MADAM PRESIDENT:
The Senate Committee on Commerce, Public Policy and Interstate Cooperation, to which was referred
House Bill No. 1235, has had the same under consideration and begs leave to report the same back to the
Senate with the recommendation that said bill be AMENDED as follows:
deliver the order for completion to a independent real estate
appraiser.
(3) To track and determine the status of orders for appraisals.
(4) To conduct quality control of a completed appraisal before
delivery of the appraisal to the client who ordered the
appraisal.
(5) To provide a completed appraisal performed by a real
estate appraiser to one (1) or more clients.
(b) The term does not include transportation or communication
of an appraisal or order for an appraisal without concern for the
appraisal information in the appraisal or the order for an
appraisal, including transportation or communication by the
United States Postal Service, a delivery company, a courier, or an
Internet service provider.
Sec. 4. As used in this chapter, "board" refers to the real estate
appraiser licensure and certification board established by
IC 25-34.1-8-1.
Sec. 5. (a) As used in this chapter, "person" means an individual
engaged in a trade or business, an association, a partnership, a
limited partnership, a limited liability company, a corporation, or
a similar entity.
(b) The term does not include an employee.
Sec. 6. As used in this chapter, "real estate appraiser" means a
person who:
(1) prepares an appraisal for a real estate transaction in
Indiana; and
(2) meets one (1) or more of the following:
(A) Is licensed as a real estate broker under IC 25-34.1 and
performs real estate appraisals within the scope of the
person's license.
(B) Holds a real estate appraiser license or certificate
issued under IC 25-34.1-8.
Sec. 7. "USPAP" refers to the Uniform Standards of
Professional Appraisal Practice, as published by the Appraisal
Standards Board of the Appraisal Foundation, under the authority
of Title XI of the federal Financial Institutions Reform, Recover,
and Enforcement Act (12 U.S.C. 3331-3351).
Sec. 8. An appraisal management company may not perform
appraisal management services unless the appraisal management
company has obtained a certificate of registration from the board
under this chapter.
Sec. 9. (a) An appraisal management company that wishes to
obtain or renew a certificate of registration under this chapter
must submit the following information to the board on forms
prescribed by the board:
(1) The name of the person seeking registration.
(2) The business address of the person seeking registration.
(3) The telephone contact information of the person seeking
registration.
(4) The name, address, and contact information of each
person that has an ownership share in an appraisal
management company that equals or exceeds five percent
(5%) of the total ownership share of the appraisal
management company.
(5) Any other information that the board reasonably requires.
(b) An appraisal management company that wishes to obtain or
renew a certificate of registration must pay the fee established
under section 15 of this chapter.
Sec. 10. (a) The board shall issue a certificate of registration to
an appraisal management company that:
(1) has furnished the information required by section 9(a) of
this chapter in the manner prescribed by the board; and
(2) paid the fee required under section 9(b) of this chapter.
(b) A certificate of registration issued to an appraisal
management company under this chapter expires two (2) years
after the date on which the certificate of registration is issued.
Sec. 11. (a) A person may not own an interest in an appraisal
management company if the person has had the person's license or
certificate to act as a real estate appraiser in Indiana or any other
state revoked and the license or certificate has not been reinstated.
(b) An appraisal management company may only hire an
independent contractor to perform an appraisal who:
(1) holds a license or certificate under IC 25-34.1-3-8 or a
license as a real estate broker under IC 25-34.1; and
(2) is in good standing.
(c) An appraisal management company may not corrupt or
improperly influence a real estate appraiser in violation of
IC 24-5-23.5-7.
Sec. 12. (a) As used in this section, "appraisal review" means the
USPAP Standard 3 process of developing and communicating an
opinion about the quality of an independent real estate appraiser's
work that is performed as part of an appraisal assignment made by
an appraisal management company. However, the term does not
include:
and when so amended that said bill do pass .
Committee Vote: Yeas 8, Nays 0.