HB0147 - Real estate appraisers-insurance.

 

2001

State of Wyoming

01LSO-0492

 

 

 

HOUSE BILL NO.  HB0147

 

 

Real estate appraisers-insurance.

 

Sponsored by:  Representative(s) Hines

 

 

A BILL

 

for

 

 1  AN ACT relating to professions and occupations; requiring
 2  certified real estate appraisers to maintain errors and
 3  omissions insurance; providing for rulemaking; and
 4  providing for an effective date.

 5 

 6  Be It Enacted by the Legislature of the State of Wyoming:

 7 

 8         Section 1.  W.S. 33-39-105(a) by creating a new
 9  paragraph (x) and 33-39-107 are amended to read:

10 

11         33-39-105.  Powers of the board; rulemaking authority.

12 

13         (a)  The board shall:

14 

15              (x)  Define by rule errors and omissions
16  insurance requirements for certified real estate
17  appraisers, beginning January 1, 2002. The rules shall

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 1  require each certified real estate appraiser to maintain an
 2  errors and omissions policy in an amount sufficient to
 3  protect persons acting in reliance upon the services
 4  performed by the appraiser. The rules shall establish
 5  permissible deductions and exclusions from coverage and may
 6  require different amounts of insurance based upon classes
 7  of permittees under this act and upon the amount of annual
 8  or individual appraisals conducted by a permittee. The
 9  rules shall not apply to inactive permittees.

10 

11         33-39-107.  Standards of professional certified
12  appraisal practice; errors and omissions insurance.

13 

14         (a)  Each certified real estate appraiser issued a
15  permit to practice under this act shall comply with the
16  standards of professional appraisal practice and ethical
17  rules specified by the Uniform Standards of Professional
18  Appraisal Practice.

19 

20         (b)  Beginning January 1, 2002, each certified real
21  estate appraiser issued a permit to practice under this
22  act, other than inactive permittees, shall maintain errors
23  and omissions insurance in compliance with rules of the
24  board.

 

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 1 

 2         Section 2.  This act is effective July 1, 2001.

 3 

 4                         (END)

 

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