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
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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.
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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:
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5. 440.03 (13) (b) 5s. of the statutes is created to read:
440.03 (13) (b) 5s. Appraisal management company.
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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.
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Section
7. Subchapter I (title) of chapter 458 [precedes 458.01] of the statutes is created to read:
chapter 458
subchapter I
general provisions
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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).
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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17. Subchapter II (title) of chapter 458 [precedes 458.055] of the statutes is created to read:
chapter 458
subchapter II
real estate appraisers
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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.
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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.
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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.
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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:
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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.
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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).
113,24
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24. 458.21 of the statutes is amended to read:
458.21 Appraisals in federally related transactions; annual registry fee required. Each certified appraiser or licensed appraiser who performs or desires to perform an appraisal in a federally related transaction shall pay to the department the annual registry fee required by the federal financial institutions examination council appraisal subcommittee or its successor agency.
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25. 458.26 (2) of the statutes is amended to read:
458.26 (2) The department shall present the findings of any investigation of an appraiser or an applicant for a certificate under this chapter subchapter to the board for its consideration. The department shall, upon motion of the board, and may, upon its own determination, commence disciplinary proceedings on any matter under investigation concerning a certified appraiser, licensed appraiser or applicant.
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26. 458.26 (3) (intro.) of the statutes is amended to read:
458.26 (3) (intro.) Disciplinary proceedings shall be conducted by the board according to the rules promulgated under s. 440.03 (1). The department may deny any certificate under this chapter subchapter, and the board may limit, suspend or revoke any certificate under this chapter subchapter or reprimand or impose additional continuing education requirements on the holder of a certificate under this chapter subchapter, if the department or board finds that the applicant for or holder of the certificate has done any of the following:
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27. 458.26 (3) (i) of the statutes is amended to read:
458.26 (3) (i) Violated this chapter subchapter or any rule promulgated under this chapter subchapter.
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28. 458.26 (4) of the statutes is amended to read:
458.26 (4) In addition to or in lieu of a reprimand or denial, limitation, suspension or revocation of a certificate under sub. (3), the board may assess against a certified appraiser, licensed appraiser or applicant for a certificate under this chapter subchapter a forfeiture of not less than $100 nor more than $1,000 for each violation enumerated under sub. (3).
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Section
29. 458.30 of the statutes is amended to read:
458.30 Penalties. Any person who violates this chapter subchapter or any rule promulgated under this chapter subchapter may be fined not more than $1,000 or imprisoned for not more than 6 months or both.
113,30
Section
30. Subchapter III of chapter 458 [precedes 458.31] of the statutes is created to read:
chapter 458
subchapter III
REAL ESTATE Appraisal
management companies
458.31 Definitions. In this subchapter:
(1) “Appraisal management company” has the meaning given in
12 CFR 34.211 (c).
(2) “Appraisal management services” has the meaning given in
12 CFR 34.211 (d).
(3) (a) Except as provided in par. (b), “appraisal review" means the process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal assignment or appraisal review assignment related to the appraiser's data collection, analysis, opinions, conclusions, estimate of value, or compliance with the Uniform Standards of Professional Appraisal Practice described in s. 458.24.
(b) “Appraisal review" does not include any of the following: