It is enacted by the General Assembly as follows:

SECTION 1. Sections 5-20.7-9, 5-20.7-10 and 5-20.7-18 of the General Laws in Chapter 20.7 entitled "Real Estate Appraiser Certification Act" are hereby amended to read as follows:

{ADD 5-20.7-9. Requirements prior to certification/licensing examination. -- ADD} (a) Residential classification. -- As a prerequisite to taking the examination for certification as a state certified residential real estate appraiser, an applicant shall present evidence satisfactory to the board that he or she has successfully completed not less than {DEL one hundred five (105) DEL} {ADD one hundred twenty (120) ADD} classroom hours of courses in subjects related to real estate appraisal and the uniform standards of professional appraisal practice from a duly licensed real estate school pursuant to the provisions of section 5-20.5-19 or a nationally recognized appraisal organization, college, university or other school approved by the appraisal qualifications board of the appraisal foundation, or such other school as approved by the board.

(b) General classification. -- As a prerequisite to taking the examination for certification as a state certified general real estate appraiser, an applicant shall present evidence satisfactory to the director that he or she has successfully completed not less than one hundred sixty-five (165) classroom hours of courses in subjects related to real estate appraisal and the Uniform Standards of Professional Appraisal Practice from a duly licensed real estate school pursuant to the provisions of section 5-20.5-19, or a nationally recognized appraisal organization, college, university or other school approved by the appraisal qualifications board of the appraisal foundation, or such other school as approved by the board. {ADD A minimum of sixty (60) hours of the required one hundred sixty-five (165) classroom hours required by this subsection shall be related to the subject of income capitalization. ADD}

(c) Licensed real estate appraiser. -- As a prerequisite to taking the examination for licensing as a state licensed residential real estate appraiser, an applicant shall present evidence satisfactory to the board that he or she has successfully completed not less than seventy-five (75) classroom hours of courses in subjects related to real estate appraisal and the uniform standards of professional appraisal practice from a duly licensed real estate school pursuant to the provisions of section 5-20.5-19 or a nationally recognized appraisal organization, college, university or other school approved by the appraisal qualifications board of appraisal foundation, or such other school as approved by the board.

{ADD 5-20.7-10. Experience requirement. -- ADD} (a) An original certification as a state certified real estate appraiser or licensing as a state licensed appraiser shall not be issued to any person who does not possess two (2) years experience in real property appraisal supported by adequate written reports or file memoranda. Such experience must be acquired within a period of five (5) years immediately preceding the filing of the application for certification. Such experience shall be of the type of appraisal for which the applicant is seeking certification/licensing and shall meet the minimum standards of the appraisal foundation and/or applicable federal regulations.

(b) Each applicant for certification and licensing shall furnish under oath a detailed listing of the real estate appraisal reports or file memoranda for each year for which experience is claimed by the applicant {ADD for an applicant for general certification ADD} . {ADD At least fifty percent (50%) of the prepared reports must demonstrate a knowledge and working understanding of income capitalization or other nonresidential reports. ADD} Upon request, the applicant shall make available to the director or board for examination, a sample of appraisal reports which the applicant has prepared in the course of his or her practice.

{ADD 5-20.7-18. Retention of records. -- ADD} (a) A state certified or licensed real estate appraiser shall retain for {DEL three (3) DEL} {ADD five (5) ADD} years, originals or true copies of all written contracts engaging his or her services for real property appraisal work, and all reports and supporting data assembled and formulated by the appraiser in preparing the reports.

(b) The {DEL three (3) DEL} {ADD five (5) ADD} year period for retention of records shall be applicable to each engagement of the services of the appraiser and shall commence upon the date of the submittal of the appraisal to the client unless, within such {DEL three (3) DEL} {ADD five (5) ADD} year period, the appraiser is notified that the appraisal or report is involved in litigation, in which event the {DEL three (3) year DEL} period for the retention of records shall {DEL commence upon DEL} {ADD be five (5) years upon the date of the submittal of the appraisal to the client or three (3) years from ADD} the date of the final disposition of such litigation.

(c) All records required to be maintained under the provisions of this chapter shall be made available by the certified real estate appraiser for inspection and copying by the board on reasonable notice to the appraiser.

SECTION 2. Chapter 5-20.7 of the General Laws entitled "Real Estate Appraiser Certification Act" is hereby amended by adding thereto the following section:

{ADD 5-20.7-25. Effect of federal law. -- ADD} {ADD Notwithstanding any provision in this chapter to the contrary, the "Federal Financial Institutions Reform, Recovery & Enforcement Act of 1989 (FIRREA), 12 U.S.C. 3331 et seq., shall supersede provisions of this chapter when applicable. ADD}

SECTION 3. The provisions for increased classroom education shall take effect on November 1, 1994, and the remaining provisions of this act shall take effect on November 1, 1994.