MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Business and Financial Institutions

By: Senator(s) Hewes

Senate Bill 2976

AN ACT TO AMEND SECTION 73-34-3, MISSISSIPPI CODE OF 1972, TO DELETE THE DEFINITION OF THE TERM "TIMBERLAND" AS USED IN THE REAL ESTATE APPRAISER LICENSING AND CERTIFICATION ACT; TO AMEND SECTION 73-34-17, MISSISSIPPI CODE OF 1972, TO REVISE THE SUBJECT MATTER OF THE CLASSROOM STUDY NEEDED TO QUALIFY AS A LICENSED REAL ESTATE APPRAISER; TO AMEND SECTION 73-34-19, MISSISSIPPI CODE OF 1972, TO ELIMINATE THE TIMBERLAND APPRAISER LICENSE AND TO DELETE THE PROVISION WHICH ALLOWS THE LICENSED CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER TO ENJOY THE SAME PRIVILEGES AS THE LICENSED REAL ESTATE APPRAISER WHEN NONFEDERALLY RELATED TRANSACTIONS ARE INVOLVED; TO AMEND SECTION 73-34-21, MISSISSIPPI CODE OF 1972, TO INCREASE THE MINIMUM NUMBER OF CLASSROOM HOURS NECESSARY FOR A LICENSED CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER; TO AMEND SECTION 73-34-35, MISSISSIPPI CODE OF 1972, TO CLARIFY THE TYPES OF DISCIPLINARY ACTION WHICH MAY BE TAKEN BY THE REAL ESTATE APPRAISER BOARD FOR CERTAIN ACTS OR OMISSIONS OF A LICENSEE; TO AMEND SECTION 73-34-39, MISSISSIPPI CODE OF 1972, TO REVISE THE RECORD KEEPING REQUIREMENTS FOR LICENSED APPRAISERS; TO AMEND SECTION 73-34-41, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IN CERTAIN INSTANCES, A FORMAL COMPLAINT SHALL NOT BE REQUIRED, OR MAY BE DISMISSED AFTER HAVING BEEN FILED, WHEN AN INVESTIGATION BY THE REAL ESTATE APPRAISER BOARD INDICATES A VIOLATION OF THE ACT; TO AMEND SECTION 73-34-43, MISSISSIPPI CODE OF 1972, TO REVISE THE PROCEDURE OF APPEAL FROM AN ADVERSE DECISION OF THE REAL ESTATE APPRAISER BOARD TO THE CIRCUIT COURT; TO AMEND SECTION 73-34-47, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE REAL ESTATE APPRAISER BOARD TO ESTABLISH THE USE OF ABBREVIATIONS FOR THE TITLES OF EACH CLASS OF LICENSE; TO AMEND SECTIONS 73-34-5, 73-34-9, 73-34-13, 73-34-23, 73-34-27, 73-34-29, 73-34-33, 73-34-37, 73-34-49 AND 73-34-59, MISSISSIPPI CODE OF 1972, TO MAKE TECHNICAL CHANGES OR TO AMEND IN CONFORMITY THERETO; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 73-34-3, Mississippi Code of 1972, is amended as follows:

73-34-3. As used in this chapter, the following terms and phrases shall have the following meanings unless the context clearly indicates otherwise:

(a) "Appraisal" means an analysis, opinion or conclusion prepared by a real estate appraiser relating to the nature, quality, value or utility of specified interests in, or aspects of, identified real estate or identified real property. An appraisal may be classified by the nature of the assignment into either a valuation assignment or an evaluation assignment. The term "valuation assignment" means an analysis, opinion or conclusion prepared by a real estate appraiser that estimates the value of an identified parcel of real estate or identified real property at a particular point in time. The term "evaluation assignment" means an analysis, opinion or conclusion prepared by a real estate appraiser that relates to the nature, quality or utility of identified real estate or identified real property.

