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28th Legislature(2013-2014)

Bill Text 28th Legislature


00 Enrolled SB 129                                                                                                         
01 Extending the termination date of the Board of Certified Real Estate Appraisers; relating to                            
02 real estate appraisers; and providing for an effective date.                                                            
03                           _______________                                                                               
04    * Section 1. AS 08.03.010(c)(19) is amended to read:                                                               
05                 (19)  Board of Certified Real Estate Appraisers (AS 08.87.010) -                                        
06       June 30, 2018 [2014];                                                                                         
07    * Sec. 2. AS 08.87.020 is amended to read:                                                                         
08            Sec. 08.87.020. Powers and duties of board. In addition to the powers and                                  
09       duties conferred on the board by AS 08.01, the board shall                                                        
10                 (1)  establish the examination specifications for certification as a                                    
11       general real estate appraiser, as a residential real estate appraiser, and as an                                  
12       institutional real estate appraiser;                                                                              
13                 (2)  adopt rules of professional conduct to establish and maintain a high                               
14       standard of integrity in the real estate appraisal profession; and                                                
01                 (3)  adopt regulations necessary to carry out the purposes of this                                      
02       chapter, including regulations necessary to comply with the requirements of 12 U.S.C.                             
03       3331 - 3351 (Title XI, Financial Institutions Reform, Recovery, and Enforcement Act                               
04       of 1989), as amended by 12 U.S.C. 5301 - 5641 (Dodd-Frank Wall Street Reform                                  
05       and Consumer Protection Act); the regulations adopted by the board under                                      
06       AS 08.87.110, 08.87.120, and 08.87.310 may not be more stringent than the                                         
07       corresponding minimum requirements for receiving approval of the state's program of                               
08       certification of real estate appraisers under 12 U.S.C. 3331 - 3351 or other federal law.                         
09    * Sec. 3. AS 08.87.110(c) is repealed and reenacted to read:                                                       
10            (c)  Notwithstanding (a) and (b) of this section, the board shall issue a general                            
11       real estate appraiser or residential real estate appraiser certificate to a person who does                       
12       not reside in this state and who                                                                                  
13                 (1)  applies on the form required by the department;                                                    
14                 (2)  pays the required fee; and                                                                         
15                 (3)  holds a valid certificate or license from a state whose requirements                               
16       for real estate appraiser certification or licensing                                                              
17                      (A)  meet or exceed the appraiser certification standards in this                                  
18            chapter; and                                                                                                 
19                      (B)  comply with 12 U.S.C. 3331 - 3351 (Title XI, Financial                                        
20            Institutions Reform, Recovery, and Enforcement Act of 1989), as amended by                                   
21            12 U.S.C. 5301 - 5641 (Dodd-Frank Wall Street Reform and Consumer                                            
22            Protection Act).                                                                                             
23    * Sec. 4. AS 08.87.110(e) is amended to read:                                                                      
24            (e)  The board shall issue an institutional real estate appraiser certificate to a                           
25       person who presents evidence satisfactory to the board that the person meets the                                  
26       educational and testing requirements of 12 U.S.C. 3331 - 3351 (Title XI, Financial                                
27       Institutions Reform, Recovery, and Enforcement Act of 1989), as amended by 12                                 
28       U.S.C. 5301 - 5641 (Dodd-Frank Wall Street Reform and Consumer Protection                                     
29       Act) and as implemented by the board, and that the person is a full-time employee of                      
30       a financial institution with offices in the state. A person receiving certification under                         
31       this subsection may perform an appraisal only                                                                     
01                 (1)  for and as an employee of a financial institution with offices in the                              
02       state;                                                                                                            
03                 (2)  for the financial institution's own portfolio; and                                                 
04                 (3)  of                                                                                                 
05                      (A)  commercial property with a transaction value of less than                                     
06            $250,000; or                                                                                                 
07                      (B)  residential property of four or fewer units having a                                          
08            transaction value of less than $1,000,000.                                                                   
09    * Sec. 5. AS 08.87.110 is amended by adding a new subsection to read:                                              
10            (h)  Notwithstanding (a) - (c) of this section, the board may issue a general or                             
11       residential real estate appraiser certificate to a person who does not meet the                                   
12       requirements of (a) - (c) of this section and who                                                                 
13                 (1)  applies on a form required by the department;                                                      
14                 (2)  pays the required fee; and                                                                         
15                 (3)  successfully completes the National Uniform Licensing and                                          
16       Certification Examination issued or endorsed by the Appraiser Qualifications Board of                             
17       the Appraisal Foundation, has previous real estate appraiser experience acceptable to                             
18       the board, or successfully completes courses approved by the board.                                               
19    * Sec. 6. AS 08.87.300(a) is amended to read:                                                                      
20            (a)  A certified real estate appraiser shall retain [FOR NOT LESS THAN                                       
21       THREE YEARS] copies of all written contracts engaging the appraiser's services for                                
22       real property appraisal work, and all reports and supporting data assembled and                                   
23       formulated by the appraiser in preparing the reports, for at least five years after the                       
24       date of the contract engaging the appraiser's services, five years after the date of                          
25       the submittal of the appraisal reports to the client, or at least two years after the                         
26       final disposition of litigation in which the appraiser provided testimony related to                          
27       the engagement, whichever is longer.                                                                          
28    * Sec. 7. AS 08.87.310 is repealed and reenacted to read:                                                          
29            Sec. 08.87.310. Trainee appraiser; supervisory appraiser. The board may                                    
30       establish requirements for trainee appraisers and supervisory appraisers. The board                               
31       shall ensure that the requirements conform with 12 U.S.C. 3345.                                                   
01    * Sec. 8. AS 12.62.400(a) is amended by adding a new paragraph to read:                                            
02                 (16)  certification as a real estate appraiser under AS 08.87.                                          
03    * Sec. 9. AS 08.87.300(b) is repealed.                                                                             
04    * Sec. 10. The uncodified law of the State of Alaska is amended by adding a new section to                         
05 read:                                                                                                                   
06       APPLICABILITY. (a) AS 08.87.300(a), as amended by sec. 6 of this Act, applies to                                  
07 retention of records created on or after the effective date of this Act.                                                
08       (b)  The changes made in AS 08.87.020, as amended by sec. 2 of this Act,                                          
09 AS 08.87.110(h), added by sec. 5 of this Act, AS 08.87.310, as repealed and reenacted by sec.                           
10 7 of this Act, and AS 12.62.400(a)(16), added by sec. 8 of this Act, apply                                              
11            (1)  immediately to an applicant for a certificate under AS 08.87.110 who does                               
12 not hold a real estate appraiser certificate; and                                                                       
13            (2)  at the time of certificate renewal for a person who currently holds a real                              
14 estate appraiser certificate under AS 08.87.110.                                                                        
15    * Sec. 11. This Act takes effect immediately under AS 01.10.070(c).                                                
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