The Board proposes the rule amendment to update the procedures of the professional practice for appraisal management companies.

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Florida Real Estate Appraisal Board

RULE NO.:RULE TITLE:

61J1-9.002Standards of Professional Practice for Appraisal Management Companies; Development and Communications of Real Estate Appraisals

PURPOSE AND EFFECT: The Board proposes the rule amendment to update the procedures of the professional practice for appraisal management companies.

SUMMARY: To update the procedures for appraisal management companies.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: During discussion of the economic impact of this rule at its Board meeting, the Board concluded that this rule change will not have any impact on licensees and their businesses or the businesses that employ them. The rule will not increase any fees, business costs, personnel costs, will not decrease profit opportunities, and will not require any specialized knowledge to comply. This change will not increase any direct or indirect regulatory costs. Hence, the Board determined that a Statement of Estimated Regulatory Costs (SERC) was not necessary and that the rule will not require ratification by the Legislature. No person or interested party submitted additional information regarding the economic impact at that time.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 475.614, 475.6235 FS.

LAW IMPLEMENTED: 475.614, 475.6235 FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Lori Crawford, Executive Director, Florida Real Estate Appraisal Board, 400 West Robinson Street, #N801, Orlando, FL 32801.

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

61J1-9.002 Standards of Professional Practice for Appraisal Management Companies; Development and Communications of Real Estate Appraisals.

(1) through (6) No change. 

(7) In complying with Section 475.629, F.S., all appropriate records may be maintained in printed electronic form. Such records shall include:

(a) For appraisals ordered, the name of the appraiser who performs the appraisal, the physical address or legal identification of the subject property, the name of the appraisal management company’s client for the appraisal and the amount paid to the appraiser.

(b) Accounts, correspondence, memoranda, papers, books, and other records related to services provided by the appraisal management company.

(c) rRecords documenting any notices provided to appraisers removed from the appraisal management company’s panel.

(8) through (9) No change.

Rulemaking Authority 475.614, 475.6235 FS. Law Implemented 475.614, 475.6235 FS. History‒New 6-26-13,                         .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Florida Real Estate Appraisal Board

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Florida Real Estate Appraisal Board

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: February 5, 2018

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: January 30, 2018