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 AS 08.87.110(c) is repealed and reenacted to read: 10 (c) Notwithstanding (a) and (b) of this section, the board shall issue a general 11 real estate appraiser or residential real estate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