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1 24 The bill deletes an outdated provision regarding board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