Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. SB 716
       
       
       
       
       
       
                                Ì933304xÎ933304                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/16/2017           .                                
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       The Committee on Regulated Industries (Passidomo) recommended
       the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Subsection (6) of section 475.451, Florida
    6  Statutes, is amended to read:
    7         475.451 Schools teaching real estate practice.—
    8         (6) Any course prescribed by the commission as a condition
    9  precedent to a person any person’s becoming initially licensed
   10  as a sales associate or broker may be taught by a in any real
   11  estate school in a classroom or via distance learning pursuant
   12  to s. 475.17(2) through the use of a video tape of instruction
   13  by a currently permitted instructor from any such school or may
   14  be taught by distance learning pursuant to s. 475.17(2). The
   15  commission may require that any such video tape course have a
   16  single session of live instruction by a currently permitted
   17  instructor from any such school; however, this requirement shall
   18  not exceed 3 classroom hours. All other prescribed courses,
   19  except the continuing education course required by s. 475.182,
   20  shall be taught by a currently permitted school instructor
   21  personally in attendance at such course or by distance learning
   22  pursuant to s. 475.17. The continuing education course required
   23  by s. 475.182 may be taught by distance learning pursuant to s.
   24  475.17 or by an equivalent correspondence course; however, any
   25  such correspondence course shall be required to have a final
   26  examination, prepared and administered by the school or course
   27  provider issuing the correspondence course. The continuing
   28  education requirements provided in this chapter do not apply to
   29  an attorney who is otherwise qualified under this chapter and
   30  who is a member in good standing of The Florida Bar.
   31         Section 2. Subsections (1) and (2) of section 475.611,
   32  Florida Statutes, are amended to read:
   33         475.611 Definitions.—
   34         (1) As used in this part, the term:
   35         (a) “Appraisal” or “appraisal services” means the services
   36  provided by certified or licensed appraisers or registered
   37  trainee appraisers, and includes:
   38         1. “Appraisal assignment” denotes an engagement for which a
   39  person is employed or retained to act, or could be perceived by
   40  third parties or the public as acting, as an agent or a
   41  disinterested third party in rendering an unbiased analysis,
   42  opinion, review, or conclusion relating to the nature, quality,
   43  value, or utility of specified interests in, or aspects of,
   44  identified real property.
   45         2. “Analysis assignment” denotes appraisal services that
   46  relate to the employer’s or client’s individual needs or
   47  investment objectives and includes specialized marketing,
   48  financing, and feasibility studies as well as analyses,
   49  opinions, and conclusions given in connection with activities
   50  such as real estate brokerage, mortgage banking, real estate
   51  counseling, or real estate consulting.
   52         3. “Appraisal review assignment” denotes an engagement for
   53  which an appraiser is employed or retained to develop and
   54  communicate an opinion about the quality of another appraiser’s
   55  appraisal, appraisal report, or work. An appraisal review may or
   56  may not contain the reviewing appraiser’s opinion of value.
   57         (b) “Appraisal Foundation” or “foundation” means The
   58  Appraisal Foundation established on November 20, 1987, as a not
   59  for-profit corporation under the laws of Illinois.
   60         (c) “Appraisal management company” means a person who
   61  performs appraisal management services regardless of the use of
   62  the term “appraisal management company,” “appraiser
   63  cooperative,” “appraiser portal,” “mortgage technology company,”
   64  or other term.
   65         (d) “Appraisal management services” means the coordination
   66  or management of appraisal services for compensation by:
   67         1. Employing, contracting with, or otherwise retaining one
   68  or more licensed or certified appraisers to perform appraisal
   69  services for a client; or
   70         2. Acting as a broker or intermediary between a client and
   71  one or more licensed or certified appraisers to facilitate the
   72  client’s employing, contracting with, or otherwise retaining the
   73  appraisers.
   74         (e) “Appraisal report” means any communication, written or
   75  oral, of an appraisal, appraisal review, appraisal consulting
   76  service, analysis, opinion, or conclusion relating to the
   77  nature, quality, value, or utility of a specified interest in,
   78  or aspect of, identified real property, and includes any report
   79  communicating an appraisal analysis, opinion, or conclusion of
   80  value, regardless of title. However, in order to be recognized
   81  in a federally related transaction, an appraisal report must be
   82  written.