(b) "Appraisal report" means any communication, written or oral, of an appraisal. For the purposes of this chapter, the testimony of an appraiser dealing with the appraiser's analyses, conclusions or opinions concerning identified real property is deemed to be an oral appraisal report.

(c) "Board" means the Mississippi Real Estate Appraiser Licensing and Certification Board that is established pursuant to the provisions of this chapter.

(d) "Certified appraisal report" means an appraisal report given or signed and certified as such by a state certified real estate appraiser. When a state certified real estate appraiser identifies an appraisal report as "certified," such state certified real estate appraiser must indicate which type of certification he holds. The certification of an appraisal report by a state certified real estate appraiser represents to the public that it meets the appraisal standards established pursuant to this chapter.

(e) "Commission" means the Mississippi Real Estate Commission as established under Section 73-35-5, Mississippi Code of 1972.

(f) "Licensed real estate appraiser" means a person who holds a current, valid appraiser license issued * * * under the provisions of this chapter.

(g) "Real estate * * *" means an identified parcel or tract of land, with improvements, and includes easements, rights-of-way, undivided or future interest, or similar rights in a tract of land, but does not include mineral rights, timber rights, growing crops, water rights, or similar interests severable from the land when the transaction does not involve the associated parcel or tract of land.

(h) "Real estate appraisal activity" means the act or process of making an appraisal of Mississippi real estate or real property and preparing an appraisal report.

(i) "Real estate appraiser" means a person who engages in real estate appraisal activity * * *.

(j) "Real property" means one or more defined interests, benefits or rights inherent in the ownership of real estate.

(k) "State certified real estate appraiser" means a person who holds a current, valid license as a real estate appraiser issued to him under the provisions of this chapter for certified real estate appraisers.

 * * *

SECTION 2. Section 73-34-5, Mississippi Code of 1972, is amended as follows:

73-34-5. (1) Except as otherwise provided for in this section, it shall be unlawful for anyone to engage in real estate appraisal activity * * * without first obtaining one (1) of the four (4) real estate appraiser licenses as provided in this chapter.

(a) * * * If the Appraisal Subcommittee of the Federal Financial Institutions Examination Council or the Appraisal Standards Board and Appraiser Qualifications Board of the Appraisal Foundation waives any requirement relating to certification or licensing of persons to perform appraisals in Mississippi, then such waiver shall also be effective in Mississippi under the Real Estate Appraiser Licensing and Certification Act and such requirement shall be waived by the Real Estate Appraiser Licensing and Certification Board until the waiver is terminated * * *. * * *

(b) The provisions of this chapter shall not apply to any director, officer or salaried employee of commercial banks, savings banks, credit unions, and savings and loan associations, when engaged in appraisal or evaluation activities for and on behalf of such financial institution unless there is a fee charged for the appraisal or evaluation; provided that a federal statute, rule or regulation does not require such appraisal or evaluation activities to be performed by a state licensed appraiser.

(c) This section shall not be construed to apply to individuals who do not render significant professional assistance in arriving at a real estate appraisal analysis, opinion or conclusion. Examples of the type of assistance which are not considered "significant professional assistance" under this section include the following: (i) assistance in obtaining the data upon which the appraisal is based; (ii) assistance in the physical preparation of the appraisal report (such as taking photographs, preparing charts, maps or graphs, or typing or printing the report); and (iii) any other assistance that does not directly involve the exercise of judgment in arriving at the analysis, opinions or conclusions concerning real estate or real property set forth in the appraisal report.

(2) This chapter shall not apply to a real estate broker or salesperson licensed by this state who, in the ordinary course of * * * business, gives an opinion as to the price of real estate for the purpose of a prospective listing or sale; provided, however, that this opinion as to the listing price or the sale price shall not be referred to as an appraisal and provided, further, that no compensation, fee or other consideration is charged for such opinion other than the real estate commission or brokerage fee that is charged or paid for brokerage services rendered in connection with the sale of the real property involved.

(3) The provisions of this chapter shall not apply to any state, county, or municipal public officers or their salaried employees while performing their duties as such.

