AB533,11 4Section 11. 458.03 (1) (dm) of the statutes is created to read:
AB533,6,75 458.03 (1) (dm) Transmit the annual registry fees paid to the department under
6s. 458.365 to the federal financial institutions examination council or its successor
7agency.
AB533,12 8Section 12. 458.03 (2) of the statutes is amended to read:
AB533,6,119 458.03 (2) The department may prepare letters and bulletins and conduct
10clinics disseminating information to appraisers and appraisal management
11companies
.
AB533,13 12Section 13. 458.03 (3) (a) of the statutes is amended to read:
AB533,6,1413 458.03 (3) (a) Advise the secretary on matters relating to appraisers or
14appraisal management companies
or to the board.
AB533,14 15Section 14. 458.03 (3) (b) of the statutes is amended to read:
AB533,6,1916 458.03 (3) (b) At least once each year, transmit to the appraisal subcommittee
17of the federal financial institutions examination council, or its successor agency, a
18roster listing the names and addresses of certified appraisers and licensed
19appraisers.
AB533,15 20Section 15. 458.03 (3) (c) of the statutes is created to read:
AB533,6,2421 458.03 (3) (c) Transmit reports to the appraisal subcommittee on a timely basis
22of supervisory activities involving appraisal management companies or other
233rd-party providers of appraisals and appraisal management services, as defined in
24s. 458.31 (2), including investigations initiated and disciplinary actions taken.
AB533,16 25Section 16. 458.04 (3) of the statutes is created to read:
AB533,7,4
1458.04 (3) (a) If the secretary creates an advisory committee under s. 15.04 (1)
2(c), other than an advisory committee under sub. (1), to provide advice to the
3department on matters relating to appraisal management companies, the advisory
4committee shall consist of the following members:
AB533,7,55 1. One controlling individual, as defined in s. 458.31 (6).
AB533,7,66 2. One public member.
AB533,7,87 3. One member of the board who is an appraiser, who shall serve as chairperson
8of the advisory committee.
AB533,7,109 (b) An advisory committee under par. (a) shall report to the secretary and the
10board.
AB533,17 11Section 17. Subchapter II (title) of chapter 458 [precedes 458.055] of the
12statutes is created to read:
AB533,7,1313 chapter 458
AB533,7,1414 subchapter II
AB533,7,1515 real estate appraisers
AB533,18 16Section 18. 458.085 (1) of the statutes is amended to read:
AB533,7,1817 458.085 (1) Educational requirements for general and residential appraiser
18certification and for appraiser licensure under this chapter subchapter.
AB533,19 19Section 19. 458.085 (2) of the statutes is amended to read:
AB533,7,2120 458.085 (2) Experience requirements for general and residential appraiser
21certification and for appraiser licensure under this chapter subchapter.
AB533,20 22Section 20. 458.085 (3) of the statutes is amended to read:
AB533,7,2423 458.085 (3) Continuing education requirements for renewal of certificates
24issued under this chapter subchapter.
AB533,21 25Section 21. 458.095 (intro.) of the statutes is amended to read:
AB533,8,4
1458.095 Temporary use of titles; appraisers certified or licensed in
2other states.
(intro.) A certificate under this chapter subchapter is not required for
3an appraiser who holds a current appraiser certificate in another state if all of the
4following apply:
AB533,22 5Section 22. 458.105 of the statutes is amended to read:
AB533,8,8 6458.105 Certificate number. The department shall assign a certificate
7number to each individual who is certified or licensed under this chapter subchapter
8and shall place the number upon each certificate prior to its issuance.
AB533,23 9Section 23. 458.13 of the statutes is amended to read:
AB533,8,14 10458.13 Continuing education requirements. At the time of renewal of a
11certificate issued under this chapter subchapter, each applicant shall submit proof
12that, within the 2 years immediately preceding the date on which the renewal
13application is submitted, he or she has satisfied the continuing education
14requirements specified in the rules promulgated under s. 458.085 (3).
AB533,24 15Section 24. 458.21 of the statutes is amended to read:
AB533,8,20 16458.21 Appraisals in federally related transactions; annual registry
17fee required.