   83         (f) “Appraisal review” means the act or process of
   84  developing and communicating an opinion about the quality of
   85  another appraiser’s appraisal, appraisal report, or work.
   86         (g) “Appraisal subcommittee” means the designees of the
   87  heads of the federal financial institutions regulatory agencies
   88  established by the Federal Financial Institutions Examination
   89  Council Act of 1978 (12 U.S.C. ss. 3301 et seq.), as amended.
   90         (h) “Appraiser” means any person who is a registered
   91  trainee real estate appraiser, a licensed real estate appraiser,
   92  or a certified real estate appraiser. An appraiser renders a
   93  professional service and is a professional within the meaning of
   94  s. 95.11(4)(a).
   95         (i) “Appraiser panel” means a network, list, or roster of
   96  licensed or certified appraisers approved by an appraisal
   97  management company to perform appraisals as independent
   98  contractors for the appraisal management company. An appraiser
   99  is an independent contractor for purposes of this paragraph if
  100  the appraiser is treated as an independent contractor by the
  101  appraisal management company for federal income tax purposes.
  102  The term “appraiser panel” includes:
  103         1.Appraisers accepted by the appraisal management company
  104  for consideration for future appraisal assignments in covered
  105  transactions or secondary mortgage market participants in
  106  connection with covered transactions.
  107         2.Appraisers employed by, contracted with, or otherwise
  108  retained by the appraisal management company to perform one or
  109  more appraisals in covered transactions or for secondary
  110  mortgage market participants in connection with covered
  111  transactions group of appraisers selected by an appraisal
  112  management company to perform appraisal services for clients on
  113  behalf of the company.
  114         (j) “Board” means the Florida Real Estate Appraisal Board
  115  established under this section.
  116         (k) “Certified general appraiser” means a person who is
  117  certified by the department as qualified to issue appraisal
  118  reports for any type of real property.
  119         (l) “Certified residential appraiser” means a person who is
  120  certified by the department as qualified to issue appraisal
  121  reports for residential real property of one to four residential
  122  units, without regard to transaction value or complexity, or
  123  real property as may be authorized by federal regulation.
  124         (m) “Client” means a person who contracts with an appraiser
  125  or appraisal management company for the performance of appraisal
  126  services.
  127         (n) “Covered transaction” means a consumer credit
  128  transaction secured by the consumer’s principal dwelling.
  129         (o)(n) “Department” means the Department of Business and
  130  Professional Regulation.
  131         (p)(o) “Direct supervision” means the degree of supervision
  132  required of a supervisory appraiser overseeing the work of a
  133  registered trainee appraiser by which the supervisory appraiser
  134  has control over and detailed professional knowledge of the work
  135  being done. Direct supervision is achieved when a registered
  136  trainee appraiser has regular direction, guidance, and support
  137  from a supervisory appraiser who has the competencies as
  138  determined by rule of the board.
  139         (q) “Evaluation” means a valuation permitted by any
  140  appraisal regulation of a federal financial institutions
  141  regulatory agency for transactions that do not require an
  142  appraisal because they qualify for an applicable exemption under
  143  federal law. The board shall adopt rules, as necessary, to
  144  define evaluations and the applicable exemptions under federal
  145  law.
  146         (r) “Federally regulated appraisal management company”
  147  means an appraisal management company that is owned and
  148  controlled by an insured depository institution, as defined in
  149  12 U.S.C. s. 1813, and regulated by the Office of the
  150  Comptroller of the Currency, the Board of Governors of the
  151  Federal Reserve System, or the Federal Deposit Insurance
  152  Corporation.
  153         (s)(p) “Federally related transaction” means any real
  154  estate-related financial transaction which a federal financial
  155  institutions regulatory agency or the Resolution Trust
  156  Corporation engages in, contracts for, or regulates, and which
  157  requires the services of a state-licensed or state-certified
  158  appraiser.
  159         (t)(q) “Licensed appraiser” means a person who is licensed
  160  by the department as qualified to issue appraisal reports for
  161  residential real property of one to four residential units or on
  162  such real estate or real property as may be authorized by
  163  federal regulation. After July 1, 2003, the department shall not
  164  issue licenses for the category of licensed appraiser.
  165         (u) “Order file” means the documentation necessary to
  166  support the performance of appraisal management services.