(4) No license shall be issued under the provisions of this chapter to a corporation, partnership, firm or group.

(5) The provisions of this chapter shall not apply to individuals performing timber cruises * * *.

SECTION 3. Section 73-34-9, Mississippi Code of 1972, is amended as follows:

73-34-9. (1) The commission shall have the following powers and duties:

(a) To receive applications for licensure as a real estate appraiser under this chapter; to establish appropriate administrative procedures for the processing of such applications; to issue licenses to qualified applicants pursuant to the provisions of this chapter; and to maintain a registry of the names and addresses of individuals who are currently licensed under this chapter.

(b) To administer licensing examinations in such places and at such times as may be required to carry out its responsibilities under this chapter.

(c) To implement recommendations made to the commission by the Real Estate Appraiser Licensing and Certification Board with respect to upgrading and improving the experience, education and examination requirements * * * for an appraiser license * * * issued in this state.

(d) To implement recommendations made to the commission by the board with respect to upgrading and improving the continuing education requirements * * * for renewal of a license.

(e) To collect all licensing fees required or permitted by this chapter.

(f) To take appropriate action upon a decision and the related findings of fact made by the board if * * * the board (i) determines that a licensee under this chapter has violated the Uniform Standards of Professional Appraisal Practice or ethical rules established under Section 73-34-37 or has committed one or more of the acts that are prohibited by this chapter, and (ii) recommends that the license of the appraiser be suspended or revoked, that renewal be denied, or that some other disciplinary action be taken.

(g) To solicit bids and enter into contracts with one or more educational testing services or organizations approved by the board for the purpose of administering licensure examinations and/or the preparation of a bank of questions and answers for licensure examinations under this chapter.

(h) To promote research and conduct studies relating to the profession of real estate appraising and sponsor real estate appraisal educational activities.

(i) To adopt rules and regulations for the administration of this chapter that are not inconsistent with the provisions of this chapter or the Constitution and laws of Mississippi or of the United States.

(j) To employ an assistant to the Mississippi Real Estate Commission Administrator who shall keep a record of all proceedings, transactions, communications and official acts of the commission and board and perform such other duties as the commission and board may require.

(k) To employ an appropriate staff to investigate allegations that applicants and licensees under this chapter failed to comply with the terms or provisions of this chapter.

(l) To employ such other professional, clerical and technical assistance as may be necessary to properly administer the work of this chapter.

(2) The board shall have the following powers and duties:

(a) To be responsible for matters relating to real estate appraisal standards, real estate appraiser qualifications, testing standards and disciplinary functions.

(b) To hold meetings; to hold public hearings and administrative hearings; to prepare examination specifications for licensure under this chapter.

(c) To enable the board to carry out its responsibilities under this chapter * * *, the board shall have (i) the power to compel the attendance of witnesses; (ii) the power to compel the production of books, * * * documents, records and other papers; (iii) the power to administer oaths; (iv) and the power to take testimony and receive evidence concerning all matters within its jurisdiction. These powers may be exercised directly by the board in such manner as the board shall determine.

(d) To establish appropriate administrative procedures for disciplinary proceedings conducted pursuant to the provisions of this chapter.

(e) To keep a record of its proceedings and issue an annual report of its activities.

(f) To further define by regulation, and with respect to each of the categories of licensed appraiser, the type of educational experience, appraisal experience and equivalent experience that will meet the statutory requirements of this chapter.

(g) To approve or disapprove applications for licensing under this chapter.

(h) To determine and administer all disciplinary action pursuant to the disciplinary proceedings provided for in this chapter.

(i) To present an annual budget to the Mississippi Legislature for approval. A copy of the budget shall be given to the commission.

(j) To implement all requirements directed by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council and the Appraisal Standards Board and Appraiser Qualification Board of the Appraisal Foundation.

(k) To make rules and regulations providing for an inactive license status and for the reactivation thereof.

