MISSISSIPPI LEGISLATURE
2023 Regular Session
To: Accountability, Efficiency, Transparency
By: Senator(s) Polk, Blackwell, Jackson
AN ACT TO PROVIDE THAT THE MISSISSIPPI REAL ESTATE APPRAISER LICENSING AND CERTIFICATION BOARD SHALL BE SEPARATED FROM THE MISSISSIPPI REAL ESTATE COMMISSION AND BECOME THE MISSISSIPPI REAL ESTATE APPRAISAL BOARD; TO PROVIDE FOR THE TRANSITION OF FUNCTIONS AND RESOURCES SO THAT BY JULY 1, 2023, THE MISSISSIPPI REAL ESTATE APPRAISAL BOARD SHALL BE FULLY FUNCTIONAL AND INDEPENDENT FROM THE MISSISSIPPI REAL ESTATE COMMISSION; TO REQUIRE THE MISSISSIPPI STATE PERSONNEL BOARD, THE DEPARTMENT OF FINANCE AND ADMINISTRATION AND THE DEPARTMENT OF INFORMATION TECHNOLOGY SERVICES TO PROVIDE SUPPORT DURING THE TRANSITION; TO AMEND SECTIONS 73-34-3 AND 73-34-5, MISSISSIPPI CODE OF 1972, TO CONFORM; TO AMEND SECTION 73-34-7, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE MEMBERSHIP OF THE MISSISSIPPI REAL ESTATE APPRAISAL BOARD SHALL CONSIST OF FIVE MEMBERS TO BE APPOINTED BY THE GOVERNOR, FOUR OF WHOM SHALL BE FROM THE CONGRESSIONAL DISTRICTS AS THEY EXISTED ON JULY 1, 2004, AND ONE FROM THE STATE-AT-LARGE; TO AMEND SECTION 73-34-9, MISSISSIPPI CODE OF 1972, TO CONFORM; TO AMEND SECTION 73-34-13, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ONLY THE LAST FOUR DIGITS OF AN APPLICANT'S SOCIAL SECURITY NUMBER SHALL BE REQUIRED TO GO ON THE LICENSE APPLICATION; TO AMEND SECTIONS 73-34-17, 73-34-27, 73-34-35, 73-34-41, 73-34-45, 73-34-47, 73-34-49 AND 73-34-51, MISSISSIPPI CODE OF 1972, TO CONFORM; TO AMEND SECTION 73-34-103, MISSISSIPPI CODE OF 1972, TO EXTEND THE REPEAL DATE FROM JULY 1, 2026, UNTIL JULY 1, 2027, AND TO CONFORM; TO AMEND SECTIONS 73-34-107, 73-34-113 AND 73-34-117, MISSISSIPPI CODE OF 1972, TO CONFORM; TO AMEND SECTION 73-34-129, MISSISSIPPI CODE OF 1972, TO REMOVE THE PROVISION THAT ALLOWS AN APPRAISAL MANAGEMENT COMPANY TO REMOVE AN APPRAISER FROM ITS APPRAISER PANEL WITHIN THE FIRST NINETY DAYS AFTER AN INDEPENDENT APPRAISER IS FIRST ADDED TO THE APPRAISER PANEL OF AN APPRAISAL MANAGEMENT COMPANY, AND TO CONFORM; TO AMEND SECTIONS 73-34-131, 39-21-3, 29-1-209, 73-35-4 AND 93-11-64, MISSISSIPPI CODE OF 1972, TO CONFORM; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) Effective July 1, 2023, the Mississippi Real Estate Appraiser Licensing and Certification Board shall be separated from the Mississippi Real Estate Commission ("commission") and shall thereafter operate as an independent board to be known as the Mississippi Real Estate Appraisal Board ("board").
(2) The Mississippi Real Estate Commission and the Mississippi Real Estate Appraisal Board shall cooperate on the orderly transfer of functions and resources as provided under this act to ensure that by July 1, 2023, the Mississippi Real Estate Appraisal Board shall be fully functional and independent from the Real Estate Commission.
(3) The Mississippi Real Estate Commission and the Mississippi Real Estate Appraisal Board shall comply with the provisions of Section 5-11-1 et seq., regarding the transfer of agency functions.
(4) (a) The Mississippi State Personnel Board shall provide assistance to the commission and the board to ensure that all authorized positions of the Mississippi Real Estate Appraiser Licensing and Certification Board are identified and properly assigned to the Mississippi Real Estate Appraisal Board by July 1, 2023.
(b) The Department of Finance and Administration shall assist the Mississippi Real Estate Appraisal Board in identifying office space appropriate to meet its needs in a state-owned office building if possible, and shall further provide any temporary accounting or other assistance to the board to assist the board in becoming operational and independent.
(c) The Department of Information Technology Services shall provide assistance to the Mississippi Real Estate Appraisal Board to ensure that any and all computer systems, web pages and other information technology communications systems are operational by July 1, 2023.
(d) Beginning on July 1, 2023, wherever the terms "Mississippi Real Estate Appraiser Licensing and Certification Board" or "board," when referring to the Mississippi Real Estate Appraiser Licensing and Certification Board, appear in any law, rule, regulation or document the same shall be construed to mean the Mississippi Real Estate Appraisal Board.
SECTION 2. 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 performed in accordance with the Uniform Standards for Professional Appraisal Practice. 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 * * * Appraisal
Board that is established under 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 under this chapter.
* * *
( * * *e) "Licensed real estate
appraiser" means a person who holds a current, valid appraisal license
issued to him under the provisions of this chapter.
( * * *f) "Real estate or real
property" 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.
( * * *g) "Real estate appraisal activity"
means the act or process of making an appraisal of real estate or real property
and preparing an appraisal report.
