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Bill would ask Commerce to adopt voluntary appraisal disciplinary matrix; department raises concerns
Summary
House File 2,400 would ask the Minnesota Department of Commerce to use the Appraisal Foundation’s voluntary disciplinary action matrix in regulating appraisers. The appraisal industry and Commerce testified before the House Commerce Finance and Policy Committee on March 25 with competing views about consistency and enforcement flexibility.
Representative Nolan Hewitt moved House File 2,400 before the committee on March 25, asking the Department of Commerce to adopt the Appraisal Foundation’s Voluntary Disciplinary Action Matrix as guidance in sanctions for appraisers.
Brett Hall, education chair for the North Star Chapter of the Appraisal Institute, told the committee the change would create consistency and transparency in disciplinary actions. Hall said appraisers already must follow the Uniform Standards of Professional Appraisal Practice (USPAP), and a codified matrix would provide…
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