(l) To make rules and regulations necessary to implement its powers and duties under this chapter.

(m) To do all other things necessary to carry out the provisions of this chapter.

(3) The members of the commission, * * * board and staff shall be immune from any civil action or criminal prosecution for initiating or assisting in any lawful investigation of the actions of, or participating in any disciplinary proceeding concerning, an applicant or appraiser licensed pursuant to this chapter, provided that such action is taken without malicious intent and in the reasonable belief that the action was taken pursuant to the powers and duties vested in the members of the commission and board under this chapter.

SECTION 4. Section 73-34-13, Mississippi Code of 1972, is amended as follows:

73-34-13. Applications for one (1) of the * * * licenses, applications for renewal, and applications to take an examination shall be made in writing to the commission on approved forms.

The payment of the appropriate fee, as fixed pursuant to Section 73-34-45, must accompany all applications for licensure and renewal thereof and all applications to take an examination.

At the time of filing an application for licensure under this chapter, or for renewal, each applicant shall sign a pledge to comply with the Uniform Standards of Professional Appraisal Practice that are established from time to time for licensees under this chapter. Each applicant shall also certify that he understands the types of misconduct, as set forth in this chapter, for which disciplinary proceedings may be initiated against a licensee.

Each application or filing made under this section shall include the Social Security number(s) of the applicant in accordance with Section 93-11-64, Mississippi Code of 1972.

SECTION 5. Section 73-34-17, Mississippi Code of 1972, is amended as follows:

73-34-17. To qualify as a licensed real estate appraiser under this section, an applicant must:

(a) Successfully complete not less than ninety (90) classroom hours in courses of study approved by the board. The ninety (90) classroom hours shall include fifteen (15) classroom hours of the Uniform Standards of Professional Appraisal Practice and * * * relate to real estate appraisal.

(b) Pass an examination administered by the commission that is based upon required appraisal study and is designed to test an individual's knowledge of the basic principles of land economics and the basic principles of real estate appraising.

(c) Be trustworthy and competent to transact the business of real estate appraising.

(d) Comply with such other requirements as may be

prescribed by the board.

The courses of study referred to in paragraph (a) above must (i) be conducted by an accredited university, college or junior college; (ii) be conducted by an approved appraisal society, institute or association; or (iii) be conducted by such other school as may be approved by the board; or (iv) consist of courses relating to appraisal education that were approved by the Mississippi Real Estate Commission prior to July 1, 1990.

SECTION 6. Section 73-34-19, Mississippi Code of 1972, is amended as follows:

73-34-19. The following shall be the two (2) classes for licensed certified real estate appraisers * * *:

(a) Licensed certified residential real estate appraiser. The licensed certified residential real estate appraiser classification shall consist of appraisers authorized to appraise residential real estate of one (1) to four (4) units without regard to transaction value or complexity. * * *

(b) Licensed certified general real estate appraiser. The licensed certified general real estate appraiser classification shall consist of appraisers authorized to appraise all types of real estate.

 * * *

Each application for licensing as a licensed certified real estate appraiser, or for * * * renewal * * *, and each application to take an examination, shall specify the classification of licensing * * * applied for and, if applicable, the class of license previously granted. Each applicant shall be trustworthy and competent to transact the business of real estate appraisal and comply with such other requirements as may be prescribed by the board.

SECTION 7. Section 73-34-21, Mississippi Code of 1972, is amended as follows:

73-34-21. (1) As a prerequisite to taking the examination for licensing as a licensed certified residential real estate appraiser, an applicant shall present acceptable evidence that such applicant has successfully completed not less than one hundred twenty (120) classroom hours in courses of study approved by the board. The one hundred twenty (120) classroom hours must be in courses of study approved by the board which relate to real estate appraisal and shall include fifteen (15) classroom hours of the Uniform Standards of Professional Appraisal Practice. The courses of study * * * must be conducted by an accredited university, college or junior college; an approved appraisal society, institute or association; or such other school as may be approved by the board and in compliance with federal requirements * * *.

