US (United States) Code. Title 12. Chapter 34A: Appraisal Subcommittee of Federal Financial Institutions

Codificación normativa de EEUU (Estados Unidos). Legislación federal estadounidense # Banks and banking

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-CITE-

12 USC CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL

FINANCIAL INSTITUTIONS EXAMINATION COUNCIL 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

.

-HEAD-

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-MISC1-

Sec.

3331. Purpose.

3332. Functions of Appraisal Subcommittee.

(a) In general.

(b) Monitoring and reviewing foundation.

3333. Chairperson of Appraisal Subcommittee; term of Chairperson;

meetings.

(a) Chairperson.

(b) Meetings; quorum; voting.

3334. Officers and staff.

3335. Powers of Appraisal Subcommittee.

3336. Procedures for establishing appraisal standards and requiring

use of certified and licensed appraisers.

3337. Startup funding.

(a) In general.

(b) Additional funds.

(c) Repayment of Treasury loan.

3338. Roster of State certified or licensed appraisers; authority

to collect and transmit fees.

(a) In general.

(b) Use of amounts appropriated or collected.

3339. Functions of Federal financial institutions regulatory

agencies relating to appraisal standards.

3340. Time for proposal and adoption of standards.

3341. Functions of Federal financial institutions regulatory

agencies relating to appraiser qualifications.

(a) In general.

(b) Threshold level.

(c) GAO study of appraisals in connection with real

estate related financial transactions below

threshold level.

3342. Transactions requiring services of State certified appraiser.

3343. Transactions requiring services of State licensed appraiser.

3344. Time for proposal and adoption of rules.

3345. Certification and licensing requirements.

(a) In general.

(b) Restriction.

(c) ''State licensed appraiser'' defined.

(d) Additional qualification criteria.

(e) Authority of Appraisal Subcommittee.

3346. Establishment of State appraiser certifying and licensing

agencies.

3347. Monitoring of State appraiser certifying and licensing

agencies.

(a) In general.

(b) Disapproval by Appraisal Subcommittee.

(c) Rejection of State certifications and licenses.

3348. Recognition of State certified and licensed appraisers for

purposes of this chapter.

(a) Effective date for use of certified or licensed

appraisers only.

(b) Temporary waiver of appraiser certification or

licensing requirements for State having

scarcity of qualified appraisers.

(c) Reports to State certifying and licensing

agencies.

3349. Violations in obtaining and performing appraisals in

federally related transactions.

(a) Violations.

(b) Penalties.

(c) Proceeding.

3350. Definitions.

3351. Miscellaneous provisions.

(a) Temporary practice.

(b) Reciprocity.

(c) Supplemental funding.

(d) Prohibition against discrimination.

(e) Other requirements.

(f) Studies.

3352. Emergency exceptions for disaster areas.

(a) In general.

(b) 3-year limit on exceptions.

(c) Publication required.

(d) ''Disaster area'' defined.

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12 USC Sec. 3331 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3331. Purpose

-STATUTE-

The purpose of this chapter is to provide that Federal financial

and public policy interests in real estate related transactions

will be protected by requiring that real estate appraisals utilized

in connection with federally related transactions are performed in

writing, in accordance with uniform standards, by individuals whose

competency has been demonstrated and whose professional conduct

will be subject to effective supervision.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1101, Aug. 9, 1989, 103 Stat. 511.)

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12 USC Sec. 3332 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3332. Functions of Appraisal Subcommittee

-STATUTE-

(a) In general

The Appraisal Subcommittee shall -

(1) monitor the requirements established by States for the

certification and licensing of individuals who are qualified to

perform appraisals in connection with federally related

transactions, including a code of professional responsibility;

(2) monitor the requirements established by the Federal

financial institutions regulatory agencies and the Resolution

Trust Corporation with respect to -

(A) appraisal standards for federally related transactions

under their jurisdiction, and

(B) determinations as to which federally related transactions

under their jurisdiction require the services of a State

certified appraiser and which require the services of a State

licensed appraiser;

(3) maintain a national registry of State certified and

licensed appraisers who are eligible to perform appraisals in

federally related transactions; and

(4) Omitted.

(b) Monitoring and reviewing foundation

The Appraisal Subcommittee shall monitor and review the

practices, procedures, activities, and organizational structure of

the Appraisal Foundation.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1103, Aug. 9, 1989, 103 Stat. 512.)

