Date of enactment: November 30, 2017
2017 Senate Bill 453   Date of publication*: December 1, 2017
* Section 991.11, Wisconsin Statutes: Effective date of acts. “Every act and every portion of an act enacted by the legislature over the governor's partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication."
2017 WISCONSIN ACT 113
An Act to amend 15.405 (10r) (a) 3., 20.165 (1) (g), 440.03 (9) (a) (intro.), 458.03 (1) (c), 458.03 (2), 458.03 (3) (a), 458.03 (3) (b), 458.085 (1), 458.085 (2), 458.085 (3), 458.095 (intro.), 458.105, 458.13, 458.21, 458.26 (2), 458.26 (3) (intro.), 458.26 (3) (i), 458.26 (4) and 458.30; and to create 15.405 (10r) (a) 1m., 440.03 (13) (b) 5s., 440.08 (2) (a) 10m., subchapter I (title) of chapter 458 [precedes 458.01], 458.01 (2m), 458.01 (3m), 458.03 (1) (dm), 458.03 (3) (c), 458.04 (3), subchapter II (title) of chapter 458 [precedes 458.055] and subchapter III of chapter 458 [precedes 458.31] of the statutes; relating to: regulation of appraisal management companies, providing an exemption from emergency rule procedures, granting rule-making authority, and providing a criminal penalty.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
113,1 Section 1. 15.405 (10r) (a) 1m. of the statutes is created to read:
15.405 (10r) (a) 1m. One controlling individual, as defined in s. 458.31 (6). This subdivision does not apply if s. 458.48 applies.
113,2 Section 2. 15.405 (10r) (a) 3. of the statutes is amended to read:
15.405 (10r) (a) 3. Three Two public members or, if s. 458.48 applies, 3 public members.
113,3 Section 3 . 20.165 (1) (g) of the statutes is amended to read:
20.165 (1) (g) General program operations. The amounts in the schedule for the licensing, rule making, and regulatory functions of the department, other than the licensing, rule-making, and credentialing functions of the medical examining board and the affiliated credentialing boards attached to the medical examining board and except for preparing, administering, and grading examinations. Ninety percent of all moneys received under chs. 440 to 480, except ch. 448 and ss. 440.03 (13), 440.05 (1) (b), 458.21, and 458.365, less $10 of each renewal fee received under s. 452.12 (5); all moneys transferred from the appropriation under par. (i); and all moneys received under s. 440.055 (2), shall be credited to this appropriation.
113,4 Section 4 . 440.03 (9) (a) (intro.) of the statutes is amended to read:
440.03 (9) (a) (intro.) Subject to pars. (b) and (c) and s. 458.33 (2) (b) and (5), the department shall, biennially, determine each fee for an initial credential for which no examination is required, for a reciprocal credential, and for a credential renewal by doing all of the following:
113,5 Section 5 . 440.03 (13) (b) 5s. of the statutes is created to read:
440.03 (13) (b) 5s. Appraisal management company.
113,6 Section 6. 440.08 (2) (a) 10m. of the statutes is created to read:
440.08 (2) (a) 10m. Appraisal management company: December 15 of each odd-numbered year.
113,7 Section 7 . Subchapter I (title) of chapter 458 [precedes 458.01] of the statutes is created to read:
chapter 458
subchapter I
general provisions
113,8 Section 8. 458.01 (2m) of the statutes is created to read:
458.01 (2m) “Appraisal management company" has the meaning given in 12 CFR 34.211 (c).
113,9 Section 9 . 458.01 (3m) of the statutes is created to read:
458.01 (3m) “Appraisal subcommittee" has the meaning given in 12 USC 3350 (2).
113,10 Section 10. 458.03 (1) (c) of the statutes is amended to read:
458.03 (1) (c) Submit to the board a copy of any legislation proposed by the department relating to appraisers or appraisal management companies or to the board, prior to introduction in the legislature.
113,11 Section 11 . 458.03 (1) (dm) of the statutes is created to read:
458.03 (1) (dm) Transmit the annual registry fees paid to the department under s. 458.365 to the federal financial institutions examination council or its successor agency.
113,12 Section 12. 458.03 (2) of the statutes is amended to read:
458.03 (2) The department may prepare letters and bulletins and conduct clinics disseminating information to appraisers and appraisal management companies.
113,13 Section 13. 458.03 (3) (a) of the statutes is amended to read:
458.03 (3) (a) Advise the secretary on matters relating to appraisers or appraisal management companies or to the board.
113,14 Section 14 . 458.03 (3) (b) of the statutes is amended to read:
458.03 (3) (b) At least once each year, transmit to the appraisal subcommittee of the federal financial institutions examination council, or its successor agency, a roster listing the names and addresses of certified appraisers and licensed appraisers.
113,15 Section 15 . 458.03 (3) (c) of the statutes is created to read:
458.03 (3) (c) Transmit reports to the appraisal subcommittee on a timely basis of supervisory activities involving appraisal management companies or other 3rd-party providers of appraisals and appraisal management services, as defined in s. 458.31 (2), including investigations initiated and disciplinary actions taken.
113,16 Section 16. 458.04 (3) of the statutes is created to read:
458.04 (3) (a) If the secretary creates an advisory committee under s. 15.04 (1) (c), other than an advisory committee under sub. (1), to provide advice to the department on matters relating to appraisal management companies, the advisory committee shall consist of the following members:
1. One controlling individual, as defined in s. 458.31 (6).
2. One public member.
3. One member of the board who is an appraiser, who shall serve as chairperson of the advisory committee.
(b) An advisory committee under par. (a) shall report to the secretary and the board.
113,17 Section 17 . Subchapter II (title) of chapter 458 [precedes 458.055] of the statutes is created to read:
chapter 458
subchapter II
real estate appraisers
113,18 Section 18. 458.085 (1) of the statutes is amended to read:
458.085 (1) Educational requirements for general and residential appraiser certification and for appraiser licensure under this chapter subchapter.
113,19 Section 19. 458.085 (2) of the statutes is amended to read:
458.085 (2) Experience requirements for general and residential appraiser certification and for appraiser licensure under this chapter subchapter.
113,20 Section 20. 458.085 (3) of the statutes is amended to read:
458.085 (3) Continuing education requirements for renewal of certificates issued under this chapter subchapter.
113,21 Section 21. 458.095 (intro.) of the statutes is amended to read:
458.095 Temporary use of titles; appraisers certified or licensed in other states. (intro.) A certificate under this chapter subchapter is not required for an appraiser who holds a current appraiser certificate in another state if all of the following apply:
113,22 Section 22. 458.105 of the statutes is amended to read:
458.105 Certificate number. The department shall assign a certificate number to each individual who is certified or licensed under this chapter subchapter and shall place the number upon each certificate prior to its issuance.
113,23 Section 23. 458.13 of the statutes is amended to read:
458.13 Continuing education requirements. At the time of renewal of a certificate issued under this chapter subchapter, each applicant shall submit proof that, within the 2 years immediately preceding the date on which the renewal application is submitted, he or she has satisfied the continuing education requirements specified in the rules promulgated under s. 458.085 (3).
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