(2) As a prerequisite to taking the examination for licensing as a licensed certified general real estate appraiser, an applicant shall present acceptable evidence that such applicant has successfully completed not less than one hundred eighty (180) classroom hours in courses of study approved by the board. The one hundred eighty (180) classroom hours must be in courses of study approved by the board which relate to real estate appraisal and shall include fifteen (15) classroom hours of the Uniform Standards of Professional Appraisal Practice. The courses of study * * * must be conducted by an accredited university, college or junior college; an approved appraisal society, institute or association; or such other school as may be approved by the board and in compliance with federal requirements * * *.

 * * *

(3) A license as a licensed certified residential real estate appraiser shall not be issued to any person who does not possess twenty-four (24) months of experience in real estate appraisal supported by adequate written reports or file memoranda.

SECTION 8. Section 73-34-23, Mississippi Code of 1972, is amended as follows:

73-34-23. An original license issued under this chapter shall not be issued to any person who has not demonstrated through a written examination process that he possesses the following:

(a) Appropriate knowledge of technical terms commonly used in or related to real estate appraising, appraisal report writing and economic concepts applicable to real estate;

(b) An understanding of the basic principles of land economics and the basic problems likely to be encountered in gathering, interpreting and processing the data that is required in the real estate appraisal process;

(c) An understanding of the standards for the development and communication of real estate appraisals as provided in this chapter;

(d) Knowledge of theories of depreciation, cost estimating, methods of capitalization, and the mathematics of real estate appraisal that are appropriate for the classification of licensure applied for;

(e) Knowledge of such other principles and procedures as may be appropriate for the classification of licensure applied for; and

(f) An understanding of the types of misconduct for which disciplinary proceedings may be initiated against a licensee as set forth in this chapter.

SECTION 9. Section 73-34-27, Mississippi Code of 1972, is amended as follows:

73-34-27. To obtain a renewal of any of the real estate appraisal licenses issued under this chapter, the holder of a current, valid license shall make application and pay the prescribed fee to the commission not earlier than one hundred twenty (120) days nor later than the expiration date, as defined in Section 73-34-25, of the license then held. Each application for renewal shall be accompanied by evidence, in the form prescribed by the board, of having completed the continuing education requirements for renewal specified in this chapter.

If a licensee under this chapter fails to renew his license prior to its expiration or within any period of extension granted pursuant to this chapter, such person may obtain a renewal of his license by satisfying all of the requirements for renewal and filing an application for renewal, accompanied by a late renewal

fee, within sixty (60) days of the date that his license expired.

SECTION 10. Section 73-34-29, Mississippi Code of 1972, is amended as follows:

73-34-29. The board may, upon compliance with the provisions of this chapter * * *, deny the issuance of a license to an applicant on any of the grounds provided in this chapter.

SECTION 11. Section 73-34-33, Mississippi Code of 1972, is amended as follows:

73-34-33. (1) As a prerequisite to renewal of license, an active status licensed appraiser shall present evidence satisfactory to the board that such appraiser has met the continuing education requirements of this section. The basic continuing education requirement for renewal of a license shall be completed by the applicant, during the immediately preceding term of licensure, of not less than twenty-eight (28) classroom hours of instruction in courses or seminars which have received the approval of the board. Inactive status licensees are not required to meet the continuing education requirements specified in this section; however, such inactive licensees, before activating their license to active status, shall cumulatively meet the requirements missed during the period their license was inactive.

(2) In lieu of meeting the requirements set forth above, an applicant for renewal may satisfy all or part of the requirements by presenting evidence of the following:

(a) Completion of an educational program of study determined by the board to be equivalent, for continuing education purposes, to courses or seminars approved by the board; or

(b) Participation, other than as a student, in educational processes and programs approved by the board which relate to real property appraisal theory, practices or techniques, including, but not necessarily limited to, teaching, program development and preparation of textbooks, monographs, articles and other instructional materials.