-COD-

CODIFICATION

Paragraph (4) of subsection (a), which required the Appraisal

Subcommittee to submit an annual report to Congress on the manner

in which assigned functions were carried out, terminated, effective

May 15, 2000, pursuant to section 3003 of Pub. L. 104-66, as

amended, set out as a note under section 1113 of Title 31, Money

and Finance. See, also, page 170 of House Document No. 103-7.

-CITE-

12 USC Sec. 3333 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3333. Chairperson of Appraisal Subcommittee; term of

Chairperson; meetings

-STATUTE-

(a) Chairperson

The Council shall select the Chairperson of the subcommittee.

The term of the Chairperson shall be 2 years.

(b) Meetings; quorum; voting

The Appraisal Subcommittee shall meet at the call of the

Chairperson or a majority of its members when there is business to

be conducted. A majority of members of the Appraisal Subcommittee

shall constitute a quorum but 2 or more members may hold hearings.

Decisions of the Appraisal Subcommittee shall be made by the vote

of a majority of its members.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1104, Aug. 9, 1989, 103 Stat. 512.)

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12 USC Sec. 3334 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

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Sec. 3334. Officers and staff

-STATUTE-

The Chairperson of the Appraisal Subcommittee shall appoint such

officers and staff as may be necessary to carry out the functions

of this chapter consistent with the appointment and compensation

practices of the Council.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1105, Aug. 9, 1989, 103 Stat. 512.)

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12 USC Sec. 3335 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

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Sec. 3335. Powers of Appraisal Subcommittee

-STATUTE-

The Appraisal Subcommittee may, for the purpose of carrying out

this chapter, establish advisory committees, hold hearings, sit and

act at times and places, take testimony, receive evidence, provide

information, and perform research, as the Appraisal Subcommittee

considers appropriate.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1106, Aug. 9, 1989, 103 Stat. 512.)

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12 USC Sec. 3336 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3336. Procedures for establishing appraisal standards and

requiring use of certified and licensed appraisers

-STATUTE-

Appraisal standards and requirements for using State certified

and licensed appraisers in federally related transactions pursuant

to this chapter shall be prescribed in accordance with procedures

set forth in section 553 of title 5, including the publication of

notice and receipt of written comments or the holding of public

hearings with respect to any standards or requirements proposed to

be established.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1107, Aug. 9, 1989, 103 Stat. 513.)

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12 USC Sec. 3337 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3337. Startup funding

-STATUTE-

(a) In general

For purposes of this chapter, the Secretary of the Treasury shall

pay to the Appraisal Subcommittee a one-time payment of $5,000,000

on August 9, 1989. Thereafter, expenses of the subcommittee shall

be funded through the collection of registry fees from certain

certified and licensed appraisers pursuant to section 3338 of this

title or, if required, pursuant to section 3351(b) (FOOTNOTE 1) of

this title.

(FOOTNOTE 1) See References in Text note below.

(b) Additional funds

Except as provided in section 3351(b) (FOOTNOTE 1) of this title,

funds in addition to the funds provided under subsection (a) of

this section may be made available to the Appraisal Subcommittee

only if authorized and appropriated by law.

(c) Repayment of Treasury loan

Not later than September 30, 1998, the Appraisal Subcommittee

shall repay to the Secretary of the Treasury the unpaid portion of

the $5,000,000 paid to the Appraisal Subcommittee pursuant to this

section.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1108, Aug. 9, 1989, 103 Stat. 513;

Pub. L. 104-208, div. A, title II, Sec. 2212, Sept. 30, 1996, 110

Stat. 3009-411.)

-REFTEXT-

REFERENCES IN TEXT

Section 3351(b) of this title, referred to in text, was

redesignated section 3351(c) of this title by Pub. L. 103-325,

title III, Sec. 315(1), Sept. 23, 1994, 108 Stat. 2222.

-MISC2-

AMENDMENTS

1996 - Subsec. (c). Pub. L. 104-208 added subsec. (c).

-CITE-

12 USC Sec. 3338 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3338. Roster of State certified or licensed appraisers;

authority to collect and transmit fees

-STATUTE-

(a) In general

Each State with an appraiser certifying and licensing agency

whose certifications and licenses comply with this chapter, shall -

(1) transmit to the Appraisal Subcommittee, no less than

annually, a roster listing individuals who have received a State

certification or license in accordance with this chapter; and

(2) collect from such individuals who perform or seek to

perform appraisals in federally related transactions, an annual

registry fee of not more than $25, such fees to be transmitted by

the State agencies to the Council on an annual basis.

