SF2665 Summary

• Expands the Commissioner of Commerce's authority to assess investigation costs to entities licensed under chapters 60K, 82, or 82B, with exemption from charges if investigation results in no violation.

• Defines "appraisal management company" as entities administering networks of more than 15 Minnesota-licensed appraisers or 25+ appraisers across multiple states, or serving as third-party brokers for appraisal services.

• Requires appraisal management companies to compensate appraisers with reasonable and customary fees based on property type, scope of work, timeline, appraiser qualifications, experience, and work quality.

• Mandates appraisal management companies separately disclose appraiser fees and management fees to clients, and prohibits them from preventing appraisers from recording their paid fees in appraisal reports.

• Establishes 30-day payment requirement for appraisal management companies to pay independent contractor appraisers, with exceptions for contract breaches or documented errors.