Under IC 4-22-2-24, notice is hereby given that on January 23, 2008, at 10:50 a.m., at the Indiana Government Center-South, 402 West Washington Street, Room W064, Indianapolis, Indiana, the Indiana Real Estate Commission will hold a public hearing on adopting the 2008-2009 edition of USPAP.

The Real Estate Appraiser Licensure and Certification Board (Board) has the authority to recommend to the Indiana Real Estate Commission (Commission) rules governing the real estate appraisers licensed and certified under IC 25-34.1-3-8. The Commission also has the authority to promulgate rules establishing standards for the competent practice of the various occupations regulated in IC 25-34.1. The proposed rule simply incorporates the 2008-2009 edition of USPAP and updates the exclusions based on the 2008-2009 edition. USPAP is the national standard for professional appraisal practice that appraisers are expected to follow. The Board is incorporating these standards in their rules to keep current with the national standards. In addition, the federal government requires appraisers to use and comply with the Uniform Standards of Professional Appraisal Practice as a requirement for federal agencies. The Board has not relied upon any data, studies, or analyses in determining the imposition of requirement or cost.

Copies of these rules are now on file at the Indiana Government Center-South, 402 West Washington Street, Room W072 and Legislative Services Agency, One North Capitol, Suite 325, Indianapolis, Indiana and are open for public inspection.