Each certified appraiser or licensed appraiser who performs or
18desires to perform an appraisal in a federally related transaction shall pay to the
19department the annual registry fee required by the federal financial institutions
20examination council
appraisal subcommittee or its successor agency.
AB533,25 21Section 25. 458.26 (2) of the statutes is amended to read:
AB533,9,222 458.26 (2) The department shall present the findings of any investigation of
23an appraiser or an applicant for a certificate under this chapter subchapter to the
24board for its consideration. The department shall, upon motion of the board, and

1may, upon its own determination, commence disciplinary proceedings on any matter
2under investigation concerning a certified appraiser, licensed appraiser or applicant.
AB533,26 3Section 26. 458.26 (3) (intro.) of the statutes is amended to read:
AB533,9,104 458.26 (3) (intro.) Disciplinary proceedings shall be conducted by the board
5according to the rules promulgated under s. 440.03 (1). The department may deny
6any certificate under this chapter subchapter, and the board may limit, suspend or
7revoke any certificate under this chapter subchapter or reprimand or impose
8additional continuing education requirements on the holder of a certificate under
9this chapter subchapter, if the department or board finds that the applicant for or
10holder of the certificate has done any of the following:
AB533,27 11Section 27. 458.26 (3) (i) of the statutes is amended to read:
AB533,9,1312 458.26 (3) (i) Violated this chapter subchapter or any rule promulgated under
13this chapter subchapter.
AB533,28 14Section 28. 458.26 (4) of the statutes is amended to read:
AB533,9,1915 458.26 (4) In addition to or in lieu of a reprimand or denial, limitation,
16suspension or revocation of a certificate under sub. (3), the board may assess against
17a certified appraiser, licensed appraiser or applicant for a certificate under this
18chapter subchapter a forfeiture of not less than $100 nor more than $1,000 for each
19violation enumerated under sub. (3).
AB533,29 20Section 29. 458.30 of the statutes is amended to read:
AB533,9,23 21458.30 Penalties. Any person who violates this chapter subchapter or any
22rule promulgated under this chapter subchapter may be fined not more than $1,000
23or imprisoned for not more than 6 months or both.
AB533,30 24Section 30. Subchapter III of chapter 458 [precedes 458.31] of the statutes is
25created to read:
AB533,10,1
1chapter 458
AB533,10,42 subchapter III
3 REAL ESTATE Appraisal
4 management companies
AB533,10,5 5458.31 Definitions. In this subchapter:
AB533,10,7 6(1) “Appraisal management company” has the meaning given in 12 CFR 34.211
7(c).
AB533,10,9 8(2) “Appraisal management services” has the meaning given in 12 CFR 34.211
9(d).
AB533,10,15 10(3) (a) Except as provided in par. (b), “appraisal review" means the process of
11developing and communicating an opinion about the quality of another appraiser's
12work that was performed as part of an appraisal assignment or appraisal review
13assignment related to the appraiser's data collection, analysis, opinions,
14conclusions, estimate of value, or compliance with the Uniform Standards of
15Professional Appraisal Practice described in s. 458.24.
AB533,10,1616 (b) “Appraisal review" does not include any of the following:
AB533,10,1817 1. A general examination for grammatical, typographical, mathematical, or
18other similar errors.
AB533,10,2119 2. A general examination for completeness, including regulatory or client
20requirements as specified in the agreement process, that does not communicate an
21opinion of value.
AB533,10,22 22(4) “Appraiser panel” has the meaning given in 12 CFR 34.211 (e).
AB533,10,24 23(5) “Client" means a person that contracts with an appraisal management
24company for the performance of appraisal management services for the person.
AB533,10,25 25(6) “Controlling individual" means any of the following:
AB533,11,1
1(a) An owner, officer, or director of an appraisal management company.
AB533,11,32 (b) An individual who is authorized by an appraisal management company to
3do all of the following:
AB533,11,44 1. Contract with a client.
AB533,11,55 2. Contract with an independent appraiser to perform an appraisal service.
