Summary of Original Version

Create a new section of KRS 324A.010 to 324A.100 to require actions against a certified or licensed real property appraiser to be brought within 1 year; amend various sections of KRS Chapter 324A to change "real estate appraisal" to "real property appraisal"; define "evaluation," "federally related transaction," and "real property-related financial transaction"; replace the Real Estate Appraisers Board with an independent agency to be known as the Real Property Appraisers Board; attach the Real Property Appraisers Board to the Department of Professional Licensing for administrative purposes; change the number of board members from 5 to 7; require 2 board members to be certified residential real property appraisers; require those employed by the board to investigate grievances to have 10 years of experience, hold a credential equal to the credential held by the appraiser under investigation, and have experience in appraising the type of property relevant to the investigation; allow the board to employ persons it deems necessary; allow the board to use hearing officers of the Attorney General's Office; allow the board or its authorized agents to give advice on best practices management; prohibit legal action arising from any advice given by the board or its agents relating to best practices management; prohibit any person not licensed or certified as a real property appraiser from providing any type of appraisal performed by a licensed or certified real property appraiser unless they are exempt; allow a licensed or certified real property appraiser to provide an evaluation; require a certificate or license holder to complete 28 hours of continuing education hours; allow hours completed for 1 USPAP update course to apply toward the continuing education requirement; require complaints to be filed with the board within 1 year after the date of transmittal of the appraisal report; establish a biennial license renewal period; increase initial application and renewal fees from $200 to $400; amend KRS 324B.045 to remove the Real Estate Appraisers Board from the Division of Real Property Boards; amend KRS 133.120 to allow a tax consultant and licensed real estate sales associate to receive compensation to represent a property owner at a conference with the property valuation administrator or in an appeal before the board; amend KRS 154.60-040, 198B.702, 324.085, 324A.035, 324A.050, 324A.088, 324A.100, 324A.150, 324A.152, 324A.158, 324A.162, 324A.164, 324B.030, 350.280, 413.140, 56.806, 56.8175, 56.823, 99.830, and 99.835 to conform.

Statutes affected:
Introduced: 324A.010, 324A.015, 324A.020, 324A.025, 324A.030, 324A.045, 324A.047, 324A.052, 324A.065, 324A.154, 324B.045, 133.120, 198B.702, 324.085, 324A.035, 324A.050, 324A.088, 324A.100, 324A.150, 324A.152, 324A.158, 324A.162, 324A.164, 324B.030, 350.280, 413.140, 56.806, 56.8175, 56.823, 99.830, 99.835