Minnesota Legislature
Charges for unfounded complaints against appraisers could be dropped
If a real estate appraiser is accused of wrong doing and a complaint is filed with the Department of Commerce, who should pay the investigatory costs if no formal action is taken by the department?
Under current law, the department charges the appraiser or entity that it investigates. SF2665 would have that practice stopped. Sponsored by Rep. Tim O'Driscoll (R-Sartell), the bill makes clarifications to statute regarding appraisers, which supporters say will add professionalism by addressing reasonable and customary fees. The bill passed the House 128-0 on Friday. It now moves the Senate where Sen. Vicki Jensen (DFL-Owatonna) is the sponsor.
Under the bill, there would be no cost to the entity, if an investigation reveals that no law was violated. The cost would be absorbed by the department.
According to a fiscal note, the department billed out $9,438 on files that closed without any formal administration action of violation of law during the past three years. The analysis projects an $11,000 annual General Fund cost during each fiscal year.
The bill would also adopt the federal definition of an appraisal management company; provides rules for establishing a reasonable fee and how fees are reported to clients.
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