Title Minnesota Statutes, Minnesota Statutes

82C.04 TERM OF LICENSE. Initial licenses issued under this chapter are valid for a period not to exceed one year. Each initial license must expire on August 31 of the expiration year assigned by the commissioner. History: 2010 c 347 art 6 s 12

82C.05 LICENSE RENEWAL. § Subdivision 1.Term. Licenses renewed under this chapter are valid for a period of 12 months. § Subd. 2.Timely renewal. (a) Application for timely renewal of a license is considered timely filed if received by the commissioner before the date of the licen…

82C.06 EXEMPTIONS. This chapter does not apply to: (1) a person that exclusively employs appraisers on an employer and employee basis for the performance of appraisals, and: (i) the employer is responsible for ensuring that the appraisals are performed by employees in accordance …

82C.07 CONSENT TO SERVICE OF PROCESS. Each entity applying for a license as an appraisal management company in this state shall complete an irrevocable Uniform Consent to Service of Process as prescribed by the commissioner. History: 2010 c 347 art 6 s 15

82C.08 LICENSING FEES. § Subdivision 1.Establishment and retention. Except as provided in subdivision 2, paragraph (c), the fees shall be retained by the commissioner for the sole purpose of administering this licensing and regulation program. § Subd. 2.Amounts. (a) Each applicat…

82C.09 INVESTIGATIONS AND SUBPOENAS. The commissioner has under this chapter the same powers with respect to chapter 45.027, including the authority to impose a civil penalty not to exceed $10,000 per violation. History: 2010 c 347 art 6 s 17

82C.10 EMPLOYEE REQUIREMENTS. An employee of the appraisal management company that has the responsibility to review the work of employed and independent appraisers where the subject properties are located within this state, which include the reviewer's opinion of value or concurr…

82C.11 LIMITATIONS. An appraisal management company licensed in this state pursuant to this chapter may enter into contracts or agreements for appraisal assignments in this state only with an employee or independent appraiser holding an active Minnesota real estate appraiser lice…

82C.12 ADHERENCE TO STANDARDS. An appraisal management company must have a system in place to review the work of all employed and independent appraisers that are performing real estate appraisal assignments for the appraisal management company on a periodic basis to verify that t…

82C.13 RECORD KEEPING. An appraisal management company must maintain a detailed record of each service request that it receives and the employee appraiser or independent appraiser that performs the appraisal assignment for the appraisal management company. Records must be kept fo…

82C.14 APPRAISER INDEPENDENCE; PROHIBITIONS. (a) It is unlawful for any employee, director, officer, or agent of an appraisal management company licensed in this state pursuant to this chapter to influence or attempt to influence the development, reporting, or review of an apprai…

82C.15 ADJUDICATION OF DISPUTES BETWEEN AN APPRAISAL MANAGEMENT COMPANY AND AN INDEPENDENT APPRAISER. An appraisal management company may not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an independent …

82C.16 DENIAL, SUSPENSION, OR REVOCATION OF LICENSES. § Subdivision 1.Powers of commissioner. (a) The commissioner may by order take any or all of the following actions: (1) bar a person from serving as an officer, director, partner, controlling person, or any similar role at an …

82C.17 REASONABLE AND CUSTOMARY FEES. § Subdivision 1.Fees. An appraisal management company shall compensate appraisers with fees that are reasonable and customary for appraisal services performed in the market area of the property being appraised. § Subd. 2.Evidence. (a) An appr…