AB533: Bill Text

AB533,5 Section 5. 440.03 (13) (b) 5s. of the statutes is created to read:

AB533,5,9 440.03 (13) (b) 5s. Appraisal management company.

AB533,6 Section 6. 440.08 (2) (a) 10m. of the statutes is created to read:

AB533,5,12 440.08 (2) (a) 10m. Appraisal management company: December 15 of each odd-numbered year.

AB533,7 Section 7. Subchapter I (title) of chapter 458 [precedes 458.01] of the statutes is created to read:

AB533,5,15 chapter 458

AB533,5,16 subchapter I

AB533,5,17 general provisions

AB533,8 Section 8. 458.01 (2m) of the statutes is created to read:

AB533,5,20 458.01 (2m) “Appraisal management company" has the meaning given in 12 CFR 34.211 (c).

AB533,9 Section 9 . 458.01 (3m) of the statutes is created to read:

AB533,5,23 458.01 (3m) “Appraisal subcommittee" has the meaning given in 12 USC 3350 (2).

AB533,10 Section 10. 458.03 (1) (c) of the statutes is amended to read:

AB533,6,3 458.03 (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.

AB533,11 Section 11. 458.03 (1) (dm) of the statutes is created to read:

AB533,6,7 458.03 (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.

AB533,12 Section 12. 458.03 (2) of the statutes is amended to read:

AB533,6,11 458.03 (2) The department may prepare letters and bulletins and conduct clinics disseminating information to appraisers and appraisal management companies.

AB533,13 Section 13. 458.03 (3) (a) of the statutes is amended to read:

AB533,6,14 458.03 (3) (a) Advise the secretary on matters relating to appraisers or appraisal management companies or to the board.

AB533,14 Section 14. 458.03 (3) (b) of the statutes is amended to read:

AB533,6,19 458.03 (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.

AB533,15 Section 15. 458.03 (3) (c) of the statutes is created to read:

AB533,6,24 458.03 (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.

AB533,16 Section 16. 458.04 (3) of the statutes is created to read:

AB533,7,4 458.04 (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:

AB533,7,5 1. One controlling individual, as defined in s. 458.31 (6).

AB533,7,6 2. One public member.

AB533,7,8 3. One member of the board who is an appraiser, who shall serve as chairperson of the advisory committee.

AB533,7,10 (b) An advisory committee under par. (a) shall report to the secretary and the board.

AB533,17 Section 17. Subchapter II (title) of chapter 458 [precedes 458.055] of the statutes is created to read:

AB533,7,13 chapter 458

AB533,7,14 subchapter II

AB533,7,15 real estate appraisers

AB533,18 Section 18. 458.085 (1) of the statutes is amended to read:

AB533,7,18 458.085 (1) Educational requirements for general and residential appraiser certification and for appraiser licensure under this chapter subchapter.

AB533,19 Section 19. 458.085 (2) of the statutes is amended to read:

AB533,7,21 458.085 (2) Experience requirements for general and residential appraiser certification and for appraiser licensure under this chapter subchapter.

AB533,20 Section 20. 458.085 (3) of the statutes is amended to read:

AB533,7,24 458.085 (3) Continuing education requirements for renewal of certificates issued under this chapter subchapter.

AB533,21 Section 21. 458.095 (intro.) of the statutes is amended to read:

AB533,8,4 458.095 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:

AB533,22 Section 22. 458.105 of the statutes is amended to read:

AB533,8,8 458.105 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.

AB533,23 Section 23. 458.13 of the statutes is amended to read:

AB533,8,14 458.13 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).

AB533,24 Section 24. 458.21 of the statutes is amended to read:

AB533,8,20 458.21 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.

AB533,25 Section 25. 458.26 (2) of the statutes is amended to read:

AB533,9,2 458.26 (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.

AB533,26 Section 26. 458.26 (3) (intro.) of the statutes is amended to read:

AB533,9,10 458.26 (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:

AB533,27 Section 27. 458.26 (3) (i) of the statutes is amended to read:

AB533,9,13 458.26 (3) (i) Violated this chapter subchapter or any rule promulgated under this chapter subchapter.

AB533,28 Section 28. 458.26 (4) of the statutes is amended to read:

AB533,9,19 458.26 (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).

AB533,29 Section 29. 458.30 of the statutes is amended to read:

AB533,9,23 458.30 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.

AB533,30 Section 30. Subchapter III of chapter 458 [precedes 458.31] of the statutes is created to read:

AB533,10,1 chapter 458

AB533,10,4 subchapter III REAL ESTATE Appraisal management companies

AB533,10,5 458.31 Definitions. In this subchapter:

AB533,10,7 (1) “Appraisal management company” has the meaning given in 12 CFR 34.211 (c).

AB533,10,9 (2) “Appraisal management services” has the meaning given in 12 CFR 34.211 (d).

AB533,10,15 (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.

AB533,10,16 (b) “Appraisal review" does not include any of the following:

AB533,10,18 1. A general examination for grammatical, typographical, mathematical, or other similar errors.

AB533,10,21 2. A general examination for completeness, including regulatory or client requirements as specified in the agreement process, that does not communicate an opinion of value.

AB533,10,22 (4) “Appraiser panel” has the meaning given in 12 CFR 34.211 (e).

AB533,10,24 (5) “Client" means a person that contracts with an appraisal management company for the performance of appraisal management services for the person.

AB533,10,25 (6) “Controlling individual" means any of the following:

AB533,11,1 (a) An owner, officer, or director of an appraisal management company.

AB533,11,3 (b) An individual who is authorized by an appraisal management company to do all of the following:

AB533,11,4 1. Contract with a client.

AB533,11,5 2. Contract with an independent appraiser to perform an appraisal service.

AB533,11,7 (c) An individual who has, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company.

AB533,11,9 (7) “Federally regulated appraisal management company" has the meaning given in 12 CFR 34.211 (k).

AB533,11,11 (8) “Independent appraiser" means an appraiser who performs an appraisal service on an independent contractor basis.

AB533,11,13 (9) “Licensed appraisal management company" means an appraisal management company licensed under s. 458.33.

AB533,11,14 (10) “Person" has the meaning given in 12 CFR 34.211 (m).

AB533,11,17 458.32 Prohibited conduct. Except as provided under s. 458.34, no appraisal management company may do any of the following unless the company is a licensed appraisal management company:

AB533,11,18 (1) Perform appraisal management services for compensation.

AB533,11,22 (2) Advertise that the person is an appraisal management company; use the title “licensed appraisal management company," “appraisal management company," or other similar title; or otherwise hold itself out as an appraisal management company.

AB533,11,25 458.33 Licensure. (1) Application. A person applying for a license under sub. (2) shall submit an application to the department on a form prescribed by the department. The application shall include all of the following:

AB533,12,1 (a) The applicant's name, address, and telephone number.

AB533,12,3 (b) If the applicant is not a business domiciled in this state, the name, address, and telephone number of the applicant's agent for service of process in this state.

AB533,12,5 (c) The name, address, and telephone number of each person that owns more than 10 percent of the applicant.

AB533,12,7 (d) The name, address, and telephone number of the applicant's designated controlling individual under s. 458.36.

AB533,12,9 (e) A statement of the applicant in a form prescribed by the department that certifies all of the following: