Section 82C.11 — Limitations.
82C.11 LIMITATIONS. An appraisal management company licensed in this state pursuant to this chapter may enter into contracts or agreements for appraisal assignments in this state only with an employee or independent appraiser holding an active Minnesota real estate appraiser license pursuant to chapter 82B. History: 2010 c 347 art 6 s 19
Section 82C.12 — Adherence To Standards.
82C.12 ADHERENCE TO STANDARDS. An appraisal management company must have a system in place to review the work of all employed and independent appraisers that are performing real estate appraisal assignments for the appraisal management company on a periodic basis to verify that the real estate appraisal services are being conducted in accordance with USPAP […]
Section 82C.13 — Record Keeping.
82C.13 RECORD KEEPING. An appraisal management company must maintain a detailed record of each service request that it receives and the employee appraiser or independent appraiser that performs the appraisal assignment for the appraisal management company. Records must be kept for a period of at least five years after the appraisal assignment request is sent […]
Section 82C.14 — Appraiser Independence; Prohibitions.
82C.14 APPRAISER INDEPENDENCE; PROHIBITIONS. (a) It is unlawful for any employee, director, officer, or agent of an appraisal management company licensed in this state pursuant to this chapter to influence or attempt to influence the development, reporting, or review of an appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, or bribery, including but not limited […]
Section 82C.15 — Adjudication Of Disputes Between An Appraisal Management Company And An Independent Appraiser.
82C.15 ADJUDICATION OF DISPUTES BETWEEN AN APPRAISAL MANAGEMENT COMPANY AND AN INDEPENDENT APPRAISER. An appraisal management company may not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an independent appraiser without: (1) notifying the appraiser in writing of the reasons why the appraiser is […]
Section 82C.16 — Denial, Suspension, Or Revocation Of Licenses.
82C.16 DENIAL, SUSPENSION, OR REVOCATION OF LICENSES. Subdivision 1. Powers of commissioner. (a) The commissioner may by order take any or all of the following actions: (1) bar a person from serving as an officer, director, partner, controlling person, or any similar role at an appraisal management company, if such person has ever been the […]
Section 82C.17 — Reasonable And Customary Fees.
82C.17 REASONABLE AND CUSTOMARY FEES. Subdivision 1. Fees. An appraisal management company shall compensate appraisers with fees that are reasonable and customary for appraisal services performed in the market area of the property being appraised. Subd. 2. Evidence. (a) An appraisal management company can evidence that the fees paid to an appraiser were reasonable and […]
Section 82C.03 — Licensing.
82C.03 LICENSING. Subdivision 1. Requirement. It is unlawful for a person, corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity to directly or indirectly engage or attempt to engage in business as an appraisal management company, to directly or indirectly engage or attempt to perform appraisal management services, or to advertise or hold itself […]
Section 82C.04 — Term Of License.
82C.04 TERM OF LICENSE. Initial licenses issued under this chapter are valid for a period not to exceed one year. Each initial license must expire on August 31 of the expiration year assigned by the commissioner. History: 2010 c 347 art 6 s 12
Section 82C.05 — License Renewal.
82C.05 LICENSE RENEWAL. Subdivision 1. Term. Licenses renewed under this chapter are valid for a period of 12 months. Subd. 2. Timely renewal. (a) Application for timely renewal of a license is considered timely filed if received by the commissioner before the date of the license expiration. (b) An application for renewal is considered properly […]