SF2814

Purpose of the Bill

The purpose of this bill is to create a standardized approach for disciplining real estate appraisers by adopting a disciplinary sanction matrix. This aims to ensure that disciplinary actions are consistent and fair.

Main Provisions

• The bill requires the use of the Voluntary Disciplinary Sanction Matrix published by the Appraisal Foundation. This matrix serves as a guideline for determining disciplinary actions for real estate appraisers.
• The Commissioner has the authority to adjust the sanctions on a case-by-case basis. This flexibility allows for deviations from the matrix if there are reasonable mitigating circumstances.

Significant Changes to Existing Law

• The bill proposes new legislation within Minnesota Statutes chapter 82B, focused on real estate appraisal practices.
• It introduces a formal system for handling disciplinary actions against appraisers, which does not exist in specific statute form in Minnesota presently.

Relevant Terms

• Real estate appraiser
• Disciplinary sanction matrix
• Appraisal Foundation
• Commissioner
• Mitigating circumstance