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Text: SSB00271                          Text: SSB00273
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Senate Study Bill 272

Conference Committee Text

PAG LIN
  1  1    Section 1.  Section 543B.34, Code 1995, is amended by
  1  2 adding the following new subsection:
  1  3    NEW SUBSECTION.  10A.  Performing an appraisal in violation
  1  4 of chapter 543D.
  1  5    Sec. 2.  Section 543D.1, Code 1995, is amended to read as
  1  6 follows:
  1  7    543D.1  SHORT TITLE.
  1  8    This chapter shall be known and may be cited as the "Iowa
  1  9 Voluntary Appraisal Standards and Appraiser Certification
  1 10 Law".
  1 11    Sec. 3.  Section 543D.3, Code 1995, is amended to read as
  1 12 follows:
  1 13    543D.3  PURPOSES &endash; VOLUNTARY REQUIRED CERTIFICATION.
  1 14    The purpose of this chapter is to establish standards for
  1 15 real estate appraisals and a procedure for the voluntary
  1 16 certification of real estate appraisers.
  1 17    A Except as otherwise provided in this chapter, a person
  1 18 who is not a certified real estate appraiser under this
  1 19 chapter may shall not appraise real estate for compensation if
  1 20 certification is not required by this chapter or by federal or
  1 21 state law, rule, or policy.
  1 22    Sec. 4.  Section 543D.4, subsections 3 and 4, Code 1995,
  1 23 are amended to read as follows:
  1 24    3.  Each A real estate appraiser member of the board
  1 25 appointed after January 1, 1992, must be a certified real
  1 26 estate appraiser.  The governor shall attempt to represent
  1 27 each class of certified appraisers in making the appointments.
  1 28    4.  The term of each member is three years; except that, of
  1 29 the members first appointed, two shall be appointed for two
  1 30 years and two shall be appointed for one year.
  1 31    Sec. 5.  Section 543D.16, Code 1995, is amended by adding
  1 32 the following new subsection:
  1 33    NEW SUBSECTION.  3.  A certified real estate appraiser
  1 34 seeking a renewal of certification has until June 30 of the
  1 35 year in which the appraiser's certificate expires to complete
  2  1 the basic continuing education requirement.
  2  2    Sec. 6.  NEW SECTION.  543D.20  EXEMPTION FROM
  2  3 APPLICABILITY OF CHAPTER.
  2  4    This chapter does not apply to an appraisal or opinion of
  2  5 market value provided by an individual licensed under chapter
  2  6 543B which is rendered for a purpose other than for a
  2  7 federally related transaction as defined in Title XI of the
  2  8 federal Financial Institutions Reform, Recovery, and
  2  9 Enforcement Act of 1989, Pub. L. No. 101-73, or as defined in
  2 10 the United States office of management and budget circular A-
  2 11 129.  An appraisal or opinion of market value rendered under
  2 12 the exemption provided in this section shall contain in a
  2 13 prominent location on the appraisal or opinion, and in twelve
  2 14 point bold type, the following language:  "This appraisal or
  2 15 opinion was not prepared by a certified or licensed appraiser
  2 16 and may not be acceptable for use with respect to transactions
  2 17 involving federal funds." 
  2 18                           EXPLANATION
  2 19    This bill amends provisions relating to the certification
  2 20 of real estate appraisers.
  2 21    Section 543B.34 is amended to provide that a real estate
  2 22 broker or salesperson who performs an appraisal in violation
  2 23 of chapter 543D may be subject to the revocation or suspension
  2 24 of the broker's or salesperson's license as determined by the
  2 25 real estate commission.
  2 26    Section 543D.1 is amended to reflect the change from a
  2 27 voluntary certification process to a requirement for
  2 28 certification.
  2 29    Section 543D.3 is amended to reflect the change from a
  2 30 voluntary certification process to a requirement for
  2 31 certification, and to establish a prohibition on noncertified
  2 32 persons from appraising real estate for compensation.
  2 33    Section 543D.4 is amended to require that a real estate
  2 34 appraiser member of the real estate appraiser examining board
  2 35 must be a certified appraiser.
  3  1    Section 543D.16 is amended to provide that a certified real
  3  2 estate appraiser seeking a renewal of certification has until
  3  3 June 30 of the year in which the appraiser's certification
  3  4 expires to complete the basic continuing education
  3  5 requirement.
  3  6    New section 543D.20 is created and provides that chapter
  3  7 543D does not apply to an appraisal or opinion of market value
  3  8 provided by an individual licensed under chapter 543B which is
  3  9 rendered for a purpose other than for a federally related
  3 10 transaction as defined in Title XI of the federal Financial
  3 11 Institutions Reform, Recovery, and Enforcement Act of 1989, or
  3 12 as defined in the federal office of management and budget
  3 13 circular A-129.  
  3 14 LSB 2269SC 76
  3 15 mj/sc/14
     
Text: SSB00271                          Text: SSB00273
Text: SSB00200 - SSB00299               Text: SSB Index
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