Section 82C.01 — Title.
82C.01 TITLE. This chapter shall be known as the “Minnesota Appraisal Management Company Licensing and Regulation Act.” History: 2010 c 347 art 6 s 9
Section 82C.02 — Definitions.
82C.02 DEFINITIONS. Subdivision 1. Terms. As used in this chapter, the terms in this section have the meanings given them. Subd. 2. Appraisal. In conformance with the Uniform Standards of Professional Appraisal Practice (USPAP), “appraisal” is defined as: (noun) the act or process of developing an opinion of value; an opinion of value; (adjective) of […]
Section 82C.025 — Appraiser Panel; Annual Size Calculation.
82C.025 APPRAISER PANEL; ANNUAL SIZE CALCULATION. (a) For purposes of determining whether, within a 12-month period, an appraisal management company oversees an appraiser panel of more than 15 Minnesota state-licensed or state-certified real property appraisers employed as independent contractors or 25 or more state-certified or state-licensed appraisers employed as independent contractors in two or more […]
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 […]
Section 82C.06 — Exemptions.
82C.06 EXEMPTIONS. This chapter does not apply to: (1) a person that exclusively employs appraisers on an employer and employee basis for the performance of appraisals, and: (i) the employer is responsible for ensuring that the appraisals are performed by employees in accordance with USPAP; and (ii) the employer accepts all liability associated with the […]
Section 82C.07 — Consent To Service Of Process.
82C.07 CONSENT TO SERVICE OF PROCESS. Each entity applying for a license as an appraisal management company in this state shall complete an irrevocable Uniform Consent to Service of Process as prescribed by the commissioner. History: 2010 c 347 art 6 s 15
Section 82C.08 — Licensing Fees.
82C.08 LICENSING FEES. Subdivision 1. Establishment and retention. Except as provided in subdivision 2, paragraph (c), the fees shall be retained by the commissioner for the sole purpose of administering this licensing and regulation program. Subd. 2. Amounts. (a) Each application for initial licensure shall be accompanied by a fee of $5,000. (b) Each application […]
Section 82C.09 — Investigations And Subpoenas.
82C.09 INVESTIGATIONS AND SUBPOENAS. The commissioner has under this chapter the same powers with respect to chapter 45.027, including the authority to impose a civil penalty not to exceed $10,000 per violation. History: 2010 c 347 art 6 s 17
Section 82C.10 — Employee Requirements.
82C.10 EMPLOYEE REQUIREMENTS. An employee of the appraisal management company that has the responsibility to review the work of employed and independent appraisers where the subject properties are located within this state, which include the reviewer’s opinion of value or concurrence with the original appraiser’s value, must be licensed according to chapter 82B and perform […]
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 […]