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 3-1-3 to update the definition of "license". Amends 876 IAC 3-2-4 concerning expired licenses. Amends 876 IAC 3-2-5 concerning reinstatement of an expired license. Amends 876 IAC 3-3-2.5 to remove duplicative language. Adds 876 IAC 3-3-2.7 to incorporate criteria of classifications. Amends 876 IAC 3-3-3.1, 876 IAC 3-3-4.1, and 876 IAC 3-3-5.1 to update educational requirements. 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 and 876 IAC 3-3-12 to update appraisal report labels to include a new appraisal format that is being utilized by mortgage lenders; to clarify which appraisal activities may be counted as appraisal experience; to correct a cross-reference; and to clarify the scope of work that licensed trainees are prohibited from performing. Amends 876 IAC 3-3-13.1 to clarify that applicants may claim credit for the actual time spent on various appraisal activities up to the maximum values established by the board; to update the hour value of experience to simplify the charts and include specific assignment categories; and to allow the board to grant credit for appraisal work above the maximum hours set forth in the rule. Amends 876 IAC 3-3-15 to update examination application requirements. Amends 876 IAC 3-5-1 and 876 IAC 3-5-1.5 concerning continuing education requirements. Amends 876 IAC 3-5-7 to update instructor requirements for continuing education. Amends 876 IAC 3-6-2 and 876 IAC 3-6-3 to update to current USPAP standards. Amends 876 IAC 3-6-8 to remove duplicative language. Amends 876 IAC 3-6-9 concerning supervision of Indiana licensed trainee appraisers. Amends 876 IAC 3-6-10 concerning the licensed trainee appraisers and supervisors/trainee appraiser course. Makes technical corrections and eliminates outdated provisions. Repeals 876 IAC 3-1-2, 876 IAC 3-3-8, 876 IAC 3-5-2, and 876 IAC 3-6-6. 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:

Matthew Jaworowski

Small Business Ombudsman

Indiana Economic Development Corporation

One North Capitol, Suite 700

Indianapolis, IN 46204

(317) 650-0126

majaworowski@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: 20230419-IR-876230295NIA

Composed: May 17,2024 10:10:28AM EDT

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