(3) The board shall develop regulations for the implementation of the provisions of this section to ensure that an individual who renews his license * * * under this chapter has a working knowledge of current real estate appraisal theories, practices and techniques that will enable him to provide competent real estate appraisal services to the members of the public with whom he deals in a professional relationship under the authority of his licensure. The regulations developed by the board shall prescribe the following:

(a) Policies and procedures to be followed in obtaining board approval of courses of instruction and seminars;

(b) Standards, policies and procedures to be used by the board in evaluating an applicant's claims of equivalency; and

(c) Standards, monitoring methods, and systems for recording attendance to be employed by course and seminar sponsors as a prerequisite to board approval of courses and seminars for credit.

In developing and proposing regulations under this section, the board shall give consideration to courses of instruction, seminars and other appraisal education programs developed by or under the authority of organizations or associations of professional real estate appraisers which are utilized by such organizations or associations for the purpose of awarding real estate appraisal designations or indicating compliance with the continuing education requirements of such organizations or associations.

(4) No amendment or repeal of a regulation adopted by the board pursuant to this section shall operate to deprive a licensee of credit toward renewal of such appraiser's license for any course of instruction or seminar that had been completed by such individual prior to the amendment or repeal of the regulation.

SECTION 12. Section 73-34-35, Mississippi Code of 1972, is amended as follows:

73-34-35. (1) When the board determines a licensee or applicant for licensure or renewal under this chapter has committed a violation of any of the acts or omissions set forth in this section or chapter, the board may: (a) issue a public or private reprimand; (b) require the completion, including examination, of an educational course approved by the board; (c) revoke or suspend the license; (d) deny renewal of the license; (e) deny an application for licensure; (f) require the payment of a reasonable fine for each violation; or (g) take such other disciplinary action as deemed appropriate by the board.

(2) A licensee or applicant for licensure or renewal under this chapter shall not commit any of the following acts or omissions:

(a) Failing to meet the minimum qualifications for licensure established pursuant to this chapter;

(b) Procuring or attempting to procure licensure pursuant to this chapter by knowingly making a false statement, submitting false information or making a material misrepresentation in an application filed with the commission or procuring or attempting to procure licensure through any form of fraud or misrepresentation;

(c) Paying money other than the fees provided for by this chapter to any member or employee of the commission or the board to procure licensure under this chapter;

(d) An act or omission in the practice of real estate appraising which constitutes dishonesty, fraud or misrepresentation with the intent to substantially benefit the licensee or another person or with the intent to substantially injure another person;

(e) Entry of a final civil or criminal judgment against a licensee on grounds of fraud, misrepresentation or deceit;

(f) Conviction, including a conviction based upon a plea or finding of guilty, of a crime which is substantially related to the qualifications, functions or duties of a person developing real estate appraisals and communicating real estate appraisals to others;

(g) Engaging in the business of real estate appraising under an assumed or fictitious name not properly registered in this state;

(h) Paying a finder's fee or a referral fee;

(i) Making a false or misleading statement in that portion of a written appraisal report that deals with professional qualifications or in any testimony concerning professional qualifications;

(j) Issuing an appraisal on any real property in which the appraiser has an interest through fee simple ownership, leasehold, rental agreement or auction agreement;

(k) Taking a listing for the sale of a property within ninety (90) days of appraising such property, except as may be otherwise agreed upon by all parties and disclosed in the listing agreement; or

(l) Any act or conduct, whether the same or of a different character than specified above, which constitutes or demonstrates bad faith, incompetency or untrustworthiness; or dishonest, fraudulent or improper dealing; or any other violation of the provisions of this chapter and of rules and regulations established by the board.

