Title Minnesota Statutes, Minnesota Statutes

82B.21 CLASSIFICATION OF SERVICES. A client or employer may retain or employ a licensed real estate appraiser to act as a disinterested third party in giving an unbiased estimate of value or analysis; to provide a market analysis to facilitate the client's or employer's objective…

82B.22 CONTINGENT FEES. A licensed real estate appraiser may not accept a commission for an appraisal assignment that is contingent upon the appraiser reporting a predetermined estimate, analysis, or opinion, or is contingent upon the opinion, conclusion, or valuation reached, or…

82B.23 FEDERAL CERTIFICATION. § Subdivision 1.Requirement. The commissioner shall certify and transmit to the Appraisal Subcommittee established pursuant to the Federal Institutions Reform, Recovery, and Enforcement Act of 1989, Public Law 100-73, the names of those licensees who…

82B.24 PRIVATE RIGHT OF ACTION. § Subdivision 1.Remedies. Any person injured by a violation of the standards, duties, prohibitions, or requirements of section 82B.20 or 82B.22 shall have a private right of action and the court shall award: (1) actual, incidental, and consequentia…

82C.01 TITLE. This chapter shall be known as the "Minnesota Appraisal Management Company Licensing and Regulation Act." History: 2010 c 347 art 6 s 9

82C.02 DEFINITIONS. § Subdivision 1.Terms. As used in this chapter, the terms in this section have the meanings given them. § Subd. 2.Appraisal. In conformance with the Uniform Standards of Professional Appraisal Practice (USPAP), "appraisal" is defined as: (noun) the act or proc…

82C.025 APPRAISER PANEL; ANNUAL SIZE CALCULATION. (a) For purposes of determining whether, within a 12-month period, an appraisal management company oversees an appraiser panel of more than 15 Minnesota state-licensed or state-certified real property appraisers employed as indepe…

82C.03 LICENSING. § Subdivision 1.Requirement. It is unlawful for a person, corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity to directly or indirectly engage or attempt to engage in business as an appraisal management company, to directly …

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…

83.20 DEFINITIONS. § Subdivision 1.Advertisement. "Advertisement" means any written or printed communication or any communication by telephone or transmitted on radio, television, electronic means or similar communications media published in connection with the offer or sale of s…

83.21 COMMISSIONER OF COMMERCE TO ADMINISTER. Sections 83.20 to 83.42, 83.43 and 83.44 shall be administered by the commissioner of commerce. History: 1973 c 413 s 2; 1980 c 516 s 2; 1983 c 289 s 114 subd 1; 1984 c 452 s 6; 1984 c 655 art 1 s 92

83.22 CITATION. Sections 83.20 to 83.42 may be cited as the "Minnesota Subdivided Land Sales Practices Act." History: 1973 c 413 s 3

83.23 REGISTRATION REQUIREMENT. § Subdivision 1.Registration. It is unlawful for any person to offer or sell an interest in subdivided lands in this state unless the interest is registered under this section or the subdivided land or the transaction is exempt under section 83.26.…

83.24 PUBLIC OFFERING STATEMENT. § Subdivision 1.Delivery. A public offering statement shall be delivered to each person to whom an offer is made before or concurrently with (a) the first written offer other than offer by means of a public advertisement, or (b) any payment pursua…

83.25 LICENSE. § Subdivision 1.Requirement. No person shall offer or sell in this state any interest in subdivided lands without having obtained: (1) a license under chapter 82; and (2) MS 2002 [Expired, 2001 c 208 s 20] § Subd. 2.Application of other licensing provisions. Every …

83.26 EXEMPTIONS. § Subdivision 1.Generally; lands. Unless the method of offer or sale is adopted for the purpose of evasion of sections 83.20 to 83.42, 83.43 and 83.44, the following subdivided lands are exempted from sections 83.20 to 83.42: (a) any lands offered or sold by the…

83.27 INQUIRY AND EXAMINATION. The commissioner may investigate any subdivision required to be registered under sections 83.20 to 83.42, 83.43 and 83.44 for the purpose of verifying statements contained in the application for registration or the public offering statement. For the…