  167         (v)(r) “Registered trainee appraiser” means a person who is
  168  registered with the department as qualified to perform appraisal
  169  services only under the direct supervision of a certified
  170  appraiser. A registered trainee appraiser may accept appraisal
  171  assignments only from her or his primary or secondary
  172  supervisory appraiser.
  173         (w) “Secondary mortgage market participant” means a
  174  guarantor, insurer, underwriter, or issuer of mortgage-backed
  175  securities. The term includes an individual investor in a
  176  mortgage-backed security only if such investor also serves in
  177  the capacity of a guarantor, an insurer, an underwriter, or an
  178  issuer for the mortgage-backed security.
  179         (x)(s) “Signature” means personalized evidence indicating
  180  authentication of work performed by an appraiser and the
  181  acceptance of responsibility for the content of an appraisal,
  182  appraisal review, or appraisal consulting service or conclusions
  183  in an appraisal report.
  184         (y)(t) “Subsidiary” means an organization that is owned and
  185  controlled by a financial institution that is regulated by a
  186  federal financial institution regulatory agency.
  187         (z)(u) “Supervisory appraiser” means a certified
  188  residential appraiser or a certified general appraiser
  189  responsible for the direct supervision of one or more registered
  190  trainee appraisers and fully responsible for appraisals and
  191  appraisal reports prepared by those registered trainee
  192  appraisers. The board, by rule, shall determine the
  193  responsibilities of a supervisory appraiser, the geographic
  194  proximity required, the minimum qualifications and standards
  195  required of a certified appraiser before she or he may act in
  196  the capacity of a supervisory appraiser, and the maximum number
  197  of registered trainee appraisers to be supervised by an
  198  individual supervisory appraiser.
  199         (aa)(v) “Training” means the process of providing for and
  200  making available to a registered trainee appraiser, under direct
  201  supervision, a planned, prepared, and coordinated program, or
  202  routine of instruction and education, in appraisal professional
  203  and technical appraisal skills as determined by rule of the
  204  board.
  205         (bb)(w) “Uniform Standards of Professional Appraisal
  206  Practice” means the most recent standards approved and adopted
  207  by the Appraisal Standards Board of The Appraisal Foundation.
  208         (cc)(x) “Valuation services” means services pertaining to
  209  aspects of property value and includes such services performed
  210  by certified appraisers, registered trainee appraisers, and
  211  others.
  212         (dd)(y) “Work file” means the documentation necessary to
  213  support an appraiser’s analysis, opinions, and conclusions.
  214         (2) Wherever the word “operate” or “operating” appears in
  215  this part with respect to a registered trainee appraiser,
  216  registered appraisal management company, licensed appraiser, or
  217  certified appraiser; in any order, rule, or regulation of the
  218  board; in any pleading, indictment, or information under this
  219  part; in any court action or proceeding; or in any order or
  220  judgment of a court, it shall be deemed to mean the commission
  221  of one or more acts described in this part as constituting or
  222  defining a registered trainee appraiser, registered appraisal
  223  management company, licensed appraiser, or certified appraiser,
  224  not including, however, any of the exceptions stated therein. A
  225  single act is sufficient to bring a person within the meaning of
  226  this subsection, and each act, if prohibited herein, constitutes
  227  a separate offense.
  228         Section 3. Subsection (7) is added to section 475.612,
  229  Florida Statutes, to read:
  230         475.612 Certification, licensure, or registration
  231  required.—
  232         (7) Notwithstanding any other law, an appraiser may perform
  233  an evaluation of real property in connection with a real estate
  234  related financial transaction, as defined by rule of the board,
  235  where the transaction is regulated by a federal financial
  236  institutions regulatory agency. The appraiser shall comply with
  237  the standards for evaluations imposed by the federal financial
  238  institutions regulatory agency and other standards as prescribed
  239  by the board. However, in no event may an evaluation be referred
  240  to or construed as an appraisal.
  241         Section 4. Section 475.6175, Florida Statutes, is repealed.
  242         Section 5. Section 475.621, Florida Statutes, is amended to
  243  read:
  244         475.621 Registry of licensed and certified appraisers;
  245  registry of appraisal management companies.—
  246         (1) The department shall transmit to the appraisal
  247  subcommittee, at least no less than annually, a roster listing
  248  individuals who hold a valid state license or certification as
  249  an appraiser. The department shall transmit to the appraisal
  250  subcommittee, at least annually, a roster listing individuals or
  251  companies that hold a valid state registration as an appraisal
  252  management company.