(3) In addition to the reasons specified in subsection (2) of this section, the board shall be authorized to suspend the license of any licensee for being out of compliance with an order for support, as defined in Section 93-11-153. The procedure for suspension of a license for being out of compliance with an order for support, and the procedure for the reissuance or reinstatement of a license suspended for that purpose, and the payment of any fees for the reissuance or reinstatement of a license suspended for that purpose, shall be governed by Section 93-11-157 or 93-11-163, as the case may be. If there is any conflict between any provision of Section 93-11-157 or 93-11-163 and any provision of this chapter, the provisions of Section 93-11-157 or 93-11-163, as the case may be, shall control.

SECTION 13. Section 73-34-37, Mississippi Code of 1972, is amended as follows:

73-34-37. Each real estate appraiser licensed under this chapter must comply with generally accepted standards of professional appraisal practice and generally accepted ethical rules to be observed by a real estate appraiser. Generally accepted standards of professional appraisal practice are * * * the Uniform Standards of Professional Appraisal Practice as promulgated and updated by the Appraisal Standards Board of the Appraisal Foundation; however, after a public hearing held in accordance with the laws of this state applicable to public hearings, the board may make such modifications in excess of those standards as the board deems appropriate for this state.

SECTION 14. Section 73-34-39, Mississippi Code of 1972, is amended as follows:

73-34-39. (1) A * * * real estate appraiser licensed under this chapter shall retain for a period of five (5) years the original or a true copy of: (a) each appraisal report prepared or signed by such real estate appraiser; and (b) all supporting data assembled and formulated by the appraiser in preparing each such appraisal report.

(2) The five-year period for retention of records is applicable to each engagement of the services of the appraiser and shall commence upon the date of * * * each appraisal report * * * unless, within such five-year period, the appraiser is notified that the appraisal or the appraisal report is involved in litigation, in which event a minimum of a two-year period for the retention of records shall commence upon the date of the final disposition of such litigation or whichever period expires last.

(3) * * * A * * * real estate appraiser licensed under this chapter shall make all records required to be maintained under the provisions of this chapter available for inspection and copying by the board or its designated agent upon demand.

SECTION 15. Section 73-34-41, Mississippi Code of 1972, is amended as follows:

73-34-41.

 * * *

Upon receipt of information indicating * * * a licensee or applicant for licensure or renewal may have committed a violation under this chapter, the commission, at the direction of the board, may cause one or more of the investigators on its staff to make an investigation of the facts to determine whether or not there is evidence of any such violation. If technical assistance is required, a staff investigator may consult with not more than two (2) of the voting members of the board or such other member or members of the appraisal profession deemed by the board to be competent to render such technical assistance. If a voting member of the board is consulted and renders assistance in an investigation, such member shall be excused from service on the board in connection with any administrative hearing that results from such investigation.

In any investigation made by the commission's investigative staff, the board shall have the power to compel the attendance of witnesses and the production of books, * * * documents, records and other papers, the power to administer oaths, and the power to take testimony and receive evidence concerning all matters within its jurisdiction.

If an investigation indicates * * * a licensee or applicant for licensure or renewal has committed a violation under this chapter, a formal complaint shall be prepared by the commission staff if so directed by the board and served upon such person. The complaint shall require the accused party to file an answer to the complaint within twenty (20) days of the date of service.

However, a formal complaint shall not be required, or may be dismissed after having been filed, if an agreement is reached between the board and licensee or accused party by consent order or if other disposition of the allegation or complaint is appropriate under the circumstances as determined by the board. The board may take such other action it deems appropriate, including, but not limited to, dismissal of the allegation or complaint.

In responding to a complaint filed by the staff of the commission, the accused party may admit the allegations of the complaint, deny the allegations of the complaint, or otherwise plead. Failure to make a timely response shall be deemed an admission of the allegations of the complaint.

Upon completion of the investigation, filing of the formal complaint and response to the complaint, the board shall set a date, time and place for an administrative hearing on the complaint, unless other disposition has been taken by the board as provided for in this section.

SECTION 16. Section 73-34-43, Mississippi Code of 1972, is amended as follows:

73-34-43. If, at the conclusion of the hearing, the board determines a licensee or applicant for licensure or renewal is guilty of a violation of any of the provisions of this chapter, it shall prepare a formal decision that shall contain findings of fact concerning the appropriate disciplinary action to be taken.

