MN SF3043

Reduces Real Estate Appraiser Advisory Board from 15 to 9 members, changing the composition to 2 public members, 1 consumer of appraisal services, and 3 real estate appraisers with specific certification requirements

Creates new licensing and regulation framework for appraisal management companies (AMCs) in Minnesota Statutes Chapter 82C, requiring initial license fee of $5,000 and renewal fee of $2,500

Establishes ownership and controlling person requirements including background investigations, good moral character certification, and prohibits ownership by those with prior regulatory violations or disciplinary actions

Prohibits 14 specific practices by AMCs that could influence appraiser independence, including withholding payment, conditioning fees on valuation opinions, altering appraisal reports, and requiring indemnification agreements

Requires AMCs to verify appraiser licensing, conduct quality control reviews, maintain 5-year records, and make referrals to state regulators for appraiser violations; appropriates $223,000 for program administration through June 30, 2011