September 7, 2006, Introduced by Reps. Marleau, Casperson, Amos, Vander Veen, Taub, Mortimer, Baxter, Emmons, Jones, Booher, David Law, Pastor and Shaffer and referred to the Committee on Banking and Financial Services.
A bill to amend 1980 PA 299, entitled
"Occupational code,"
by amending section 2635 (MCL 339.2635), as amended by 1999 PA 170.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2635.
(1) A Except as otherwise provided in subsection
(2), a licensee who does 1 or more of the following shall be
subject to the penalties set forth in article 6:
(a) Violates any of the standards for the development and
communication of real property appraisals as provided in this
article or a rule promulgated pursuant to this article.
(b) Fails or refuses without good cause to exercise reasonable
diligence in developing or communicating an appraisal.
(c) Demonstrates incompetence in developing or communicating
an appraisal.
(d) Fails to make available to the department upon request
books and records required to be kept under this article.
(e) Performs, attempts to perform, or offers to perform
appraisal services for which the individual is not licensed under
this article.
(f) Aids or abets another to commit a violation of this act or
the rules promulgated under this act.
(g) Uses the license of another individual or knowingly allows
another individual to use his or her license.
(h) If a real estate valuation specialist or a limited real
estate appraiser fails to disclose to the client, before making an
appraisal, that the licensee's appraisal cannot be used in a
federally related transaction.
(i) Develops and communicates, in violation of the standards
adopted under this article, an appraisal used as an investment or
as collateral for a loan in a real-estate-related financial
transaction by developing and communicating that appraisal as a
result of the client's or intended user's doing either or both of
the following:
(i) Setting preconditions on the outcome of the appraisal as a
prerequisite for being selected to develop and communicate an
appraisal or for obtaining future appraisal work.
(ii) Indicating or implying that payment for the development
and communication of the appraisal is predicated upon attaining a
desired minimum appraised value.
(2) A person licensed under this article who violates
subsection (1)(i) is guilty of a misdemeanor punishable by a fine
of not more than $5,000.00 or imprisonment for not more than 3
years, or both.