TITLE 876 INDIANA REAL ESTATE COMMISSION

Under IC 4-22-2-23, the Indiana Real Estate Commission intends to adopt a rule concerning the following:

OVERVIEW: Amends 876 IAC 3-3-4.1 concerning requirements for certified residential appraiser applicants. Adds 876 IAC 3-3-4.2 to allow the minimum requirements for education for certified residential appraisers to include alternatives that were recently made available by the Appraisal Qualification Board (board), which lowers the requirements for residential appraisers by giving an alternative to the bachelor's degree requirement. Amends 876 IAC 3-3-10 to update language that refers to the Uniform Standards of Professional Appraisal Practice (USPAP) Standards #2. Amends 876 IAC 3-3-11 to update appraisal report labels to include a new appraisal format that is being used by many mortgage lenders; to clarify the rules to include work that is currently being done by many appraisers; to correct a cross-reference; to clarify a scope or work issue commonly misunderstood by licensees. Amends 876 IAC 3-3-12 to classify a new scope of work that is being done by some appraisers; to correct a cross-reference; to provide clarification of limitations of trainees. Amends 876 IAC 3-3-13.1 to clarify that amendments apply to both residential and nonresidential assignments; to update the hour value of experience to simplify the tables and include new assignment types, which is intended to be fill in voids in these allowances for new appraisal types that are in the process of being changed by lenders and mortgage investors; gives the authority to the board to give credit for work that the applicant states exceeds the listed maximum hour value for the work. Amends 876 IAC 3-5-7 to update instructor requirements for continuing education to include experts in related areas. Repeals 876 IAC 3-6-6. Makes technical corrections and eliminates outdated provisions. Effective 30 days after filing with the Publisher. Written comments may be addressed to the Small Business Regulatory Coordinator for this rule. Statutory authority: IC 25-34.1-3-8.

For purposes of IC 4-22-2-28.1, the Small Business Regulatory Coordinator for this rule is:

Amy Hall

Board Director

Professional Licensing Agency

Indiana Government Center South

402 West Washington Street, Room W072

Indianapolis, IN 46204

(317) 234-3048

ahall1@pla.in.gov

For purposes of IC 4-22-2-28.1, the Small Business Ombudsman designated by IC 5-28-17-6 is:

Emily Totten

Small Business Ombudsman

Indiana Economic Development Corporation

One North Capitol, Suite 700

Indianapolis, IN 46204

(317) 402-3062

etotten@iedc.in.gov

Resources available to regulated entities through the small business ombudsman include the ombudsman's duties stated in IC 5-28-17-6, specifically IC 5-28-17-6(9), investigating and attempting to resolve any matter regarding compliance by a small business with a law, rule, or policy administered by a state agency, either as a party to a proceeding or as a mediator.

DIN: 20221012-IR-876220308NIA

Composed: May 05,2024 12:35:11PM EDT

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