  253         (2) The department shall collect from such individuals who
  254  perform or seek to perform appraisals in federally related
  255  transactions, an annual fee as set by rule of, and transmitted
  256  to, the appraisal subcommittee. The department shall collect
  257  from such appraisal management companies that perform or seek to
  258  perform appraisal management services in covered transactions an
  259  annual fee set by rule of the board and transmitted to the
  260  appraisal subcommittee.
  261         (3) Notwithstanding the prohibition against requiring
  262  registration of a federally regulated appraisal management
  263  company as provided in s. 475.6235(8)(b), the board shall
  264  establish a procedure to collect from a federally regulated
  265  appraisal management company an annual fee as set by rule of the
  266  board and transmitted to the appraisal subcommittee.
  267         Section 6. Subsections (5) and (8) of section 475.6235,
  268  Florida Statutes, are amended to read:
  269         475.6235 Registration of appraisal management companies
  270  required; exemptions.—
  271         (5) Each person listed in paragraph (2)(f) must be
  272  competent and qualified to engage in appraisal management
  273  services with safety to the general public and those with whom
  274  the person may undertake a relationship of trust and confidence.
  275  If any person listed in paragraph (2)(f) has been denied
  276  registration, licensure, or certification as an appraiser or has
  277  been disbarred, or if the person’s registration, license, or
  278  certificate to practice or conduct any regulated profession,
  279  business, or vocation has been revoked or suspended by this or
  280  any other state, any nation, any possession or district of the
  281  United States, or any court or lawful agency thereof because of
  282  any conduct or practices that would have warranted a like result
  283  under this part, or if the person has been guilty of conduct or
  284  practices in this state or elsewhere that would have been
  285  grounds for disciplining her or his registration, license, or
  286  certification under this part had the person then been a
  287  registered trainee appraiser or a licensed or certified
  288  appraiser, the person is shall be deemed not to be qualified to
  289  be registered unless, because of lapse of time and subsequent
  290  good conduct and reputation, or other reason deemed sufficient,
  291  it appears to the board that the interest of the public is not
  292  likely to be endangered by the granting of registration.
  293         (8) This section does not apply to:
  294         (a) A financial institution, as defined in s. 655.005,
  295  which owns and operates an internal appraisal office, business
  296  unit, or department; or
  297         (b) A federally regulated An appraisal management company
  298  that is a subsidiary owned and controlled by a financial
  299  institution, as defined in s. 655.005, that is regulated by a
  300  federal financial institution regulatory agency.
  301         Section 7. Subsection (1) of section 475.6245, Florida
  302  Statutes, is amended to read:
  303         475.6245 Discipline of appraisal management companies.—
  304         (1) The board may deny an application for registration or
  305  renewal registration of an appraisal management company; may
  306  investigate the actions of any appraisal management company
  307  registered under this part; may reprimand or impose an
  308  administrative fine not to exceed $5,000 for each count or
  309  separate offense against any such appraisal management company;
  310  and may revoke or suspend, for a period not to exceed 10 years,
  311  the registration of any such appraisal management company, or
  312  place any such appraisal management company on probation, if the
  313  board finds that the appraisal management company or any person
  314  listed in s. 475.6235(2)(f):
  315         (a) Has violated any provision of this part or s.
  316  455.227(1); however, any appraisal management company registered
  317  under this part is exempt from s. 455.227(1)(i).
  318         (b) Has been guilty of fraud, misrepresentation,
  319  concealment, false promises, false pretenses, dishonest conduct,
  320  culpable negligence, or breach of trust in any business
  321  transaction in this state or any other state, nation, or
  322  territory; has violated a duty imposed upon her or him by law or
  323  by the terms of a contract, whether written, oral, express, or
  324  implied, in an appraisal assignment; has aided, assisted, or
  325  conspired with any other person engaged in any such misconduct
  326  and in furtherance thereof; or has formed an intent, design, or
  327  scheme to engage in such misconduct and committed an overt act
  328  in furtherance of such intent, design, or scheme. It is
  329  immaterial to the guilt of the appraisal management company that
  330  the victim or intended victim of the misconduct has sustained no
  331  damage or loss; that the damage or loss has been settled and
  332  paid after discovery of the misconduct; or that such victim or
  333  intended victim was a customer or a person in confidential
  334  relation with the appraisal management company or was an
  335  identified member of the general public.
