Minnesota Statutes 82C.06 – Exemptions
This chapter does not apply to:
Terms Used In Minnesota Statutes 82C.06
- Appraisal: A determination of property value.
- Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity that directly or indirectly performs the following appraisal management services:
(1) within a given 12-month period, as defined in section 82C. See Minnesota Statutes 82C.02
- Appraiser: means a person who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective, and who is licensed under chapter 82B. See Minnesota Statutes 82C.02
- Commissioner: means the commissioner of commerce. See Minnesota Statutes 82C.02
- Employee: means an individual who is treated as an employee for purposes of compliance with federal income tax laws. See Minnesota Statutes 82C.02
- National Registry: means the registry of state-registered appraisal management companies and federally regulated appraisal management companies maintained by the Appraisal Subcommittee. See Minnesota Statutes 82C.02
- Person: means a natural person, firm, partnership, limited liability partnership, corporation, association, limited liability company, or other form of business organization and the officers, directors, employees, or agents of that person. See Minnesota Statutes 82C.02
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44
- USPAP: means the Uniform Standards of Professional Appraisal Practice as established by the Appraisal Foundation. See Minnesota Statutes 82C.02
(1) a person that exclusively employs appraisers on an employer and employee basis for the performance of appraisals, and:
(i) the employer is responsible for ensuring that the appraisals are performed by employees in accordance with USPAP; and
(ii) the employer accepts all liability associated with the performance of the appraisal by the employee;
(2) a department or unit within a financial institution that is subject to direct regulation by an agency of the United States government, or to regulation by an agency of this state, that receives a request for the performance of an appraisal from one employee of the financial institution, and another employee of the same financial institution assigns the request for the appraisal to an appraiser that is an independent contractor to the institution, except that an appraisal management company that is a wholly owned subsidiary of a financial institution is considered a department or unit within a financial institution to which the provisions of this chapter do not apply;
(3) a person that enters into an agreement, whether written or otherwise, with an appraiser for the performance of an appraisal, and upon the completion of the appraisal, the report of the appraiser performing the appraisal is signed by both the appraiser who completed the appraisal and the appraiser who requested the completion of the appraisal, except that an appraisal management company may not avoid the requirements of this chapter by requiring that an employee of the appraisal management company that is an appraiser to sign an appraisal that is completed by an appraiser that is part of the appraisal panel of the appraisal management company;
(4) any governmental agency performing appraisals on behalf of that level of government or any agency performing ad valorem tax appraisals for county assessors; or
(5) an appraisal management company that is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution regulatory agency, except that it must provide the fees and information required to be collected by the commissioner pursuant to section 82C.08, subdivision 2, paragraph (c), for transmission to the Appraisal Subcommittee for the National Registry.