Purpose of the Bill

The bill aims to create uniform guidelines for disciplining real estate appraisers in Minnesota. It seeks to align state practices with national standards by using a specific matrix for determining sanctions.

Main Provisions

• Disciplinary Sanction Matrix: The bill requires the Minnesota commissioner to use the Voluntary Disciplinary Sanction Matrix from the Appraisal Foundation when imposing sanctions on real estate appraisers.
• Flexibility in Application: While the matrix serves as a guideline, the commissioner is allowed to deviate from it on a case-by-case basis if there are reasonable mitigating circumstances. This means that depending on the details of a specific situation, the commissioner might impose a different sanction than what the matrix suggests.

Significant Changes to Existing Law

• This bill introduces a formal structure for disciplining real estate appraisers. It establishes a connection with nationally recognized standards, potentially leading to more consistent and fair disciplinary actions within the state.

Relevant Terms

real estate appraisers, Disciplinary Sanction Matrix, Appraisal Foundation, Minnesota commissioner, mitigating circumstance, national standards.