SF3435 Summary

• Modifies appraisal management company licensure requirements by adding requirement that applicants provide information necessary for the commissioner to collect and transmit National Registry fees to the Appraisal Subcommittee.

• Expands exemptions to include appraisal management companies that are subsidiaries owned and controlled by financial institutions regulated by federal financial institution regulatory agencies, but these entities must still provide required fees and information for National Registry transmission.

• Establishes that the commissioner must collect fees and information from both state-licensed and federally-regulated appraisal management companies operating in Minnesota and transmit them to the Appraisal Subcommittee for the National Registry.

• Maintains existing licensure fees at $5,000 for initial applications and $2,500 for renewals, with these fees retained by the commissioner for program administration purposes.

• Clarifies that fees collected under National Registry requirements are transmitted to the Appraisal Subcommittee and are excepted from the commissioner's retention of licensing fees.