Subject to the approval of the Council, the Appraisal Subcommittee

may adjust the dollar amount of registry fees, up to a maximum of

$50 per annum, as necessary to carry out its functions under this

chapter.

(b) Use of amounts appropriated or collected

Amounts appropriated for or collected by the Appraisal

Subcommittee under this section shall be used -

(1) to maintain a registry of individuals who are qualified and

eligible to perform appraisals in connection with federally

related transactions;

(2) to support its activities under this chapter;

(3) to reimburse the general fund of the Treasury for amounts

appropriated to and expended by the Appraisal Subcommittee during

the 24-month startup period following August 9, 1989; and

(4) to make grants in such amounts as it deems appropriate to

the Appraisal Foundation, to help defray those costs of the

foundation relating to the activities of its Appraisal Standards

and Appraiser Qualification Boards.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1109, Aug. 9, 1989, 103 Stat. 513.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 3337 of this title.

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12 USC Sec. 3339 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3339. Functions of Federal financial institutions regulatory

agencies relating to appraisal standards

-STATUTE-

Each Federal financial institutions regulatory agency and the

Resolution Trust Corporation shall prescribe appropriate standards

for the performance of real estate appraisals in connection with

federally related transactions under the jurisdiction of each such

agency or instrumentality. These rules shall require, at a minimum

-

(1) that real estate appraisals be performed in accordance with

generally accepted appraisal standards as evidenced by the

appraisal standards promulgated by the Appraisal Standards Board

of the Appraisal Foundation; and

(2) that such appraisals shall be written appraisals.

Each such agency or instrumentality may require compliance with

additional standards if it makes a determination in writing that

such additional standards are required in order to properly carry

out its statutory responsibilities.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1110, Aug. 9, 1989, 103 Stat. 514.)

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12 USC Sec. 3340 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3340. Time for proposal and adoption of standards

-STATUTE-

Appraisal standards established under this chapter shall be

proposed not later than 6 months and shall be adopted in final form

and become effective not later than 12 months after August 9, 1989.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1111, Aug. 9, 1989, 103 Stat. 514.)

-CITE-

12 USC Sec. 3341 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3341. Functions of Federal financial institutions regulatory

agencies relating to appraiser qualifications

-STATUTE-

(a) In general

Each Federal financial institutions regulatory agency and the

Resolution Trust Corporation shall prescribe, in accordance with

sections 3342 and 3343 of this title, which categories of federally

related transactions should be appraised by a State certified

appraiser and which by a State licensed appraiser under this

chapter.

(b) Threshold level

Each Federal financial institutions regulatory agency and the

Resolution Trust Corporation may establish a threshold level at or

below which a certified or licensed appraiser is not required to

perform appraisals in connection with federally related

transactions, if such agency determines in writing that such

threshold level does not represent a threat to the safety and

soundness of financial institutions.

(c) GAO study of appraisals in connection with real estate related

financial transactions below threshold level

(1) GAO studies

The Comptroller General of the United States may conduct, under

such conditions as the Comptroller General determines

appropriate, studies on the adequacy and quality of appraisals or

evaluations conducted in connection with real estate related

financial transactions below the threshold level established

under subsection (b) of this section, taking into account -

(A) the cost to any financial institution involved in any

such transaction;

(B) the possibility of losses to the Bank Insurance Fund, the

Savings Association Insurance Fund, or the National Credit

Union Share Insurance Fund;

(C) the cost to any customer involved in any such

transaction; and

(D) the effect on low-income housing.

(2) Reports to Congress and the appropriate Federal financial

institutions regulatory agencies

Upon completing each of the studies referred to in paragraph

(1), the Comptroller General shall submit a report on the

Comptroller General's findings and conclusions with respect to

such study to the Federal financial institutions regulatory

agencies, the Committee on Banking, Finance and Urban Affairs of

the House of Representatives, and the Committee on Banking,

Housing, and Urban Affairs of the Senate, together with such

recommendations for legislative or administrative action as the

Comptroller General determines to be appropriate.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1112, Aug. 9, 1989, 103 Stat. 514;

Pub. L. 102-550, title IX, Sec. 954, Oct. 28, 1992, 106 Stat. 3894;

Pub. L. 104-208, div. A, title II, Sec. 2704(d)(15)(B), Sept. 30,

1996, 110 Stat. 3009-495; Pub. L. 104-316, title I, Sec. 106(g),

Oct. 19, 1996, 110 Stat. 3831.)