83.28 SALES CONTRACT; RESCISSION. § Subdivision 1.Contract; form restrictions. Every contract for sale relating to subdivided land shall (1) state clearly the legal description of the lot, unit, parcel, or interest disposed of; (2) contain the disclosure substantially similar to …

83.29 REGISTRATION. § Subdivision 1.Commissioner's registration duties. Upon compliance with all the provisions of sections 83.20 to 83.42 applicable to the application for registration and with the requirements of the commissioner, and if the commissioner finds no grounds for de…

83.30 ANNUAL REPORT. § Subdivision 1.Form; due date. During the period a registration is effective, the subdivider shall file an annual report in a format the commissioner may by rule prescribe for subdivisions under section 83.23, subdivision 3. Subdividers under section 83.23, …

83.31 CHANGES SUBSEQUENT TO REGISTRATION. § Subdivision 1.Report of sales. The commissioner may by rule or order require the subdivider or subdivider's agent to submit reports of sales. § Subd. 2.Report of material changes. A subdivider or subdivider's agent shall within 30 days …

83.32 INSPECTION OF RECORDS. All records of a subdivider and the subdivider's agents pertaining to the advertising or disposition of subdivided lands shall be maintained by the subdivider and the subdivider's agents and be subject to inspection by the commissioner. The commission…

83.33 BLANKET ENCUMBRANCE SALES AND OTHER PROHIBITED ACTS. § Subdivision 1.Compliance with rules. A person may not sell lots, units, parcels, or interests within a subdivision subject to a blanket encumbrance without having complied with such rules as the commissioner may promulg…

83.35 ENFORCEMENT; POWERS OF COMMISSIONER. § Subdivision 1.Registration; revocation or suspension. After notice and hearing, the commissioner may suspend or revoke a registration on finding that the subdivider or person has: (1) violated any provision of sections 83.20 to 83.42, …

83.36 INJUNCTIONS; RECEIVERS. If it appears that a person has engaged or is about to engage in an act or practice constituting a violation of sections 83.20 to 83.42, 83.43 and 83.44 or order hereunder, the commissioner, with or without prior administrative proceedings, may bring…

83.37 PENALTIES; CIVIL REMEDIES. § Subdivision 1.Civil fine. Any person who violates section 83.23, 83.24, 83.28, 83.29, or 83.44 shall be subject to a fine of not more than $1,000 for each violation. A fine authorized by this subdivision may be imposed in a civil action brought …

83.38 ADMINISTRATIVE PRONOUNCEMENTS. § Subdivision 1.Rulemaking. The commissioner may adopt rules to implement the provisions of sections 83.20 to 83.42. The rules may include but shall not be limited to: (a) provisions for advertising standards to assure full and fair disclosure…

83.39 SERVICE OF PROCESS. § Subdivision 1.Procedure. Every applicant for registration under sections 83.20 to 83.42, 83.43 and 83.44 shall file with the commissioner, in a format as by rule may be prescribed, an irrevocable consent appointing the commissioner or commissioner's su…

83.40 SCOPE OF SECTIONS 83.20 TO 83.42, 83.43 AND 83.44. § Subdivision 1.In-state offer or sale. The provisions of sections 83.20 to 83.42, 83.43 and 83.44 concerning offers and sales of subdivided lands apply when an offer or sale is made in this state. § Subd. 2.In-state offer …

83.41 INTERSTATE RENDITION. In the proceedings for extradition of a person charged with a crime under sections 83.20 to 83.42, 83.43 and 83.44, it need not be shown that the person whose surrender is demanded has fled from justice or at the time of the commission of the crime was…

83.42 STATUTE OF LIMITATIONS. The statute of limitations for actions arising under this chapter shall be three years and shall not begin to run with respect to any cause of action under this chapter, other than those set forth in section 83.37, subdivision 4, clause (d), until a …

83.43 CRIMINAL PENALTIES. Any person who willfully violates any provision of section 83.23 or 83.44 or any order of the commissioner under sections 83.20 to 83.42, this section, and 83.44 of which the person has notice, may be fined not more than $10,000 or imprisoned not more th…

83.44 PROHIBITED PRACTICES. It is unlawful for any person, in connection with the offer or sale of any subdivided land or interests therein, directly or indirectly: (a) to employ any device, scheme, or artifice to defraud; (b) to make any untrue statement of a material fact or to…