Montana appraisers would keep records and companies would screen owners

Licensed or certified appraisers would keep appraisal records and allow the board to inspect and copy required reports. The records include service contracts, appraisal reports, and supporting information. The court-case rule applies if the appraiser learns within the five-year period that the report is involved in a court case. The draft leaves the required storage period after the case ends unclear. The five-year period begins when the appraiser sends the report to the client.

Companies seeking registration would face restrictions based on their owners' appraiser license histories. The restrictions cover direct owners and ownership through another company. The restriction covers refused, denied, or canceled licenses or certificates, revocation for a serious reason, and surrender instead of a pending revocation. An exception applies when the license or certificate was not revoked for a serious reason and has been reinstated in the relevant states. These provisions apply when an appraisal management company seeks registration in Montana.

Companies would certify that they reviewed every owner and that no owner has a listed adverse licensing history. The certification covers every person or company with any direct or indirect ownership share. The certification covers refused, denied, canceled, or revoked credentials, and credentials surrendered instead of a pending revocation. It covers credentials to work as an appraiser or an appraisal management company. Companies would make this certification when applying for registration in Montana.

The proposal calls for removing the section titled “Employee requirements.” The proposal names Montana Code section 37-54-505. The employee requirements themselves are not included, so the practical effect is unclear.