-MISC1-

AMENDMENTS

1996 - Subsec. (c)(1). Pub. L. 104-316, Sec. 106(g)(1)(A), (2),

in heading substituted ''GAO studies'' for ''Study required'', and

in text substituted ''The Comptroller General of the United States

may conduct, under such conditions as the Comptroller General

determines appropriate, studies'' for ''At the end of the 18-month

period, and the end of the 36-month period, beginning on October

28, 1992, the Comptroller General of the United States shall

conduct a study''.

Subsec. (c)(1)(B). Pub. L. 104-208, which directed substitution

of ''Deposit Insurance Fund'' for ''Bank Insurance Fund, the

Savings Association Insurance Fund,'', was not executed. See

Effective Date of 1996 Amendment note below.

Subsec. (c)(2). Pub. L. 104-316, Sec. 106(g)(1)(B), substituted

''referred to in'' for ''required under''.

1992 - Pub. L. 102-550 designated existing provisions as subsec.

(a), inserted heading, and added subsecs. (b) and (c).

-CHANGE-

CHANGE OF NAME

Committee on Banking, Finance and Urban Affairs of House of

Representatives treated as referring to Committee on Banking and

Financial Services of House of Representatives by section 1(a) of

Pub. L. 104-14, set out as a note preceding section 21 of Title 2,

The Congress. Committee on Banking and Financial Services of House

of Representatives abolished and replaced by Committee on Financial

Services of House of Representatives, and jurisdiction over matters

relating to securities and exchanges and insurance generally

transferred from Committee on Energy and Commerce of House of

Representatives by House Resolution No. 5, One Hundred Seventh

Congress, Jan. 3, 2001.

-MISC4-

EFFECTIVE DATE OF 1996 AMENDMENT

Amendment by Pub. L. 104-208 effective Jan. 1, 1999, if no

insured depository institution is a savings association on that

date, see section 2704(c) of Pub. L. 104-208, set out as a note

under section 1821 of this title.

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12 USC Sec. 3342 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3342. Transactions requiring services of State certified

appraiser

-STATUTE-

In determining whether an appraisal in connection with a

federally related transaction shall be performed by a State

certified appraiser, an agency or instrumentality under this

chapter shall consider whether transactions, either individually or

collectively, are of sufficient financial or public policy

importance to the United States that an individual who performs an

appraisal in connection with such transactions should be a State

certified appraiser, except that -

(1) a State certified appraiser shall be required for all

federally related transactions having a value of $1,000,000 or

more; and

(2) 1-to-4 unit, single family residential appraisals may be

performed by State licensed appraisers unless the size and

complexity requires a State certified appraiser.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1113, Aug. 9, 1989, 103 Stat. 514.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 3341, 3344 of this title.

-CITE-

12 USC Sec. 3343 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3343. Transactions requiring services of State licensed

appraiser

-STATUTE-

All federally related transactions not requiring the services of

a State certified appraiser shall be performed by either a State

certified or licensed appraiser.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1114, Aug. 9, 1989, 103 Stat. 514.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 3341, 3344 of this title.

-CITE-

12 USC Sec. 3344 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3344. Time for proposal and adoption of rules

-STATUTE-

As appropriate, rules issued under sections 3342 and 3343 of this

title shall be proposed not later than 6 months and shall be

effective upon adoption in final form not later than 12 months

after August 9, 1989.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1115, Aug. 9, 1989, 103 Stat. 515.)

-CITE-

12 USC Sec. 3345 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3345. Certification and licensing requirements

-STATUTE-

(a) In general

For purposes of this chapter, the term ''State certified real

estate appraiser'' means any individual who has satisfied the

requirements for State certification in a State or territory whose

criteria for certification as a real estate appraiser currently

meets the minimum criteria for certification issued by the

Appraiser Qualification Board of the Appraisal Foundation.

(b) Restriction

No individual shall be a State certified real estate appraiser

under this section unless such individual has achieved a passing

grade upon a suitable examination administered by a State or

territory that is consistent with and equivalent to the Uniform

State Certification Examination issued or endorsed by the Appraiser

Qualification Board of the Appraisal Foundation.