  336         (c) Has advertised services in a manner that is fraudulent,
  337  false, deceptive, or misleading in form or content.
  338         (d) Has violated any provision of this part or any lawful
  339  order or rule issued under this part or chapter 455.
  340         (e) Has been convicted or found guilty of, or entered a
  341  plea of nolo contendere to, regardless of adjudication, a crime
  342  in any jurisdiction that directly relates to the activities of
  343  an appraisal management company or that involves moral turpitude
  344  or fraudulent or dishonest conduct. The record of a conviction
  345  certified or authenticated in such form as admissible in
  346  evidence under the laws of the state shall be admissible as
  347  prima facie evidence of such guilt.
  348         (f) Has had a registration, license, or certification as an
  349  appraiser or a registration as an appraisal management company
  350  revoked, suspended, or otherwise acted against; has been
  351  disbarred; has had her or his registration, license, or
  352  certificate to practice or conduct any regulated profession,
  353  business, or vocation revoked or suspended by this or any other
  354  state, any nation, or any possession or district of the United
  355  States; or has had an application for such registration,
  356  licensure, or certification to practice or conduct any regulated
  357  profession, business, or vocation denied by this or any other
  358  state, any nation, or any possession or district of the United
  359  States.
  360         (g) Has become temporarily incapacitated from acting as an
  361  appraisal management company with safety to those in a fiduciary
  362  relationship with her or him because of drunkenness, use of
  363  drugs, or temporary mental derangement; however, suspension of a
  364  registration in such cases shall only be for the period of such
  365  incapacity.
  366         (h) Is confined in any county jail, postadjudication; is
  367  confined in any state or federal prison or mental institution;
  368  or, through mental disease or deterioration, can no longer
  369  safely be entrusted to deal with the public or in a confidential
  370  capacity.
  371         (i) Has failed to inform the board in writing within 30
  372  days after pleading guilty or nolo contendere to, or being
  373  convicted or found guilty of, any felony.
  374         (j) Has been found guilty, for a second time, of any
  375  misconduct that warrants disciplinary action, or has been found
  376  guilty of a course of conduct or practice that shows that she or
  377  he is incompetent, negligent, dishonest, or untruthful to an
  378  extent that those with whom she or he may sustain a confidential
  379  relationship may not safely do so.
  380         (k) Has made or filed a report or record, either written or
  381  oral, that the appraisal management company knows to be false;
  382  has willfully failed to file a report or record required by
  383  state or federal law; has willfully impeded or obstructed such
  384  filing; or has induced another person to impede or obstruct such
  385  filing. However, such reports or records shall include only
  386  those that are signed or presented in the capacity of an
  387  appraisal management company.
  388         (l) Has obtained or attempted to obtain a registration,
  389  license, or certification by means of knowingly making a false
  390  statement, submitting false information, refusing to provide
  391  complete information in response to an application question, or
  392  engaging in fraud, misrepresentation, or concealment.
  393         (m) Has paid money or other valuable consideration, except
  394  as required by this section, to any member or employee of the
  395  board to obtain a registration, license, or certification under
  396  this section.
  397         (n) Has instructed an appraiser to violate any standard of
  398  professional practice established by rule of the board,
  399  including standards for the development or communication of a
  400  real estate appraisal or other provision of the Uniform
  401  Standards of Professional Appraisal Practice.
  402         (o) Has engaged in the development of an appraisal or the
  403  preparation of an appraisal report, unless the appraisal
  404  management company is owned or controlled by certified
  405  appraisers.
  406         (p) Has failed to communicate an appraisal without good
  407  cause.
  408         (q) Has accepted an appraisal assignment if the employment
  409  itself is contingent upon the appraisal management company
  410  reporting a predetermined result, analysis, or opinion or if the
  411  fee to be paid for the performance of the appraisal assignment
  412  is contingent upon the opinion, conclusion, or valuation reached
  413  upon the consequences resulting from the appraisal assignment.
  414         (r) Has failed to timely notify the department of any
  415  change in principal business location as an appraisal management
  416  company.
  417         (s) Has influenced or attempted to influence the
  418  development, reporting, or review of an appraisal through
  419  coercion, extortion, collusion, compensation, inducement,
  420  intimidation, bribery, or any other means, including, but not
  421  limited to:
  422         1. Withholding or threatening to withhold timely payment
  423  for an appraisal, unless such nonpayment is based upon specific
  424  quality or other service issues that constitute noncompliance
  425  with the appraisal engagement agreement.
