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SF 3503

2nd Engrossment - 92nd Legislature (2021 - 2022) Posted on 06/13/2022 08:34am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - 2nd Engrossment

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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 damage acquisition 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 have 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 student.
new text end

new text begin (b) Notwithstanding section 45.30, subdivisions 1 and 6, a real estate appraiser 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 a real estate appraiser continuing education
credit if:
new text end

new text begin (1) the application is submitted on or before August 1 of the year in which the real estate
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 real estate appraisers in at least one other state or United States
territory; and
new text end

new text begin (3) an application is submitted by the real estate appraiser to the commissioner within
30 days of successful completion of the synchronous educational offering.
new text end

new text begin (c) The application must include a certificate of successful completion from the
synchronous educational offering provider. The commissioner must grant a real estate
appraiser the same number of continuing education credits for the successful completion
of the synchronous educational offering as was approved for the offering by the out-of-state
real estate appraiser regulatory authority. The commissioner must grant a real estate appraiser
continuing education credit within 60 days of the submission of the completed application
for out-of-state continuing education credit.
new text end

new text begin (d) The commissioner may charge a fee to a real estate appraiser, in an amount to be
determined by the commissioner, to submit an application under this subdivision.
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 beginWithin 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 An appraiser licensed after September 1, 2021, must
complete the course required by this section prior to the appraiser's 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 company
deleted 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 beginEFFECTIVE DATE.
new text end

new text begin Sections 1 to 4 are effective September 1, 2022.
new text end