Text: SSB03050 Text: SSB03052 Text: SSB03000 - SSB03099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 543D.7, subsection 2, Code 2001, is 1 2 amended by striking the subsection. 1 3 Sec. 2. Section 543D.19, subsection 1, Code 2001, is 1 4 amended to read as follows: 1 5 1. A certified real estate appraiser shall retain for 1 6threefive 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 2001, 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relating to real estate 1 23 appraiser certification contained in Code chapter 543D. 1 24 The bill deletes an outdated provision regarding board 1 25 issuance of interim annual certifications prior to the 1 26 adoption of final administrative rules for implementation of 1 27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 5156DP 79 2 7 rn/pj/5
Text: SSB03050 Text: SSB03052 Text: SSB03000 - SSB03099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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