It is unlawful for a person, corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity to directly or indirectly engage or attempt to engage in business as an appraisal management company, to directly or indirectly engage or attempt to perform appraisal management services, or to advertise or hold itself out as engaging in or conducting business as an appraisal management company without first obtaining a license unless an exemption from licensure applies.
The license fee is $5,150. In accordance with Minn. Stat. 16E.22, this fee includes a $150 OET surcharge, which is being collected on behalf of the Minnesota Office of Enterprise Technology to fund a statewide electronic licensing system.
The Appraisal Management Company license law is found in Minnesota Statutes, Chapter 82C.
If you have questions about licenses, contact the Minnesota Department of Commerce Licensing Division at email@example.com or 651-296-6319.