AN ACT relating to real property appraisers.

Create a new section of KRS 324A.010 to 324A.100 to require actions against a certified or licensed real property appraiser to be brought within 1 year; amend various sections of KRS Chapter 324A to change "real estate appraisal" to "real property appraisal"; define "evaluation," "federally related transaction," and "real property-related financial transaction"; replace the Real Estate Appraisers Board with an independent agency to be known as the Real Property Appraisers Board; attach the Real Property Appraisers Board to the Department of Professional Licensing for administrative purposes; change the number of board members from 5 to 7; require 2 board members to be certified residential real property appraisers; require those employed by the board to investigate grievances to have 10 years of experience, hold a credential equal to the credential held by the appraiser under investigation, and have experience in appraising the type of property relevant to the investigation; allow the board to employ persons it deems necessary; allow the board to use hearing officers of the Attorney General's Office; allow the board or its authorized agents to give advice on best practices management; prohibit legal action arising from any advice given by the board or its agents relating to best practices management; prohibit any person not licensed or certified as a real property appraiser from providing any type of appraisal performed by a licensed or certified real property appraiser unless they are exempt; allow a licensed or certified real property appraiser to provide an evaluation; require a certificate or license holder to complete 28 hours of continuing education hours; allow hours completed for 1 USPAP update course to apply toward the continuing education requirement; require complaints to be filed with the board within 1 year after the date of transmittal of the appraisal report; establish a biennial license renewal period; increase initial application and renewal fees f