Senate Study Bill 1010

                                       SENATE/HOUSE FILE       
                                       BY  (PROPOSED DEPARTMENT OF
                                            COMMERCE/PROFESSIONAL
                                            LICENSING AND REGULATION
                                            DIVISION BILL)


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to real estate appraiser certification.
  2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  3 TLSB 1171DP 80
  4 rn/sh/8

PAG LIN

  1  1    Section 1.  Section 543D.7, subsection 2, Code 2003, is
  1  2 amended by striking the subsection.
  1  3    Sec. 2.  Section 543D.19, subsection 1, Code 2003, is
  1  4 amended to read as follows:
  1  5    1.  A certified real estate appraiser shall retain for
  1  6 three five years, originals or true copies of all written
  1  7 contracts engaging the appraiser's services for real estate
  1  8 appraisal work and all reports and supporting data assembled
  1  9 and formulated for use by the appraiser or the associate
  1 10 appraiser in preparing the reports.
  1 11    Sec. 3.  Section 543D.19, subsection 2, Code 2003, is
  1 12 amended by striking the subsection and inserting in lieu
  1 13 thereof the following:
  1 14    2.  An appraiser must retain all work files for a period of
  1 15 at least five years after preparation or at least two years
  1 16 after final disposition of any judicial proceeding in which
  1 17 testimony was given, whichever period expires last, and either
  1 18 maintain custody of the appraiser's work file or make
  1 19 appropriate work file retention, access, and retrieval
  1 20 arrangements with a party having custody of the work file.
  1 21                           EXPLANATION
  1 22    This bill modifies provisions relating to real estate
  1 23 appraiser certification contained in Code chapter 543D.
  1 24    The bill deletes an outdated provision regarding board
  1 25 issuance of interim annual certifications prior to the
  1 26 adoption of final administrative rules for implementation of
  1 27 the chapter.
  1 28    The bill also requires that a certified real estate
  1 29 appraiser retain originals or true copies of all written
  1 30 contracts, reports, and supporting data in connection with the
  1 31 retention of the appraiser's services for a period of five
  1 32 years rather than three years.
  1 33    The bill additionally provides that an appraiser must
  1 34 retain all work files for a period of at least five years
  1 35 after preparation or at least two years after final
  2  1 disposition of any judicial proceeding in which testimony was
  2  2 given, whichever period expires last, and either maintain
  2  3 custody of the appraiser's work file or make appropriate work
  2  4 file retention, access, and retrieval arrangements with a
  2  5 party having custody of the work file.
  2  6 LSB 1171DP 80
  2  7 rn/sh/8