  426         2. Withholding or threatening to withhold future business
  427  from an appraiser.
  428         3. Promising future business, promotions, or increased
  429  compensation for an appraiser, whether the promise is express or
  430  implied.
  431         4. Conditioning a request for appraisal services or the
  432  payment of an appraisal fee, salary, or bonus upon the opinion,
  433  conclusion, or valuation to be reached or upon a preliminary
  434  estimate or opinion requested from an appraiser.
  435         5. Requesting that an appraiser provide an estimated,
  436  predetermined, or desired valuation in an appraisal report or
  437  provide estimated values or comparable sales at any time before
  438  the appraiser’s completion of appraisal services.
  439         6. Providing to an appraiser an anticipated, estimated,
  440  encouraged, or desired value for a subject property or a
  441  proposed or target amount to be loaned to the borrower, except
  442  that a copy of the sales contract for purchase transactions may
  443  be provided.
  444         7. Providing to an appraiser, or any person related to the
  445  appraiser, stock or other financial or nonfinancial benefits.
  446         8. Allowing the removal of an appraiser from an appraiser
  447  panel without prior written notice to the appraiser.
  448         9. Obtaining, using, or paying for a second or subsequent
  449  appraisal or ordering an automated valuation model in connection
  450  with a mortgage financing transaction unless there is a
  451  reasonable basis to believe that the initial appraisal was
  452  flawed or tainted and such basis is clearly and appropriately
  453  noted in the loan file, or unless such appraisal or automated
  454  valuation model is issued pursuant to a bona fide prefunding or
  455  postfunding appraisal review or quality control process.
  456         10. Any other act or practice that impairs or attempts to
  457  impair an appraiser’s independence, objectivity, or
  458  impartiality.
  459         (t) Has altered, modified, or otherwise changed a completed
  460  appraisal report submitted by an appraiser to an appraisal
  461  management company.
  462         (u) Has employed, contracted with, or otherwise retained an
  463  appraiser whose registration, license, or certification is
  464  suspended or revoked to perform appraisal services or appraisal
  465  management services.
  466         (v) Has required or attempted to require an appraiser to
  467  sign any indemnification agreement that would require the
  468  appraiser to hold harmless the appraisal management company or
  469  its owners, agents, employees, or independent contractors from
  470  any liability, damage, loss, or claim arising from the services
  471  performed by the appraisal management company or its owners,
  472  agents, employees, or independent contractors and not the
  473  services performed by the appraiser.
  474         Section 8. Section 475.628, Florida Statutes, is amended to
  475  read:
  476         475.628 Professional standards for appraisers registered,
  477  licensed, or certified under this part.—
  478         (1) The board shall adopt rules establishing standards of
  479  professional practice which meet or exceed nationally recognized
  480  standards of appraisal practice, including standards adopted by
  481  the Appraisal Standards Board of the Appraisal Foundation. Each
  482  appraiser registered, licensed, or certified under this part
  483  must comply with the rules. Statements on appraisal standards
  484  which may be issued for the purpose of clarification,
  485  interpretation, explanation, or elaboration through the
  486  Appraisal Foundation are binding on any appraiser registered,
  487  licensed, or certified under this part, upon adoption by rule of
  488  the board.