(c) ''State licensed appraiser'' defined

As used in this section, the term ''State licensed appraiser''

means an individual who has satisfied the requirements for State

licensing in a State or territory.

(d) Additional qualification criteria

Nothing in this chapter shall be construed to prevent any Federal

agency or instrumentality under this chapter from establishing such

additional qualification criteria as may be necessary or

appropriate to carry out the statutory responsibilities of such

department, agency, or instrumentality.

(e) Authority of Appraisal Subcommittee

The Appraisal Subcommittee shall not set qualifications or

experience requirements for the States in licensing real estate

appraisers, including a de minimus (FOOTNOTE 1) standard.

Recommendations of the Subcommittee shall be nonbinding on the

States.

(FOOTNOTE 1) So in original. Probably should be ''de minimis''.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1116, Aug. 9, 1989, 103 Stat. 515;

Pub. L. 102-233, title VII, Sec. 701(a), Dec. 12, 1991, 105 Stat.

1792; Pub. L. 102-242, title IV, Sec. 472(a), Dec. 19, 1991, 105

Stat. 2386; Pub. L. 102-550, title XVI, Sec. 1617(a), Oct. 28,

1992, 106 Stat. 4096.)

-MISC1-

AMENDMENTS

1992 - Subsec. (e). Pub. L. 102-550, Sec. 1617(a), repealed Pub.

L. 102-233, Sec. 701(a). See 1991 Amendment note below.

1991 - Subsec. (e). Pub. L. 102-242 added subsec. (e) prohibiting

Appraisal Subcommittee from setting qualifications or experience

requirements, including a de minimis standard.

Pub. L. 102-233, Sec. 701(a), which added subsec. (e) prohibiting

Appraisal Subcommittee from setting qualifications or experience

requirements, was repealed by Pub. L. 102-550, Sec. 1617(a). See

Construction of 1991 Amendment note below.

CONSTRUCTION OF 1991 AMENDMENT

Section 1617(b) of Pub. L. 102-550 provided that: ''No amendments

made by title VII of the Resolution Trust Corporation Refinancing,

Restructuring, and Improvement Act of 1991 (amending this section

and section 3348 of this title) shall be deemed to have taken

effect before the date of the enactment of this Act (Oct. 28, 1992)

and the provisions of law amended by title VII shall continue in

effect as if no such amendments had been made by such title.''

-CITE-

12 USC Sec. 3346 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3346. Establishment of State appraiser certifying and

licensing agencies

-STATUTE-

To assure the availability of State certified and licensed

appraisers for the performance in a State of appraisals in

federally related transactions and to assure effective supervision

of the activities of certified and licensed appraisers, a State may

establish a State appraiser certifying and licensing agency.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1117, Aug. 9, 1989, 103 Stat. 515.)

-CITE-

12 USC Sec. 3347 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3347. Monitoring of State appraiser certifying and licensing

agencies

-STATUTE-

(a) In general

The Appraisal Subcommittee shall monitor State appraiser

certifying and licensing agencies for the purpose of determining

whether a State agency's policies, practices, and procedures are

consistent with this chapter. The Appraisal Subcommittee and all

agencies, instrumentalities, and federally recognized entities

under this chapter shall not recognize appraiser certifications and

licenses from States whose appraisal policies, practices, or

procedures are found to be inconsistent with this chapter.

(b) Disapproval by Appraisal Subcommittee

The Federal financial institutions, regulatory agencies, the

Federal National Mortgage Association, the Federal Home Loan

Mortgage Corporation, and the Resolution Trust Corporation shall

accept certifications and licenses awarded by a State appraiser

certifying the licensing agency unless the Appraisal Subcommittee

issues a written finding that -

(1) the State agency fails to recognize and enforce the

standards, requirements, and procedures prescribed pursuant to

this chapter;

(2) the State agency is not granted authority by the State

which is adequate to permit the agency to carry out its functions

under this chapter; or

(3) decisions concerning appraisal standards, appraiser

qualifications and supervision of appraiser practices are not

made in a manner that carries out the purposes of this chapter.