( * * *h) "Real estate appraiser"
means a person who engages in real estate appraisal activity for a fee or other
valuable consideration.
( * * *i) "Real property" means one
or more defined interests, benefits or rights inherent in the ownership of real
estate.
( * * *j) "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.
( * * *k) "Appraisal management company"
or "AMC" means, in connection with valuing properties collateralizing
mortgage loans or mortgages incorporated into a securitization, any external
third party that oversees a network or panel of more than fifteen (15) certified
or licensed appraisers in this state or twenty-five (25) or more nationally
within a given year, that is authorized either by a creditor of a consumer
credit transaction secured by a consumer's principal dwelling or by an
underwriter of or other principal in the secondary mortgage markets to:
(i) Recruit, select, and retain appraisers;
(ii) Contract with licensed and certified appraisers to perform appraisal assignments;
(iii) Manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services
provided, and reimbursing appraisers for services performed; or
(iv) Review and verify the work of appraisers.
( * * *l) "Appraisal review" means
the act or process of developing and communicating an opinion about the quality
of another appraiser's work that was performed as part of an appraisal
assignment, except that a quality control examination of an appraisal shall not
be an appraisal review.
( * * *m) "Appraiser" means an individual
who holds a license or certification as an appraiser and is expected to perform
valuation services competently and in a manner that is independent, impartial
and objective.
( * * *n) "Appraiser panel" means a
network, list or roster of licensed or certified appraisers approved by an AMC
to perform appraisals as independent contractors for the AMC.
( * * *o) "Controlling person"
means:
(i) An officer or director, or owner of greater than a ten percent (10%) interest, of a corporation, partnership or other business entity, seeking to act as an appraisal management company in this state;
(ii) An individual employed, appointed, or authorized by an appraisal management company that has the authority to enter into a contractual relationship with other persons for the performance of services requiring registration as an appraisal management company and has the authority to enter
into agreements with appraisers for the performance of appraisals; or
(iii) An individual who possesses, directly or indirectly, the power to direct or cause the direction of
the management or policies of an appraisal management company.
( * * *p) "Federal financial institutions
regulatory agencies" means the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency, the Office of Thrift Supervision, and the National
Credit Union Administration.
( * * *q) "Federally related
transaction" means any real estate-related financial transaction which a
federal financial institutions regulatory agency or the Resolution Trust
Corporation engages in, contracts for, or regulates, and which requires the services
of an appraiser.
( * * *r) "Person" means an
individual, firm, partnership, limited partnership, limited liability company,
association, corporation, or other group engaged in joint-business
activities, however organized.
( * * *s) "Quality control examination"
means an examination of an appraisal report for compliance and completeness,
including grammatical, mathematical, typographical or other similar
errors.
( * * *t) "Real estate-related financial
transaction" means any transaction involving:
(i) The sale, lease, purchase, auction, investment in or exchange of real property, including interests in
property, or the financing thereof;
(ii) The refinancing of real property or interests in real property; and
(iii) The use of real property or interests in property as security for a loan or investment, including
mortgage-backed securities.
( * * *u) "Uniform Standards of
Professional Appraisal Practice" means the current standards of the
appraisal profession, developed for appraisers and users of appraisal services
by the Appraisal Standards Board of the Appraisal Foundation.
( * * *v) "USPAP" means the Uniform
Standards of Professional Appraisal Practice.
( * * *w) "Appraisal Foundation"
means the Appraisal Foundation, as defined by 12 USC Section 3350, or its
successor.
( * * *x) "Appraisal Standards
Board" means the Appraisal Standards Board of the Appraisal Foundation, or
its successor.
( * * *y) "Appraisal Subcommittee"
means the Appraisal Subcommittee of the Federal Financial Institutions
Examination Council, or its successor.
( * * *z) "Appraiser Qualifications
Board" means the Appraiser Qualifications Board of the Appraisal
Foundation, or its successor.
( * * *aa) "Supervisory appraiser"
means a supervisory appraiser as defined by the Appraiser Qualifications Board.
( * * *bb) "Trainee appraiser"
means a trainee appraiser as defined by the Appraiser Qualifications Board.
SECTION 3. 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 in this state without first obtaining one (1) of the three (3) real estate appraiser licenses as provided in this chapter.
(a) Any person who is
engaged in real estate appraisal activity on July 1, 1990, shall continue
through June 30, 1991, to be subject to the provisions of the Real Estate
Brokers License Law of 1954, but, thereafter, all real estate appraisal activity
shall be governed by and licensed pursuant to the provisions of this chapter. However,
if the United States Congress or the Appraisal Subcommittee of the Federal
Financial Institutions Examination Council extends the effective date for the
use of certified or licensed appraisers in federally related transactions, then
the above date of June 30, 1991, shall be extended to the date immediately
preceding such extended effective date. In addition, if such Appraisal
Subcommittee 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 * * * Appraisal
Board until the waiver is terminated by the Appraisal Subcommittee. The
Mississippi Real Estate * * * Appraiser Licensing and Certification Appraisal Board
shall waive or modify statutory minimum requirements for hours of courses of
study and provide by regulation for applicants who desire to do so to challenge
the examinations, or one or some of them, by taking an examination on such
courses without actually taking such courses, if such waivers or modifications
are allowed or allowable under law or regulations adopted and promulgated by
the United States Congress or the Appraisal Subcommittee of the Federal
Financial Institutions Examination Council.