  489         (2) The board may adopt rules establishing standards of
  490  practice, other than standards adopted by the Appraisal
  491  Standards Board of the Appraisal Foundation, for nonfederally
  492  related transactions. The board shall require that an appraiser,
  493  when performing an appraisal or appraisal service for any
  494  purpose other than a federally related transaction, must also
  495  comply with the Ethics and Competency Rules of the standards
  496  adopted by the Appraisal Standards Board of the Appraisal
  497  Foundation and other requirements as determined by rule of the
  498  board. Assignments completed using alternate standards do not
  499  satisfy the experience requirements of s. 475.617 unless those
  500  assignments comply with the standards adopted by the Appraisal
  501  Standards Board of the Appraisal Foundation.
  502         Section 9. For the purpose of incorporating the amendment
  503  made by this act to section 475.611, Florida Statutes, in a
  504  reference thereto, section 475.629, Florida Statutes, is
  505  reenacted to read:
  506         475.629 Retention of records.—An appraiser registered,
  507  licensed, or certified under this part shall prepare and retain
  508  a work file for each appraisal, appraisal review, or appraisal
  509  consulting assignment. An appraisal management company
  510  registered under this part shall prepare and retain an order
  511  file for each appraisal, appraisal review, or appraisal
  512  consulting assignment. The work file and the order file shall be
  513  retained for 5 years or the period specified in the Uniform
  514  Standards of Professional Appraisal Practice, whichever is
  515  greater. The work file must contain original or true copies of
  516  any contracts engaging the appraiser’s or appraisal management
  517  company’s services, appraisal reports, and supporting data
  518  assembled and formulated by the appraiser or company in
  519  preparing appraisal reports or engaging in appraisal management
  520  services and all other data, information, and documentation
  521  required by the standards for the development or communication
  522  of a real estate appraisal as approved and adopted by the
  523  Appraisal Standards Board of The Appraisal Foundation, as
  524  established by rule of the board. The order file must contain
  525  original or true copies of any contracts engaging the
  526  appraiser’s services, the appraisal reports, any engagement
  527  materials or instructions from the client, and all other
  528  documents required by the standards for the development or
  529  communication of a real estate appraisal as approved and adopted
  530  by the Appraisal Standards Board of The Appraisal Foundation, as
  531  established by rule of the board. Notwithstanding the foregoing,
  532  while general contracts and materials pertaining to impaneling
  533  of an appraiser by an appraisal management company shall be
  534  retained under this section, such contracts and materials are
  535  not required to be maintained within the order file. Except as
  536  otherwise specified in the Uniform Standards of Professional
  537  Appraisal Practice, the period for retention of the records
  538  applicable to each engagement of the services of the appraiser
  539  or appraisal management company runs from the date of the
  540  submission of the appraisal report to the client. Appraisal
  541  management companies shall also retain the company accounts,
  542  correspondence, memoranda, papers, books, and other records in
  543  accordance with administrative rules adopted by the board. These
  544  records must be made available by the appraiser or appraisal
  545  management company for inspection and copying by the department
  546  upon reasonable notice to the appraiser or company. If an
  547  appraisal has been the subject of or has served as evidence for
  548  litigation, reports and records must be retained for at least 2
  549  years after the trial or the period specified in the Uniform
  550  Standards of Professional Appraisal Practice, whichever is
  551  greater.
  552         Section 10. This act shall take effect October 1, 2017.
  553  
  554  ================= T I T L E  A M E N D M E N T ================
  555  And the title is amended as follows:
  556         Delete everything before the enacting clause
  557  and insert:
  558                        A bill to be entitled                      
  559         An act relating to real estate appraisers; amending s.
  560         475.451, F.S.; revising authorized methods of
  561         instruction and certain requirements for specified
  562         real estate practice courses; amending s. 475.611,
  563         F.S.; defining and redefining terms; amending s.
  564         475.612, F.S.; authorizing appraisers to perform real
  565         property evaluations in connection with certain
  566         federally regulated transactions; requiring such
  567         appraisers to comply with certain standards; requiring
  568         the Florida Real Estate Appraisal Board to adopt
  569         rules; providing construction; repealing s. 475.6175,
  570         F.S., relating to registered trainee appraisers;
  571         amending s. 475.621, F.S.; requiring the Department of
  572         Business and Professional Regulation to transmit a
  573         specified roster to a certain appraisal subcommittee;
  574         requiring the department to collect an annual fee from
  575         certain appraisal management companies and transmit
  576         the fee to such appraisal subcommittee; requiring the
  577         board to establish a certain procedure and adopt
  578         rules; amending s. 475.6235, F.S.; deleting an
  579         exception by which the board may grant a registration
  580         to a person otherwise deemed not qualified; revising
  581         applicability; amending s. 475.6245, F.S.; authorizing
  582         the board to deny an application for renewal of an
  583         appraisal management company’s registration on
  584         specified grounds; amending s. 475.628, F.S.;
  585         authorizing the board to adopt rules establishing
  586         certain standards of practice for nonfederally related
  587         transactions; providing requirements and construction
  588         for such standards; reenacting s. 475.629, F.S.,
  589         relating to retention of records, to incorporate the
  590         amendment made by the act to s. 475.611, F.S., in a
  591         reference thereto; providing an effective date.