(c) Rejection of State certifications and licenses

(1) Opportunity to be heard or correct conditions

Before refusing to recognize a State's appraiser certifications

or licenses, the Appraisal Subcommittee shall provide that

State's certifying and licensing agency a written notice of its

intention not to recognize the State's certified or licensed

appraisers and ample opportunity to provide rebuttal information

or to correct the conditions causing the refusal.

(2) Adoption of procedures

The Appraisal Subcommittee shall adopt written procedures for

taking actions described in this section.

(3) Judicial review

A decision of the subcommittee under this section shall be

subject to judicial review.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1118, Aug. 9, 1989, 103 Stat. 515.)

-CITE-

12 USC Sec. 3348 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3348. Recognition of State certified and licensed appraisers

for purposes of this chapter

-STATUTE-

(a) Effective date for use of certified or licensed appraisers only

(1) In general

Not later than December 31, 1992, all appraisals performed in

connection with federally related transactions shall be performed

only by individuals certified or licensed in accordance with the

requirements of this chapter.

(2) Extension of effective date

Subject to the approval of the council, the Appraisal

Subcommittee may extend, until December 31, 1991, the effective

date for the use of certified or licensed appraisers if it makes

a written finding that a State has made substantial progress in

establishing a State certification and licensing system that

appears to conform to the provisions of this chapter.

(b) Temporary waiver of appraiser certification or licensing

requirements for State having scarcity of qualified appraisers

Subject to the approval of the Council, the Appraisal

Subcommittee may waive any requirement relating to certification or

licensing of a person to perform appraisals under this chapter if

the Appraisal Subcommittee or a State agency whose certifications

and licenses are in compliance with this chapter, makes a written

determination that there is a scarcity of certified or licensed

appraisers to perform appraisals in connection with federally

related transactions in a State, or in any geographical political

subdivision of a State, leading to significant delays in the

performance of such appraisals. The waiver terminates when the

Appraisal Subcommittee determines that such significant delays have

been eliminated.

(c) Reports to State certifying and licensing agencies

The Appraisal Subcommittee, any other Federal agency or

instrumentality, or any federally recognized entity shall report

any action of a State certified or licensed appraiser that is

contrary to the purposes of this chapter, to the appropriate State

agency for a disposition of the subject of the referral. The State

agency shall provide the Appraisal Subcommittee or the other

Federal agency or instrumentality with a report on its disposition

of the matter referred. Subsequent to such disposition, the

subcommittee or the agency or instrumentality may take such further

action, pursuant to written procedures, it deems necessary to carry

out the purposes of this chapter.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1119, Aug. 9, 1989, 103 Stat. 516;

Pub. L. 102-233, title VII, Sec. 701(b), Dec. 12, 1991, 105 Stat.

1792; Pub. L. 102-242, title IV, Sec. 472(b), Dec. 19, 1991, 105

Stat. 2386; Pub. L. 102-550, title XVI, Sec. 1617(a), Oct. 28,

1992, 106 Stat. 4096.)

-MISC1-

AMENDMENTS

1992 - Subsecs. (a)(1), (b). Pub. L. 102-550, Sec. 1617(a),

repealed Pub. L. 102-233, Sec. 701(b). See 1991 Amendment note

below.

1991 - Subsec. (a)(1). Pub. L. 102-242, Sec. 472(b)(1),

substituted ''December 31, 1992'' for ''July 1, 1991''. Pub. L.

102-233, Sec. 701(b)(1), which made an identical amendment, was

repealed by Pub. L. 102-550, Sec. 1617(a). See Construction of 1991

Amendment note below.

Subsec. (b). Pub. L. 102-242, Sec. 472(b)(2), substituted '', or

in any geographical political subdivision of a State, leading to

significant delays'' for ''leading to inordinate delays'' in first

sentence and ''significant'' for ''inordinate'' in second

sentence. Pub. L. 102-233, Sec. 701(b)(2), which made an identical

amendment, was repealed by Pub. L. 102-550, Sec. 1617(a). See

Construction of 1991 Amendment note below.

CONSTRUCTION OF 1991 AMENDMENT

No amendment to this section by section 701 of Pub. L. 102-233 to

be deemed to have taken effect before Oct. 28, 1992, and provisions

of law amended by such section 701 to continue in effect as if no

such amendment had been made, see section 1617(b) of Pub. L.

102-550, set out as a note under section 3345 of this title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 3349 of this title.