(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) The provisions of this chapter shall not apply to:
(a) Any state, county, or municipal public officers or their salaried employees while performing their duties as such;
(b) The employees of private firms engaged pursuant to Section 27-35-165(2)(a) who perform work under the direction of the county tax assessor; or
(c) Private consultants hired pursuant to Section 27-35-165(2)(b) and all personnel employed or otherwise engaged by private consultants to appraise property who perform work under the direction of the county tax assessor.
(3) No license shall be issued under the provisions of this chapter to a corporation, partnership, firm or group.
(4) The provisions of this chapter shall not apply to individuals performing timber cruises, valuation on timberland real estate appraisals for nonfederally related transactions.
(5) The provisions of this chapter shall not apply to real estate licensees who are on active status and who perform a broker price opinion pursuant to Section 73-35-4.
SECTION 4. Section 73-34-7, Mississippi Code of 1972, is amended as follows:
73-34-7. (1) (a) There is
hereby established * * * a
board to be known as the Mississippi Real Estate * * * Appraisal
Board, which shall consist of * * * five (5) members. * * *
* * *
( * * *b) * * *
The five (5) members shall be appointed by the Governor, with the advice and
consent of the Senate, one (1) from each congressional district as such
district existed on July 1, 2004, and one (1) from the state at large. The
provisions of this paragraph ( * * *b) shall not affect persons who are
members of the * * * board as of January 1, * * * 2023. Such member(s) shall
serve out their respective terms, upon the expiration of which the provisions
of this paragraph ( * * *b)
shall take effect. Nothing provided herein shall be construed as prohibiting
the reappointment of any member of the * * * board.
( * * *c) At least * * * two (2) members shall be
certified general real estate appraisers * * * and at least two (2) members shall
be * * * certified
residential real estate appraisers. Not more than two (2) positions on
the board shall be filled with appointees who hold membership in the same professional
appraisal organization. * * * Of the initial appointments made pursuant to this paragraph (d), two
(2) shall serve for three (3) years, two (2) shall serve for two (2) years and
one (1) shall serve for one (1) year. Thereafter, Each member
shall serve for a term of four (4) years. Upon the expiration of a member's
term, such member shall continue to serve until the appointment and qualification
of a successor. * * * No person shall be appointed as a
member of the board for more than * * * three (3) consecutive terms.
The Governor may remove an appointed member for cause.
(2) The board shall meet not less than twice a calendar year. Written notice shall be given to each member of the time and place of each meeting of the board at least ten (10) days prior to the scheduled date of the meeting.
(3) A quorum of the board
shall be three (3) voting members * * *, and at
least one (1) present member must be a licensed certified general real
estate appraiser or a certified residential real estate appraiser. Appointed
members of the board are entitled to mileage and actual expenses as authorized
by Section 25-3-41 and per diem as provided by Section 25-3-69 * * *.
(4) The board shall elect a chairman and such other officers as it deems necessary. Such officers shall serve as such for terms established by the board.
SECTION 5. Section 73-34-9, Mississippi Code of 1972, is amended as follows:
73-34-9. (1) The * * * board shall have the
following powers and duties:
(a) To receive applications for licensure as a real estate appraiser and applications for registration as an appraisal management company under this chapter; to establish appropriate administrative procedures for the processing of those applications; to approve or disapprove applications for licensing or registration under this chapter; to issue licenses to qualified applicants under 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 the places and at the times as may be required to carry out its responsibilities under this chapter.
* * *
( * * *c) To collect all licensing fees required
or permitted by this chapter.
( * * *d) To take appropriate action upon a
decision and the related findings of fact made by the board if, after an
administrative hearing, the board (i) determines that a licensed appraiser or a
licensed state certified real estate appraiser under this chapter has violated
the standards of appraisal practice or ethical rules established under Section
73-34-37, or has committed one or more of the acts that are prohibited by
Section 73-34-35, 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.
( * * *e) To solicit bids and enter into
contracts * * *.
( * * *f) To promote research and conduct
studies relating to the profession of real estate appraising and sponsor real
estate appraisal educational activities.
( * * *g) 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.
( * * *h) To employ an * * *
administrator or director who shall keep a record of all proceedings,
transactions, communications and official acts of the * * * board and perform any other
duties as the * * * board may require.
( * * *i) To employ an appropriate staff to
investigate allegations that licensed appraisers or licensed state certified
real estate appraisers under this chapter failed to comply with the terms or
provisions of this chapter.
( * * *j) To employ any other professional,
clerical and technical assistance as may be necessary to properly administer
the work of this chapter.
* * *
( * * *k) To be responsible for matters relating
to real estate appraisal standards, real estate appraiser qualifications,
testing standards * * *
and appraisal management companies and enforce the same through its
disciplinary functions.
( * * *l) To hold meetings; to hold public
hearings and administrative hearings; and to prepare examination specifications
for licensed appraisers and licensed state certified appraisers.
( * * *m) To enable the board to carry out
its responsibilities under this chapter with respect to licensing and registering,
the board shall have:
(i) The power to compel the attendance of witnesses;
(ii) The power to require a licensed appraiser or an applicant for licensure to produce books, appraisal documents, records and other papers;
(iii) The power to administer oaths; and
(iv) 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.
( * * *n) To establish appropriate
administrative procedures for disciplinary proceedings conducted under the
provisions of this chapter.
( * * *o) To keep a record of its proceedings
and issue an annual report of its activities.
( * * *p) To further define by rule or
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 and of the
Appraiser Qualifications Board.
( * * *q) To approve or disapprove
applications for licensing or registration under this chapter.
( * * *r) To suspend or revoke licenses or
registrations under the disciplinary proceedings provided for in this chapter.
( * * *s) To present an annual budget to the
Mississippi Legislature for approval. * * *
( * * *t) To implement all requirements
directed by the Appraiser Qualifications Board, Appraisal Subcommittee of the
Federal Financial Institutions Examination Council or their designated agent.