AB533,11,76 (c) An individual who has, directly or indirectly, the power to direct or cause the
7direction of the management or policies of an appraisal management company.
AB533,11,9 8(7) “Federally regulated appraisal management company" has the meaning
9given in 12 CFR 34.211 (k).
AB533,11,11 10(8) “Independent appraiser" means an appraiser who performs an appraisal
11service on an independent contractor basis.
AB533,11,13 12(9) “Licensed appraisal management company" means an appraisal
13management company licensed under s. 458.33.
AB533,11,14 14(10) “Person" has the meaning given in 12 CFR 34.211 (m).
AB533,11,17 15458.32 Prohibited conduct. Except as provided under s. 458.34, no appraisal
16management company may do any of the following unless the company is a licensed
17appraisal management company:
AB533,11,18 18(1) Perform appraisal management services for compensation.
AB533,11,22 19(2) Advertise that the person is an appraisal management company; use the
20title “licensed appraisal management company," “appraisal management company,"
21or other similar title; or otherwise hold itself out as an appraisal management
22company.
AB533,11,25 23458.33 Licensure. (1) Application. A person applying for a license under sub.
24(2) shall submit an application to the department on a form prescribed by the
25department. The application shall include all of the following:
AB533,12,1
1(a) The applicant's name, address, and telephone number.
AB533,12,32 (b) If the applicant is not a business domiciled in this state, the name, address,
3and telephone number of the applicant's agent for service of process in this state.
AB533,12,54 (c) The name, address, and telephone number of each person that owns more
5than 10 percent of the applicant.
AB533,12,76 (d) The name, address, and telephone number of the applicant's designated
7controlling individual under s. 458.36.
AB533,12,98 (e) A statement of the applicant in a form prescribed by the department that
9certifies all of the following:
AB533,12,1310 1. That the applicant has in place a system to verify that each independent
11appraiser on the applicant's appraiser panel and any other appraiser that may
12perform an appraisal service for the applicant is a certified appraiser or licensed
13appraiser.
AB533,12,1614 2. That the applicant requires all appraisers performing appraisal services for
15the applicant to perform appraisal services in accordance with the Uniform
16Standards of Professional Appraisal Practice described under s. 458.24.
AB533,12,2017 3. That the applicant has in place a system to verify that all appraisal services
18performed for the applicant are conducted independently and free from
19inappropriate influence or coercion under s. 458.41 and under 15 USC 1639e and
20rules promulgated under 15 USC 1639e.
AB533,12,2321 4. That the applicant maintains a detailed record of each request for an
22appraisal service that it receives, including the identity of the appraiser that
23performs the appraisal service.
AB533,12,2424 5. That the applicant satisfies s. 458.35 (2).
AB533,13,2
1(f) The information and authorizations necessary to conduct a background
2investigation for all of the following:
AB533,13,33 1. Each person identified in par. (c).
AB533,13,44 2. The applicant's controlling individual designated under s. 458.36.
AB533,13,7 5(2) Appraisal management company license. The department shall, after an
6investigation, grant and issue an appraisal management company license to an
7appraisal management company that does all of the following:
AB533,13,88 (a) Complies with sub. (1).
AB533,13,109 (b) Pays the initial credential fee determined by the department under s.
10440.03 (9) (a), but not to exceed $4,000.
AB533,13,1611 (c) Meets to the satisfaction of the department any other requirements for
12licensure under this subchapter and under rules promulgated by the department.
13The department shall promulgate rules under this paragraph that require an
14applicant for a license under this subsection to demonstrate that the applicant is
15qualified to competently perform appraisal management services in compliance with
16all applicable state and federal laws.
AB533,13,19 17(3) Investigation. The department shall conduct a background investigation
18that satisfies 12 CFR 34.214 (b) (2) on each person specified under sub. (1) (f) 1. and
192.
AB533,13,22 20(4) Denial of license or renewal. The department may not issue or renew an
21appraisal management company license if any of the following applies to any person
22that owns more than 10 percent of the appraisal management company:
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