-CITE-

12 USC Sec. 3349 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3349. Violations in obtaining and performing appraisals in

federally related transactions

-STATUTE-

(a) Violations

Except as authorized by the Appraisal Subcommittee in exercising

its waiver authority pursuant to section 3348(b) of this title, it

shall be a violation of this section -

(1) for a financial institution to seek, obtain, or give money

or any other thing of value in exchange for the performance of an

appraisal by a person who the institution knows is not a State

certified or licensed appraiser in connection with a federally

related transaction; and

(2) for the Federal National Mortgage Association, the Federal

Home Loan Mortgage Corporation, or the Resolution Trust

Corporation to knowingly contract for the performance of any

appraisal by a person who is not a State certified or licensed

appraiser in connection with a real estate related financial

transaction defined in section 3350(5) of this title to which

such association or corporation is a party.

(b) Penalties

A financial institution that violates subsection (a)(1) of this

section shall be subject to civil penalties under section

1818(i)(2) of this title or section 1786(k)(2) of this title, as

appropriate.

(c) Proceeding

A proceeding with respect to a violation of this section shall be

an administrative proceeding which may be conducted by a Federal

financial institutions regulatory agency in accordance with the

procedures set forth in subchapter II of chapter 5 of title 5.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1120, Aug. 9, 1989, 103 Stat. 517.)

-CITE-

12 USC Sec. 3350 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3350. Definitions

-STATUTE-

For purposes of this chapter:

(1) State appraiser certifying and licensing agency

The term ''State appraiser certifying and licensing agency''

means a State agency established in compliance with this chapter.

(2) Appraisal Subcommittee; subcommittee

The terms ''Appraisal Subcommittee'' and ''subcommittee'' mean

the Appraisal Subcommittee of the Federal Financial Institutions

Examination Council.

(3) Council

The term ''Council'' means the Federal Financial Institutions

Examinations Council.

(4) Federally related transaction

The term ''federally related transaction'' means any real

estate-related financial transaction which -

(A) a federal financial institutions regulatory agency or the

Resolution Trust Corporation engages in, contracts for, or

regulates; and

(B) requires the services of an appraiser.

(5) Real estate related financial transaction

The term ''real estate-related financial transaction'' means

any transaction involving -

(A) the sale, lease, purchase, investment in or exchange of

real property, including interests in property, or the

financing thereof;

(B) the refinancing of real property or interests in real

property; and

(C) the use of real property or interests in property as

security for a loan or investment, including mortgage-backed

securities.

(6) Federal financial institutions regulatory agencies

The term ''Federal financial institutions regulatory agencies''

means the Board of Governors of the Federal Reserve System, the

Federal Deposit Insurance Corporations, the Office of the

Comptroller of the Currency, the Office of Thrift Supervision,

and the National Credit Union Administration.

(7) Financial institution

The term ''financial institution'' means an insured depository

institution as defined in section 1813 of this title or an

insured credit union as defined in section 1752 of this title.

(8) Chairperson

The term ''Chairperson'' means the Chairperson of the Appraisal

Subcommittee selected by the council. (FOOTNOTE 1)

(FOOTNOTE 1) So in original. Probably should be capitalized.

(9) Foundation

The terms ''Appraisal Foundation'' and ''Foundation'' means the

Appraisal Foundation established on November 30, 1987, as a not

for profit corporation under the laws of Illinois.

(10) Written appraisal

The term ''written appraisal'' means a written statement used

in connection with a federally related transaction that is

independently and impartially prepared by a licensed or certified

appraiser setting forth an opinion of defined value of an

adequately described property as of a specific date, supported by

presentation and analysis of relevant market information.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1121, Aug. 9, 1989, 103 Stat. 517.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 3349 of this title.

-CITE-

12 USC Sec. 3351 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3351. Miscellaneous provisions

-STATUTE-

(a) Temporary practice

(1) In general

A State appraiser certifying or licensing agency shall

recognize on a temporary basis the certification or license of an

appraiser issued by another State if -

(A) the property to be appraised is part of a federally

related transaction,

(B) the appraiser's business is of a temporary nature, and

(C) the appraiser registers with the appraiser certifying or

licensing agency in the State of temporary practice.

(2) Fees for temporary practice

A State appraiser certifying or licensing agency shall not

impose excessive fees or burdensome requirements, as determined

by the Appraisal Subcommittee, for temporary practice under this

subsection.