( * * *u) To make rules and regulations
providing for an inactive license or registration status and for the
reactivation thereof.
( * * *v) To make rules and regulations
necessary to implement its powers and duties under this chapter.
( * * *w) To do all other things necessary to
carry out the provisions of this chapter.
( * * *x) To adopt rules consistent with the
provisions of this chapter which may be reasonably necessary to implement,
administer, and enforce the provisions of this chapter.
( * * *y) To provide for at least one (1)
member of the board to represent the appraisal management company industry.
( * * *z) To establish the standard for measuring
residential properties up to four (4) family buildings as promulgated by the
American National Standards Institute or as provided in the American
Measurement Standard Manual. The board shall require appraisals required to use
those standards to indicate on the appraisal or separately appended document
which standard was used.
( * * *aa) To conduct surveys as necessary.
( * * *2) The members of the * * * board 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 appraiser licensed under this chapter, provided that
the action is taken without malicious intent and in the reasonable belief that
the action was taken in accordance with the powers and duties vested in the
members of the * * * board under this chapter.
SECTION 6. Section 73-34-13, Mississippi Code of 1972, is amended as follows:
73-34-13. Applications for
one (1) of the appraisal licenses, applications for renewal, applications to
take an examination, and applications for registration as an appraisal
management company shall be made in writing to the * * * board on approved forms.
The payment of the appropriate fee, as fixed under Section 73-34-45, must accompany all applications for licensure and renewal thereof, all applications to take an examination and all applications for registration as an appraisal management company. At the time of filing an application for licensure under this chapter, for renewal, or for registration as an appraisal management company, each applicant shall sign a pledge to comply with the standards of professional appraisal practices that are established from time to time for licensed appraisers and for licensed certified real estate appraisers 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 licensed appraiser or a licensed certified real estate appraiser.
Each application or filing
made under this section shall include the last four (4) digits of the applicant's
social security number * * *.
SECTION 7. Section 73-34-17, Mississippi Code of 1972, is amended as follows:
73-34-17. To qualify to be a licensed real estate appraiser, an applicant must:
(a) Successfully complete the number and type of classroom hours or other educational qualifications that meet or exceed the qualifications required by the Appraiser Qualifications Board.
(b) Provide evidence satisfactory to the board that the applicant has completed the number of hours of experience in performing appraisals over the specified number of calendar years that meet or exceed the number of hours of experience over the specified number of calendar years as required by the Appraiser Qualifications Board.
(c) Pass any examination
administered by the * * *
board or its designated agent that is consistent with other requirements
of this chapter and approved by the Appraiser Qualifications Board when such
approval is required.
(d) Be trustworthy and competent to transact the business of real estate appraising.
(e) 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 * * *.
SECTION 8. 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 or a renewal of any
registration issued under this chapter, the holder of a current, valid license
or registration shall make application and pay the prescribed fee to the * * * board 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 licensed appraiser or licensed certified real estate appraiser under this chapter fails to renew his license, or an appraisal management company fails to renew its registration before its expiration or within any period of extension granted under this chapter, that person or company may obtain a renewal of their license or registration 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 the license or registration expired.
From and after January 1, 2015, all applicants for a real estate appraisal license renewal shall undergo a fingerprint-based criminal history records check of the Mississippi central criminal database and the Federal Bureau of Investigation criminal history database pursuant to the provisions of Section 73-34-14.
SECTION 9. Section 73-34-35, Mississippi Code of 1972, is amended as follows:
73-34-35. (1) An application for licensure or renewal may be denied, and the rights of any licensed appraiser or licensed certified real estate appraiser may be revoked or suspended, or the holder of the license may be otherwise disciplined, in accordance with the provisions of this chapter for any of the following acts or omissions:
(a) Failing to meet the minimum qualifications for licensure established under this chapter;
(b) Procuring or
attempting to procure licensure under this chapter by knowingly making a false
statement, submitting false information or making a material misrepresentation
in an application filed with the * * * board 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 * * * 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.
(2) In accordance with the laws of this state, and to the extent permitted by any applicable federal legislation or regulation, the board may censure an appraisal management company, conditionally or unconditionally suspend or revoke any registration issued under this chapter, or deny renewal of any registration issued under this chapter, or levy fines or impose civil penalties not to exceed Five Thousand Dollars ($5,000.00), if after appropriate investigation the board concludes that an appraisal management company is attempting to perform, has performed, or has attempted to perform any of the following acts:
(a) Committed any act in violation of this chapter;
(b) Violated any rule or regulation adopted by the board in the interest of the public and consistent with the provisions of this chapter; or
(c) Procured a registration for itself or any other person by fraud, misrepresentation or deceit.
(3) In order to promote voluntary compliance, encourage appraisal management companies to correct errors promptly, and ensure a fair and consistent approach to enforcement, the board is authorized to impose fines or civil penalties that are reasonable in light of the nature, extent and severity of the violation. The board is also authorized to take action against an appraisal management company's registration, if at all, only after less
severe sanctions have proven insufficient to ensure behavior consistent with this chapter. When deciding whether to impose a sanction permitted by subsection (2), determining the sanction that is most appropriate in a specific instance, or making any other discretionary decision regarding the enforcement of this chapter, the board shall consider whether an appraisal management company:
(a) Has an effective program reasonably designed to ensure compliance with this chapter;
(b) Has taken prompt and appropriate steps to correct and prevent the recurrence of any detected violations; and
(c) Has independently reported to the board any significant violations or potential violations of this chapter, before an imminent threat of disclosure or investigation and within a reasonably prompt time after becoming aware of their occurrence.
