MI HB5860

Amends the definition of "appraisal" to exclude market analyses performed by licensed real estate brokers for non-federally related transactions if labeled in boldfaced print as a market analysis, not an appraisal.

Incorporates Appraiser Qualifications Board (AQB) criteria from the Appraisal Foundation as the basis for appraiser education, examination, and experience requirements for state licensure.

Requires licensees performing appraisals to utilize Uniform Standards of Professional Appraisal Practice (USPAP) in effect at the time of engagement, with authority for the director to supplement or adopt amendments by rule.

Grants the director authority to supplement or adopt by reference amendments to USPAP and changes from federal financial institution regulatory agencies relative to federally related transactions, if not in conflict with federal requirements.

Effective January 1, 2015.