(b) Reciprocity

The Appraisal Subcommittee shall encourage the States to develop

reciprocity agreements that readily authorize appraisers who are

licensed or certified in one State (and who are in good standing

with their State appraiser certifying or licensing agency) to

perform appraisals in other States.

(c) Supplemental funding

Funds available to the Federal financial institutions regulatory

agencies may be made available to the Federal Financial

Institutions Examination Council to support the council's (FOOTNOTE

1) functions under this chapter.

(FOOTNOTE 1) So in original. Probably should be capitalized.

(d) Prohibition against discrimination

Criteria established by the Federal financial institutions

regulatory agencies, the Federal National Mortgage Association, the

Federal Home Loan Mortgage Corporation, and the Resolution Trust

Corporation for appraiser qualifications in addition to State

certification or licensing shall not exclude a certified or

licensed appraiser for consideration for an assignment solely by

virtue of membership or lack of membership in any particular

appraisal organization.

(e) Other requirements

A corporation, partnership, or other business entity may provide

appraisal services in connection with federally related

transactions if such appraisal is prepared by individuals certified

or licensed in accordance with the requirements of this chapter.

An individual who is not a State certified or licensed appraiser

may assist in the preparation of an appraisal if -

(1) the assistant is under the direct supervision of a licensed

or certified individual; and

(2) the final appraisal document is approved and signed by an

individual who is certified or licensed.

(f) Studies

(1) Study

The Appraisal Subcommittee shall -

(A) conduct a study to determine whether real estate sales

and financing information and data that is available to real

estate appraisers in the States is sufficient to permit

appraisers to properly estimate the values of properties in

connection with federally related transactions; and

(B) study the feasibility and desirability of extending the

provisions of this chapter to the function of personal property

appraising and to personal property appraisers in connection

with Federal financial and public policy interests.

(2) Report

The Appraisal Subcommittee shall -

(A) report its findings to the Congress with respect to the

study described in paragraph (1)(A) no later than 12 months

after August 9, 1989, and

(B) report its findings with respect to the study described

in paragraph (1)(B) to Congress not later than 18 months after

August 9, 1989.

-SOURCE-

(Pub. L. 101-73, title XI, Sec. 1122, Aug. 9, 1989, 103 Stat. 518;

Pub. L. 103-325, title III, Sec. 315, Sept. 23, 1994, 108 Stat.

2222.)

-MISC1-

AMENDMENTS

1994 - Subsec. (a). Pub. L. 103-325, Sec. 315(3), redesignated

existing provisions as par. (1), inserted heading, redesignated

former pars. (1) to (3) as subpars. (A) to (C) of par. (1), and

added par. (2).

Subsecs. (b) to (f). Pub. L. 103-325, Sec. 315(1), (2), added

subsec. (b) and redesignated former subsecs. (b) to (e) as (c) to

(f), respectively.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 3337 of this title.

-CITE-

12 USC Sec. 3352 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL

INSTITUTIONS EXAMINATION COUNCIL

-HEAD-

Sec. 3352. Emergency exceptions for disaster areas

-STATUTE-

(a) In general

Each Federal financial institutions regulatory agency may, by

regulation or order, make exceptions to this chapter, and to

standards prescribed pursuant to this chapter, for transactions

involving institutions for which the agency is the primary Federal

regulator with respect to real property located within a disaster

area if the agency -

(1) makes the exception not later than 30 months after the date

on which the President determines, pursuant to section 5170 of

title 42, that a major disaster exists in the area; and

(2) determines that the exception -

(A) would facilitate recovery from the major disaster; and

(B) is consistent with safety and soundness.

(b) 3-year limit on exceptions

Any exception made under this section shall expire not later than

3 years after the date of the determination referred to in

subsection (a)(1) of this section.

(c) Publication required

Any Federal financial institutions regulatory agency shall

publish in the Federal Register a statement that -

(1) describes any exception made under this section; and

(2) explains how the exception -

(A) would facilitate recovery from the major disaster; and

(B) is consistent with safety and soundness.

(d) ''Disaster area'' defined

For purposes of this section, the term ''disaster area'' means an

area in which the President, pursuant to section 5170 of title 42,

has determined that a major disaster exists.

-SOURCE-

(Pub. L. 101-73, title IX, Sec. 1123, as added Pub. L. 102-485,

Sec. 2, Oct. 23, 1992, 106 Stat. 2771.)

-CITE-