(4) In addition to the reasons specified in subsection (1) 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 10. Section 73-34-41, Mississippi Code of 1972, is amended as follows:
73-34-41. The * * * board may investigate * * * the actions of
an individual licensed or entity registered under this chapter or an applicant
for licensure, renewal or registration. Upon compliance with the procedural
requirements set forth in this chapter, the board may revoke or suspend the
license or otherwise discipline a licensed appraiser, licensed certified real
estate appraiser or registered appraisal management company, or deny an application
or registration, for any of the acts or omissions set forth in Section 73-34-35.
Upon receipt of information indicating that a licensed appraiser, licensed certified real estate appraiser or a registered appraisal management company may have committed a violation under Section 73-34-35, the board may, upon compliance with the procedural requirements set forth in this chapter, revoke or suspend the license or otherwise discipline the licensee or registrant, or deny an application or registration, for any of the acts or omissions set forth in Section 73-34-35.
Upon receipt of information
indicating that a licensed appraiser, licensed certified real estate appraiser
or registered appraisal management company may have committed a violation under
Section 73-34-35, 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. 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 * * *
board's investigative staff, the board shall have the power to compel
the attendance of witnesses and the production of books, appraisal 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 that a licensed appraiser, licensed certified real estate appraiser
or registered appraisal management company has committed a violation under
Section 73-34-35, a formal complaint shall be prepared by the * * * board staff * * * and served upon
such real estate appraiser or appraisal management company in accordance with
the rules of the board. This complaint shall require the accused party to
file an answer to the complaint within twenty (20) days of the date of service.
In responding to a complaint
filed by the staff of the * * * commission board, 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 of the complaint, the board shall set a date, time and place for an administrative hearing on the complaint.
SECTION 11. Section 73-34-45, Mississippi Code of 1972, is amended as follows:
73-34-45. (1) The * * * board shall charge and
collect appropriate fees for its services under this chapter. The fees charged
shall not exceed the amounts indicated below and shall be set by the board.
Application and examination...........................$225.00
Application only......................................$175.00
Initial and renewal license...........................$325.00
Delinquent renewal penalty................100% of renewal fee
For each change of address............................$ 25.00
For each duplicate license............................$ 25.00
To change status as a licensee between active/inactive$ 25.00
For each bad check received
by the * * *
board........$ 25.00
(2) (a) The board shall
establish the fee to be paid by each appraisal management company making
application for registration under this chapter that is sufficient for the
administration regulation and enforcement of the provisions of the Mississippi
Appraisal Management Company Registration Act (Section 73-34-101 et seq.), but
in no case shall the fee for initial registration be more than * * * One Thousand Five
Hundred Dollars ($1,500.00) * * *.
(b) The board may
establish a similar fee, not to exceed * * * One Thousand Five Hundred Dollars ($1,500.00) * * *, for the renewal of any
registration, and a delinquent renewal penalty not to exceed one hundred
percent (100%) of the renewal fee.
(3) The board by rule shall establish and collect from each appraisal management company (AMC) registered under this chapter the national registry fee required by the Appraisal Subcommittee for each person who is on the appraisal panel of the company and licensed or certified as an appraiser in this state.
(a) Unless exempted under provisions of this chapter or federal law/regulation, the board shall collect from each appraisal management company operating in this state:
(i) The national registry fee required by the Appraisal Subcommittee;
(ii) Information necessary for the board to determine the national registry fee as required by the Appraisal Subcommittee;
(iii) A fee in an amount that is sufficient for the administration of this subsection as established by board rule; and
(iv) Any other information required by state or federal law.
(b) The board shall deposit the national registry fees collected under this section into an account maintained only for purposes of collecting and disbursing the national registry fees collected pursuant to this subsection.
(c) The national registry fees collected under this section shall be transmitted to the Appraisal Subcommittee regularly as required by the Appraisal Subcommittee and federal law.
(d) The board may adopt such rules and regulations necessary to implement the requirements of this subsection.
(4) The board may charge additional fees for its services which the board deems appropriate to carry out its intent and purpose. These additional fees shall not exceed the cost of rendering the service.
(5) Except for those fees
collected by the board as required for disbursement to national registries, all
fees charged and collected under this chapter shall be paid by the * * * board at least once a week,
accompanied by a detailed statement thereof, to the credit of the fund known as
the "Real Estate Appraisal License Fund," hereby created in the State
Treasury. All monies which are collected under this chapter shall be paid into
and credited to the fund for the use of the board in carrying out the provisions
of this chapter, including the payment of salaries and expenses, printing an
annual directory of licensees, and for educational purposes. * * * The * * * board shall prepare an annual
statement of income and expenses related to its appraisal-related administrative
function.
SECTION 12. Section 73-34-47, Mississippi Code of 1972, is amended as follows:
73-34-47. The * * * board shall
issue to each licensed appraiser or licensed certified real estate appraiser
under this chapter a license evidencing such licensure. The * * * board shall * * * 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 * * * board. 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" or "licensed timberland 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 licensed appraiser or licensed certified real estate appraiser.
The license must bear the
current physical address of the licensee's place of business, which shall be a
room either in his or her 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 * * * board before removal, or
within ten (10) days after removal, designating the new location of such office,
whereupon 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 * * *
board.
The * * * board 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 * * * board, at such reasonable
price per copy as may be fixed by the * * * board.
SECTION 13. Section 73-34-49, Mississippi Code of 1972, is amended as follows:
73-34-49. The * * * board 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 and appraisal
management company registered under the provisions of this chapter. A copy of
the roster shall be made available to the public, upon application to the * * * board, at a reasonable price
per copy as may be fixed by the * * * board. The * * * board shall send a copy of
this list to the Appraisal Subcommittee of the Federal Financial Institutions
Examination Council, or its designated agent.
