as a broker prior to 1990, the commissioner may enter into an order to reinstate a
license revoked or suspended for a failure to renew under subdivision 6, without necessity
for reexamination or additional experience requirements, provided the individual submits
payment for all prior past due renewal fees and demonstrates compliance with all continuing
education requirements under section 82.61.
new text end

Sec. 3.

new text begin [82B.073] REAL ESTATE APPRAISAL ADVISORY BOARD.
new text end

new text begin Subdivision 1. new text end

new text begin Creation; appointments. new text end

new text begin (a) The Real Estate Appraisal Advisory Board
is created and composed of seven persons appointed by the commissioner. Members are
appointed to the board subject to the following conditions:
new text end

new text begin (1) members must currently be, and have been for the past five years, residents of this
state;
new text end

new text begin (2) the membership of the board must reasonably reflect the geographic distribution of
the population of this state;
new text end

new text begin (3) one member must be currently licensed as, and have been actively engaged and in
good standing for the past five years as, a certified general real property appraiser;
new text end

new text begin (4) two members must be currently licensed as, and have been actively engaged and in
good standing for the past five years as, a certified residential real property appraiser;
new text end

new text begin (5) one member must be currently licensed as, and have been actively engaged and in
good standing for the past five years as, a real estate appraiser and as a real estate broker
or salesperson under chapter 82;
new text end

new text begin (6) one member must represent appraisal management companies, as defined in section
82C.02, subdivision 4, as evidenced by the member's employment with an appraisal
management company;
new text end

new text begin (7) one member must represent the interests of the general public and have knowledge
of the real estate business; and
new text end

new text begin (8) the commissioner must be a member.
new text end

new text begin (b) In making appointments under paragraph (a), clauses (3) and (4), the commissioner
must consider recommendations by members and the Minnesota chapters of any nationally
recognized real estate appraisal organization.
new text end

new text begin (c) In making the appointment under paragraph (a), clause (5), the commissioner must
consider recommendations by members and organizations representing the real estate
industry.
new text end

new text begin (d) In making the appointment under paragraph (a), clause (6), the commissioner must
consider recommendations by members and appraisal management companies.
new text end

new text begin Subd. 2. new text end

new text begin Terms. new text end

new text begin The terms, compensation, and removal of members, other than the
commissioner, are governed by section 15.059. Members are limited to serving two full
terms on the board.
new text end

new text begin Subd. 3. new text end

new text begin Quorum. new text end

new text begin A majority of the board members constitutes a quorum. If there is a
vacancy in the membership of the board, a majority of the remaining members of the board
constitute a quorum.
new text end

new text begin Subd. 4. new text end

new text begin Meetings. new text end

new text begin The board shall meet at least quarterly and may be convened, upon
ten days' written notice, by the chair or by three members of the board.
new text end

new text begin Subd. 5. new text end

new text begin Open meetings. new text end

new text begin Meetings of the board shall comply with chapter 13D.
new text end

new text begin Subd. 6. new text end

new text begin Chair. new text end

new text begin The board shall, annually at the first meeting of the calendar year, elect
a chair from its members. The chair shall preside over the meetings and shall coordinate
with the commissioner in developing and distributing an agenda for each meeting.
new text end

new text begin Subd. 7. new text end

new text begin Commissioner's report. new text end

new text begin The commissioner shall provide a quarterly report to
the board that includes a summarized list of:
new text end

new text begin (1) appraisal courses and seminars that were not approved for continuing education
credit and the reason for the denial; and
new text end

new text begin (2) public disciplinary actions taken by the commissioner against a real estate appraiser.
new text end

new text begin Subd. 8. new text end

new text begin Duties. new text end

new text begin The board shall advise, provide input, and suggest best practices to the
commissioner regarding real estate appraisers, including, but not limited to, licensing, public
disciplinary matters, continuing education, and industry-related trends.
new text end

new text begin Subd. 9. new text end

new text begin Expiration. new text end

new text begin The board expires January 1, 2030.
new text end

Sec. 4. new text beginFIRST MEETING OF REAL ESTATE APPRAISAL ADVISORY BOARD.
new text end

new text begin (a) The commissioner shall specify three members to serve terms that are coterminous
with the governor and four members to serve terms that expire on the first Monday in January
one year after the terms of the other members.
new text end

new text begin (b) The commissioner of commerce shall make the first appointments to the Real Estate
Appraisal Advisory Board by September 1, 2018. The commissioner of commerce shall
convene the first meeting of the Real Estate Appraisal Advisory Board under Minnesota
Statutes, section 82B.073, by November 1, 2018. All other meetings shall be convened in
accordance with Minnesota Statutes, section 82B.073, subdivision 4.
new text end