HF3576 Summary

• Defines "evaluation" as an opinion on real property value made according to federal Interagency Appraisal and Evaluation Guidelines for transactions where federal law does not require an appraisal.

• Allows licensed real estate appraisers to provide evaluations without being subject to state appraisal regulations, provided evaluations include a disclosure that they are not appraisals.

• Permits Minnesota to grant continuing education credit for classroom courses completed out-of-state if approved by regulators in at least two other states and content is substantially similar to Minnesota standards.

• Exempts evaluations provided by licensed appraisers from compliance with the Uniform Standards of Professional Appraisal Performance.

• Effective date: August 1, 2020.