SECTION 14. Section 73-34-51, Mississippi Code of 1972, is amended as follows:
73-34-51. (1) Each applicant
for licensure under this chapter who is not a resident of this state shall submit,
with his application, an irrevocable consent that legal action arising out of his
activities as a real estate appraiser in this state may be commenced against him
in the proper court of any county of this state in which a cause of action may arise
or in which the plaintiff may reside by service of process or pleading authorized
by laws of this state, by the Secretary of State, or by the * * *
administrator or director of the board. The consent shall stipulate that
the service of process or pleading shall be taken in all courts to be valid and
binding as if personal service had been made upon the nonresident licensee in this
state. The consent shall be duly acknowledged. Every nonresident licensee shall
consent to have any hearings conducted by the board pursuant to Section 73-34-35
at a place designated by the board.
(2) Any service of process or
pleading shall be served on the * * * Mississippi Real Estate * * * Appraisal Board by filing duplicate
copies, one (1) of which shall be filed in the office of the board and the other
forwarded by certified mail to the last-known principal address of the nonresident
licensee against whom the process or pleading is directed.
(3) If, in the determination of the board, another state or territory or the District of Columbia is deemed to have substantially equivalent licensure laws for real estate appraisers, an applicant for licensure in this state who is licensed under the law of such other state, territory or district may obtain a license as a real estate appraiser in this state upon such terms and conditions as may be determined by the board provided that disciplinary proceedings are not pending against such applicant in his state of licensure. The issuance of a license by reciprocity to a military-trained applicant, military spouse or person who establishes residence in this state shall be subject to the provisions of Section 73-50-1 or 73-50-2, as applicable.
SECTION 15. Section 73-34-103, Mississippi Code of 1972, is amended as follows:
73-34-103. (1) It is unlawful
for a person to directly or indirectly engage or attempt to engage in business as
an appraisal management company in this state or to advertise or hold itself out
as engaging in or conducting business as an appraisal management company in this
state without first obtaining a registration issued by the Mississippi Real Estate * * * Appraisal Board under the provisions of this
chapter.
( * * *2) An applicant for registration as an
appraisal management company in this state shall submit to the * * * board an application on a form or forms prescribed
by the board accompanied by an original or certified copy of a surety bond payable
to the State of Mississippi in the amount of Twenty Thousand Dollars ($20,000.00)
for the use, benefit and indemnity of any person who suffers any damage or loss
as a result of the appraisal management company's breach of contract or of any obligation
arising therefrom or any violation of law.
* * *
( * * *3) An application for the registration
required by subsection (1) of this section shall, at a minimum, include:
(a) The name of the person seeking registration and the fictitious name or names under which he does business in any state;
(b) The business address of the entity seeking registration;
(c) The phone contact information of the entity seeking registration;
(d) If the person is not a corporation that is domiciled in this state, the name and contact information for the person's agent for service of process in this state;
(e) The name, address, and contact information for any individual or any corporation, partnership, or other business entity that owns ten percent (10%) or more of the appraisal management company;
(f) The name, address,
and contact information for one (1) controlling person designated as the main contact
for all communication between the appraisal management company and the * * *
board;
(g) A certification that the person has a system and process in place to verify that a person being added to the appraiser panel of the appraisal management company holds a license in good standing in this state under the Real Estate Appraiser Licensing and Certification Act if a license or certification is required to perform appraisals;
(h) A certification that the person requires appraisers completing appraisals at its request to comply with the Uniform Standards of Professional Appraisal Practice (USPAP), including the requirements for geographic and product competence;
(i) A certification that the person has a system in place to verify that only licensed or certified appraisers are used for federally related transactions;
(j) A certification that the person has a system in place to require that appraisals are conducted independently and free from inappropriate influence and coercion as required by the appraisal independence standards established under Section 129E of the Truth in Lending Act, including the requirements for payment of a reasonable and customary fee to appraisers when the appraisal
management company is providing services for a consumer credit transaction secured by the principal dwelling of a consumer;
(k) A certification that the person maintains a detailed record of each service request that it receives
and the appraiser that performs the residential real estate appraisal services for the appraisal management company;
(l) An irrevocable Consent to Service of Process required under Section 73-34-107;
(m) Any other information required by the board which is reasonably necessary to implement Sections 73-34-101 through 73-34-131.
(3) An application for the renewal of a registration shall include substantially similar information required for the initial registration as noted in subsection (2), as determined by the board.
(4) A registration granted by
the * * *
board under the provisions of Sections 73-34-101 through 73-34-131 shall
be valid for one (1) year from the date on which it is issued.
(5) This section shall stand
repealed on July 1, * * *
2027.
SECTION 16. Section 73-34-107, Mississippi Code of 1972, is amended as follows:
73-34-107. Each person applying
for a registration as an appraisal management company that is not domiciled in this
state shall complete an irrevocable uniform consent to service of process * * *.
SECTION 17. Section 73-34-113, Mississippi Code of 1972, is amended as follows:
73-34-113. (1) An appraisal management company doing business in this state as an appraisal management company shall not:
(a) Knowingly employ any individual to perform appraisal services, who has had a license or certificate to act as an appraiser in this state or in any other state, refused, denied, cancelled, surrendered in lieu of revocation, or revoked; or
(b) Knowingly enter into any independent contractor arrangement for the performance of appraisal services, in verbal, written, or other form, with any individual who has had a license or certificate to act as an appraiser in this state or in any other state, refused, denied, cancelled, surrendered in
lieu of revocation, or revoked.
