SF 785

1st Engrossment - 92nd Legislature (2021 - 2022) Posted on 11/09/2021 01:12pm

A bill for an act
relating to commerce; allowing continuing education credit, evaluations, and
modifying standards of conduct for real property appraisers; amending Minnesota
Statutes 2020, sections 45.305, subdivision 1, by adding a subdivision; 45.306, by
adding a subdivision; 82B.021, by adding subdivisions; 82B.03, by adding a
subdivision; 82B.195, by adding a subdivision; proposing coding for new law in
Minnesota Statutes, chapter 82B; repealing Minnesota Statutes 2020, section
45.306, subdivision 1.

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

Section 1.

Minnesota Statutes 2020, section 45.305, subdivision 1, is amended to read:

Subdivision 1.

deleted text begin Appraiser and deleted text end Insurance Internet prelicense courses.

The design and
delivery of deleted text begin an appraiser prelicense education course or deleted text end an insurance prelicense education
course must be approved by the International Distance Education Certification Center
(IDECC) before the course is submitted for the commissioner's approval.

Sec. 2.

Minnesota Statutes 2020, section 45.305, is amended by adding a subdivision to
read:

new text begin Subd. 1a. new text end

new text begin Appraiser Internet prelicense courses. new text end

new text begin The requirements for the design and
delivery of an appraiser prelicense education course are the requirements established by the
Appraiser Qualifications Board of the Appraisal Foundation and published in the most
recent version of the Real Property Appraiser Qualification Criteria.
new text end

Sec. 3.

Minnesota Statutes 2020, section 45.306, is amended by adding a subdivision to
read:

new text begin Subd. 1a. new text end

new text begin Appraiser Internet continuing education courses. new text end

new text begin The requirements for the
design and delivery of an appraiser continuing education course are the requirements
established by the Appraiser Qualifications Board of the Appraisal Foundation and published
in the most recent version of the Real Property Appraiser Qualification Criteria.
new text end

Sec. 4.

Minnesota Statutes 2020, section 82B.021, is amended by adding a subdivision to
read:

new text begin Subd. 14a. new text end

new text begin Evaluation. new text end

new text begin "Evaluation" means an estimate of 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. 5.

Minnesota Statutes 2020, 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. 6.

Minnesota Statutes 2020, section 82B.03, is amended by adding a subdivision to
read:

new text begin Subd. 3. new text end

new text begin Evaluation. 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. 7.

Minnesota Statutes 2020, section 82B.195, is amended by adding a subdivision to
read:

new text begin Subd. 5. new text end

new text begin Evaluation. 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 Practice.
new text end

Sec. 8.

new text begin [82B.25] VALUATION BIAS.
new text end

new text begin Subdivision 1. new text end

new text begin Definition. new text end

new text begin For the purposes of this section, "valuation bias" means to
explicitly, implicitly, or structurally select data and apply that data to an appraisal
methodology or technique in a biased manner that harms a protected class, as defined by
the Fair Housing Act of 1968, and its amendments.
new text end

new text begin Subd. 2. new text end

new text begin Education. new text end

new text begin Within two years of receiving a license under this chapter, and as
required by the Appraiser Qualifications Board, a real property appraiser shall provide
evidence of satisfactory completion to the commissioner of a continuing education course
on the valuation bias of real property.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective September 1, 2021. A real property
appraiser who has received their license prior to the effective date of this section must
complete the course required by this section by August 31, 2023.
new text end

Sec. 9. new text begin APPRAISER INTERNET COURSE REQUIREMENTS.
new text end

new text begin Notwithstanding Minnesota Statutes, sections 45.305, subdivision 1a, and 45.306,
subdivision 1a, education providers may submit to the commissioner of commerce for
approval a classroom course under Minnesota Statutes, section 45.2, subdivision 2a, clause
(3), or a distance learning course, as defined in Minnesota Statutes, section 45.25, subdivision
5a, that has not been approved by the International Distance Education Certification Center.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment and
expires after the peacetime emergency declared by the governor in an executive order that
relates to the infectious disease known as COVID-19 is terminated or rescinded or December
31, 2021, whichever is later.
new text end

Sec. 10. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2020, section 45.306, subdivision 1, new text end new text begin is repealed.
new text end

APPENDIX

Repealed Minnesota Statutes: S0785-1

45.306 CONTINUING EDUCATION COURSES OFFERED OVER THE INTERNET.

No active language found for: 45.306.1