The decision and order of the board shall be final. Any applicant or licensee or person aggrieved by a decision or order of the board shall have the right of appeal from such adverse order or decision of the board to the circuit court of the county of residence of the applicant, licensee or person, or of the First Judicial District of Hinds County, within thirty (30) days from the service of notice of the action of the board upon the parties in interest. Notice of appeals shall be filed in the office of the clerk of the court who shall issue an order directed to the board commanding it, within ten (10) days after service thereof, to certify to the court its entire record in the matter in which the appeal has been taken. The appeal shall thereupon be heard in due course by the court, without a jury, which shall review the record and make its determination of the cause between the parties. To be effective, an application for review made by an aggrieved party must be filed within thirty (30) days after such party's receipt of the final decision and order of the board.

 * * * If the court finds that the board has regularly pursued its authority and has not acted arbitrarily, it shall affirm the decision and order of the board.

Actions taken by the board in suspending a license when required by Section 93-11-157 or 93-11-163 are not actions from which an appeal may be taken under this section. Any appeal of a license suspension that is required by Section 93-11-157 or 93-11-163 shall be taken in accordance with the appeal procedure specified in Section 93-11-157 or 93-11-163, as the case may be, rather than the procedure specified in this section.

SECTION 17. Section 73-34-47, Mississippi Code of 1972, is amended as follows:

73-34-47. The commission at the direction of the board shall issue to each applicant approved by the board under this chapter a license evidencing such licensure. The commission shall at the direction of the board also issue a pocket card in such size and form as the board approves.

A license issued under this chapter shall bear a license number assigned by the commission. When signing an appraisal report or certified appraisal report, the licensee shall place such appraiser's license number adjacent to or immediately below the title of "licensed appraiser" or "licensed certified residential real estate appraiser" or "licensed certified general real estate appraiser * * *." Such license number shall also be used in all statements of qualification, contracts or other instruments used by the license holder when reference is made to such license holder's status as a licensee. The board is authorized to establish by rules the use of abbreviations for the aforementioned titles of license.

The license must bear the current physical address of the licensee's place of business, which shall be a room either in his home or an office elsewhere, to be used for the transaction of the appraisal business. In case of removal from the designated address, the licensee shall make application to the commission before removal, or within ten (10) days after removal, designating the new location of such office, whereupon the commission at the direction of the board shall forthwith issue a new license for the new location.

Licenses and pocket cards shall remain the property of the state; and, upon any suspension or revocation of a license pursuant to this chapter, the individual holding the related license and pocket card shall immediately return such license and pocket card to the commission.

The commission shall maintain and keep open for public inspection during office hours a complete and properly indexed record of all applications for licensure received and licenses issued, renewed, revoked, cancelled or suspended under the provisions of this chapter. A copy of any such record, except pending investigation files, shall be made available to the public, upon application to the commission, at such reasonable

price per copy as may be fixed by the commission.

SECTION 18. Section 73-34-49, Mississippi Code of 1972, is amended as follows:

73-34-49. The commission shall prepare and issue at least once each calendar year a roster showing the name and place of business of each real estate appraiser currently licensed under the provisions of this chapter. A copy of such roster shall be made available to the public, upon application to the commission, at such reasonable price per copy as may be fixed by the board. The commission shall provide the names of licensees to the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, as required by the subcommittee.

SECTION 19. Section 73-34-59, Mississippi Code of 1972, is amended as follows:

73-34-59. If any provision of this chapter is found to be in noncompliance with the requirements of the Appraisal Subcommittee of the Federal Financial Institutions Examination Council or the Appraisal Standards Board and Appraiser Qualifications Board of the Appraisal Foundation, the board is authorized to implement such rules and regulations as necessary to bring the requirements into federal compliance.

SECTION 20. This act shall take effect and be in force from and after July 1, 1998.