(2) Before assigning appraisal orders, the appraisal management company shall have a system in place to verify that a person being added to the appraiser panel holds the appropriate appraiser credential in good standing.
(3) Each appraisal management
company doing business as an appraisal management company shall certify to the * * * board on an annual basis on a
form prescribed by the * * * board that the appraisal management company has systems
in place to verify that:
(a) An individual on the appraiser panel has not had a license or certification as an appraiser refused, denied, cancelled, revoked or surrendered in lieu of a pending revocation in the previous twelve (12) months; and
(b) Only licensed or certified appraisers are used to complete appraisal assignments in connection with federally related transactions.
SECTION 18. Section 73-34-117, Mississippi Code of 1972, is amended as follows:
73-34-117. (1) Each
appraisal management company doing business in this state shall certify to the * * * board on an annual basis
that it requires appraisers completing appraisals at its request to comply with
the Uniform Standards of Professional Appraisal Practice, including the requirements
for geographic and product competence.
(2) Each appraisal
management company doing business in this state shall certify to the * * * board on an annual basis
that it has a system in place to require that appraisals are conducted
independently and free from inappropriate influence and coercion as required by
the appraisal independence standards established under Section 129E of the
Truth in Lending Act, including the requirement that fee appraisers be
compensated at a customary and reasonable rate when the appraisal management
company is providing services for a consumer credit transaction secured by the
principal dwelling of a consumer.
(3) Each appraisal
management company doing business in this state shall certify to the * * * board on an annual basis
that it has a system in place requiring payment to an independent contract
appraiser for the completion of an appraisal service within thirty (30) days
after the appraiser provides the completed appraisal report to the appraisal
management company, except in cases involving a bona fide breach of contract,
substandard performance of services, or alternate payment terms agreed upon by
the appraiser and the appraisal management company.
(4) An appraisal management company shall not prohibit an appraiser from reporting the fee paid to the appraiser in the body of the appraisal report, however an appraisal management company may require an appraiser to present any such disclosure in a specified format and location.
SECTION 19. Section 73-34-129, Mississippi Code of 1972, is amended as follows:
73-34-129. (1) (a) * * * An appraisal management company
may not remove an appraiser from its appraiser panel, or otherwise refuse to assign
requests for real estate appraisal services to an independent appraiser without:
(b) Notifying the appraiser in writing of the reasons why the appraiser is being removed from the appraiser panel of the appraisal management company;
(c) If the appraiser is being removed from the panel for illegal conduct, violation of USPAP, or a violation of state licensing standards, notifying the appraiser of the nature of the alleged conduct or violation;
(d) Providing an opportunity for the appraiser to respond to the notification of the appraisal management company.
(2) An appraiser who is removed
from the appraiser panel of an appraisal management company for alleged illegal
conduct, violation of USPAP, or violation of state licensing standards, may file
a complaint with the board for a review of the decision of the appraisal management
company. The scope of the * * *
board's review in any such case is limited to determining whether the appraisal
management company has complied with subsection (1) and whether illegal conduct,
a violation of USPAP, or a violation of state licensing standards has occurred.
(3) If an appraiser files a
complaint against an appraisal management company under subsection (2), the * * *
board shall adjudicate the complaint within one hundred eighty (180) days.
(4) If after opportunity for
hearing and review, the * * * board
determines that an appraisal management company acted improperly in removing the
appraiser from the appraiser panel, or that the appraiser did not commit a violation
of law, a violation of USPAP, or a violation of state licensing standards, the * * *
board shall:
(i) Provide written findings to the involved parties;
(ii) Provide an opportunity for the appraisal management company and/or the appraiser to respond to the findings; and
(iii) Make recommendations for action.
SECTION 20. Section 73-34-131, Mississippi Code of 1972, is amended as follows:
73-34-131. The conduct of
adjudicatory proceedings in accordance with applicable state laws for
violations of Sections 73-34-101 through 73-34-131 is vested in the * * * board, such that:
(a) Before censuring
any registrant, or suspending or revoking any registration, the * * * board shall notify the
registrant in writing of any charges made at least twenty (20) days before the
date set for the hearing and shall afford the registrant an opportunity to be
heard in person or by counsel.
(b) The written notice shall be satisfied by personal service on the controlling person of the registrant, or the registrant's agent for service of process in this state, or by sending the notice by certified mail, return receipt requested to the controlling person of the registrant to the registrant's
address on file with the * * * board.
(c) The hearing on the
charges shall be at a time and place prescribed by the * * * board and in accordance with
the applicable state laws.
(d) The * * * board may make findings of
fact and shall deliver or mail such findings to the registrant charged with an
offense under Sections 73-34-101 through 73-34-131.
SECTION 21. Section 39-21-3, Mississippi Code of 1972, is amended as follows:
39-21-3. (1) A facility to house the Mississippi Craft Center may be located within the corporate limits of Ridgeland, Mississippi.
(2) Consideration for the
purchase of the property described in subsection (1) of this section necessary
for the construction of the facility to house the Mississippi Craft Center
shall not exceed the average of the fair market price for such real property as
determined by two (2) professional property appraisers selected by the
Department of Finance and Administration and certified and licensed by the
Mississippi Real Estate * * * Appraiser Licensing and Certification Appraisal Board.
Appraisal fees shall be paid by the Department of Finance and Administration
from the proceeds of the bonds issued pursuant to Chapter 501, Laws of 1997.
