Chapter 458

458.41 History History: 2017 a. 113.

458.42 458.42 License number.

458.42(1) (1) The department shall assign a unique license number to each licensed appraisal management company. The license number shall appear on each certificate of licensure the department issues under s. 458.33 (2).

458.42(2) (2) The department shall publish a list of all current licensed appraisal management companies and their license numbers.

458.42(3) (3) A licensed appraisal management company shall display its license number on all print or electronic advertising, on each solicitation for engagement on the appraisal management company’s appraiser panel, and on each engagement letter used in connection with an appraisal assignment in this state.

458.42 History History: 2017 a. 113.

458.43 458.43 Department review of decisions concerning appraisers.

458.43(1) (1) Except within the first 60 days after a licensed appraisal management company adds an independent appraiser to the licensed appraisal management company’s appraiser panel, a licensed appraisal management company may not remove an independent appraiser from its appraiser panel unless the licensed appraisal management company does the following:

458.43(1)(a) (a) If the independent appraiser is not being removed under par. (b), notifies the independent appraiser in writing of the reasons the independent appraiser is being removed from the appraiser panel.

458.43(1)(b) (b) If the independent appraiser is being removed from the appraiser panel for conduct alleged to be any of the following, notifies the independent appraiser of the alleged conduct and provides the independent appraiser with an opportunity to respond before removal:

458.43(1)(b)1. 1. A violation of this subchapter or rules promulgated under this subchapter, other state or federal law, or the Uniform Standards of Professional Appraisal Practice described under s. 458.24.

458.43(1)(b)2. 2. Other good cause.

458.43(2) (2) 

458.43(2)(a) (a) An independent appraiser who is removed from an appraiser panel under sub. (1) (b) may petition the department for review of that removal decision. The department’s review of a removal decision under this paragraph is limited to determining whether the licensed appraisal management company has complied with sub. (1) and whether the independent appraiser engaged in conduct described in sub. (1) (b) 1. or 2.

458.43(2)(b) (b) If an independent appraiser petitions the department for review under par. (a), the department shall complete its review within 180 days after the department receives the petition.

458.43(2)(c) (c) If, after opportunity for hearing, the department determines that a licensed appraisal management company did not comply with sub. (1) or that an independent appraiser did not engage in the conduct described in the notice under sub. (1) (b) 1. or 2., the department shall order the licensed appraisal management company to reinstate the independent appraiser on the appraiser panel. The licensed appraisal management company may not refuse to assign appraisal services to the appraiser or otherwise penalize or retaliate against the appraiser.

458.43 History History: 2017 a. 113.

458.44 458.44 Disciplinary proceedings and actions.

458.44(1) (1) The department shall, upon motion of the board or upon its own motion, or upon a complaint filed with the department or the board, conduct investigations concerning the conduct of a licensed appraisal management company or an applicant for a license under s. 458.33.

458.44(2) (2) The department shall present the findings of any investigation under sub. (1) to the board. The department shall, upon motion of the board or upon its own motion, commence disciplinary proceedings on any matter under investigation concerning a licensed appraisal management company or applicant for a license under s. 458.33.

458.44(3) (3) Disciplinary proceedings shall be conducted by the board according to the rules promulgated under s. 440.03 (1). The department may deny a license, and the board may conditionally or unconditionally limit, suspend, or revoke a license issued under s. 458.33 (2) or reprimand a licensed appraisal management company if the department or board determines that the applicant or licensed appraisal management company, or a controlling individual of the applicant or licensed appraisal management company, has done any of the following:

458.44(3)(a) (a) Made a material misstatement in an application for a license or renewal of a license under s. 458.33 or in any other information provided to the board or department.

458.44(3)(b) (b) Engaged in unprofessional or unethical conduct, as determined by the department by rule.

458.44(3)(c) (c) Engaged in conduct in the course of conducting business as an appraisal management company that evidences a lack of knowledge or ability to apply professional principles or skills.

458.44(3)(d) (d) Had a license or other credential to act as an appraiser in any state denied, refused, canceled, revoked, or surrendered in lieu of a revocation, unless that license or other credential was later granted or reinstated.

458.44(3)(e) (e) Advertised in a manner that is false, deceptive, or misleading.

458.44(3)(f) (f) Advertised, practiced, or attempted to practice as an appraisal management company under another person’s name.

458.44(3)(g) (g) Subject to ss. 111.321, 111.322, and 111.34, provided appraisal management services while the individual’s ability to practice was impaired by alcohol or other drugs.

458.44(3)(h) (h) Provided appraisal services or appraisal management services where the value of real estate provided in the appraisal report was based on the racial composition of the area in which the real estate is located.

458.44(3)(i) (i) Violated this subchapter or any rule promulgated under this subchapter.

458.44(4) (4) In addition to or in lieu of a reprimand or denial, limitation, suspension, or revocation of a license under s. 458.33, the board may assess against a licensed appraisal management company or an applicant for a license under s. 458.33 a forfeiture of not less than $100 nor more than $10,000 for each violation enumerated under sub. (3).

458.44(5) (5) The department may seek judicial review under ch. 227 of any final decision of the board. The department shall be represented in any review proceedings by an attorney within the department. Upon request of the board, the attorney general may represent the board.

458.44(6) (6) The department shall report any violations of applicable appraisal-related laws, regulations, or orders by an appraisal management company and disciplinary and enforcement actions against an appraisal management company to the appraisal subcommittee.

458.44 History History: 2017 a. 113.

458.45 458.45 Penalties. Any person who violates this subchapter or any rule promulgated under this subchapter may be fined not more than $10,000.

458.45 History History: 2017 a. 113.

458.46 458.46 Rules. The department shall promulgate rules to implement this subchapter, including, to the extent the department, in consultation with the board, deems necessary, rules establishing standards of professional conduct for licensed appraisal management companies exempt from licensure under s. 458.34 (2).

458.46 History History: 2017 a. 113.

458.48 458.48 Nonapplicability. Notwithstanding ss. 458.32 to 458.46, ss. 458.32 to 458.46 do not apply if federal law is amended or repealed so as to allow appraisal management companies that are not federally regulated appraisal management companies to perform services related to a federally related transaction without being required to register with and be subject to supervision by a state appraiser certifying and licensing agency as required under 12 USC 3353.

458.48 History History: 2017 a. 113.