Purpose of the Bill

The purpose of this bill is to regulate disciplinary actions for real estate appraisers in Minnesota. It aims to establish a structured framework for determining sanctions when appraisers violate professional standards.

Main Provisions

• The bill mandates that the Commissioner of Commerce must use the Voluntary Disciplinary Sanction Matrix published by the Appraisal Foundation as a guideline when imposing penalties on real estate appraisers.
• The Commissioner is allowed to adjust the recommended sanctions on a case-by-case basis if there are reasonable mitigating circumstances that justify such a deviation.

Significant Changes

• The bill introduces a formal process for imposing disciplinary actions by codifying the use of the Appraisal Foundation's matrix into Minnesota law, specifically within Minnesota Statutes chapter 82B. This provides clear and standardized guidance for the disciplinary procedures related to real estate appraisers.

Relevant Terms

real estate appraisers, disciplinary action, sanctions, Voluntary Disciplinary Sanction Matrix, Appraisal Foundation, Minnesota Statutes chapter 82B.