SECTION 22. Section 29-1-209, Mississippi Code of 1972, is amended as follows:
29-1-209. (1) It is
expressly provided and stipulated that the land which is conveyed pursuant to
Sections 29-1-205 and 29-1-209 shall be used in the furtherance of the work of
the organization and with the understanding that if or when the property is no
longer used exclusively for that purpose that the title to the property and all
improvements, rights and appurtenances thereon shall revert to and be vested in
the State of Mississippi, under the following condition: Consideration for the
reversion of any improvements constructed on the property by the organization
shall be paid by the State of Mississippi to the organization from any funds
appropriated or otherwise made available for such purpose. Consideration for
such reversion shall be the average of the fair market value of such
improvements as determined by two (2) professional property appraisers, one (1)
of whom to be selected by the Department of Finance and Administration and one
(1) of whom to be selected by the organization, who are certified and licensed
by the Mississippi Real Estate * * * Appraisal
Board. Appraisal fees shall be paid by the selecting party. Fair
consideration shall also be paid by the State of Mississippi for any payments
made by the nationally recognized organization to the state for the purchase of
such property.
(2) It is expressly provided that the land which is conveyed pursuant to Sections 29-1-205 and 29-1-209 shall automatically revert to and be vested in the state if construction of the national headquarters has not commenced within two (2) years from the conveyance of such property.
SECTION 23. Section 73-35-4, Mississippi Code of 1972, is amended as follows:
73-35-4. (1) A person licensed under this chapter may prepare a broker's price opinion and charge and collect a fee for such opinion if:
(a) The license of that licensee is active and in good standing; and
(b) The broker's price opinion meets the requirements of subsections (3) and (4) of this section.
(2) Notwithstanding any provision to the contrary, a person licensed under this chapter may prepare a broker's price opinion for:
(a) An existing or potential seller for the purposes of listing and selling a parcel of real property;
(b) An existing or potential buyer of a parcel of real property;
(c) A third party making decisions or performing due diligence related to the potential listing, offering, sale, exchange, option, lease or acquisition price of a parcel of real property; or
(d) An existing or potential lienholder or other third party for any purpose other than as the basis to determine the value of a parcel of real property, for a mortgage loan origination, including first and second mortgages, refinances, or equity lines of credit.
(e) The provisions of this subsection do not preclude the preparation of a broker's price opinion to be used in conjunction with or in addition to an appraisal.
(3) A broker's price opinion prepared under the authority granted in this section shall be in writing and shall conform to the standards and guidelines published by a nationally recognized association of providers of broker price opinions. The Mississippi Real Estate Commission shall promulgate regulations that are consistent with, but not limited to, the standards and guidelines of a nationally recognized association of providers of broker price opinions.
(4) A broker's price opinion shall be in writing and contain the following:
(a) A statement of the intended purpose of the price opinion;
(b) A brief description of the subject property and property interest to be priced;
(c) The basis of reasoning used to reach the conclusion of the price, including the applicable market data and/or capitalization computation;
(d) Any assumptions or limiting conditions;
(e) A disclosure of any existing or contemplated interest of the broker or salesperson issuing the opinion;
(f) The effective date of the price opinion;
(g) The name and signature of the broker or salesperson issuing the price opinion;
(h) The name of the real estate brokerage firm for which the broker or salesperson is acting;
(i) The signature date;
(j) A disclaimer stating that, "This opinion is not an appraisal of the market value of the property, and may not be used in lieu of an appraisal. If an appraisal is desired, the services of a licensed or certified appraiser must be obtained. This opinion may not be used by any party as the primary basis to determine the value of a parcel of real property for a mortgage loan origination, including first and second mortgages, refinances or equity lines of credit."; and
(k) A certification that the licensee is covered by errors and omissions insurance, to the extent required by state law, for all liability associated with the preparation of the broker's price opinion.
(5) If a broker's price opinion is submitted electronically or on a form supplied by the requesting party:
(a) A signature required by paragraph (g) of subsection (4) may be an electronic signature, as defined in Section 75-12-3.
(b) A signature required by paragraph (g) of subsection (4) and the disclaimer required by paragraph (j) of subsection (4) may be transmitted in a separate attachment if the electronic format or form supplied by the requesting party does not allow additional comments to be written by the licensee. The electronic format or the form supplied by the requesting party must:
(i) Reference the existence of a separate attachment; and
(ii) Include a statement that the broker's price opinion is not complete without the attachment.
(6) Notwithstanding any
provisions to the contrary, a person licensed pursuant to this chapter may not
prepare a broker's price opinion for any purpose in lieu of an appraisal when
an appraisal is required by federal or state statute. A broker's price opinion
which estimates value or worth of a parcel of real estate rather than sales
price shall be deemed to be an appraisal and may not be prepared by a licensed
broker or sales agent under the authority of their * * * license but may only be prepared
by a duly licensed appraiser and must meet the regulations promulgated by the
Mississippi Real Estate * * * Appraiser Licensing and Certification Appraisal
Board. A broker's price opinion may not under any circumstances be referred to
as a valuation or appraisal.
SECTION 24. Section 93-11-64, Mississippi Code of 1972, is amended as follows:
93-11-64. (1) The Department of Human Services and its divisions, and any agency, office or registry established by the department, or which works in conjunction with the department, or is authorized to supply information to the department, may use social security numbers for the purpose of locating parents or alleged parents, establishing parentage, and establishing the amount of, modifying, or enforcing child support obligations.
(2) This section requires that the Social Security number of:
(a) Except as otherwise provided in Section 73-34-13, any applicant for a state-issued license be recorded on the application;
(b) Any individual who is subject to a divorce decree, support order, or paternity determination or acknowledgment be placed in the records relating to the matter; and
(c) Any individual who has died be placed in the records relating to the death and be recorded on the death certificate.
SECTION 25. Section 1 of this act shall be codified in Title 73, Chapter 34, Mississippi Code of 1972.
SECTION 26. This act shall take effect and be in force from and after July 1, 2023.