-CITE- 12 USC CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL 01/03/2007 -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. 3333. Chairperson of Appraisal Subcommittee; term of Chairperson; meetings. 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. 3338. Roster of State certified or licensed appraisers; authority to collect and transmit fees. 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. 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. 3346. Establishment of State appraiser certifying and licensing agencies. 3347. Monitoring of State appraiser certifying and licensing agencies. 3348. Recognition of State certified and licensed appraisers for purposes of this chapter. 3349. Violations in obtaining and performing appraisals in federally related transactions. 3350. Definitions. 3351. Miscellaneous provisions. 3352. Emergency exceptions for disaster areas. -End- -CITE- 12 USC Sec. 3331 01/03/2007 -EXPCITE- 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.) -End- -CITE- 12 USC Sec. 3332 01/03/2007 -EXPCITE- 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. -End- -CITE- 12 USC Sec. 3333 01/03/2007 -EXPCITE- 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.) -End- -CITE- 12 USC Sec. 3334 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL -HEAD- 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.) -End- -CITE- 12 USC Sec. 3335 01/03/2007 -EXPCITE- TITLE 12 - BANKS AND BANKING CHAPTER 34A - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL -HEAD- 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.) -End- -CITE- 12 USC Sec. 3336 01/03/2007 -EXPCITE- 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.) -End- -CITE- 12 USC Sec. 3337 01/03/2007 -EXPCITE- 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) (!1) of this title. (b) Additional funds Except as provided in section 3351(b) (!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. -MISC1- AMENDMENTS 1996 - Subsec. (c). Pub. L. 104-208 added subsec. (c). -FOOTNOTE- (!1) See References in Text note below. -End- -CITE- 12 USC Sec. 3338 01/03/2007 -EXPCITE- 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.) -End- -CITE- 12 USC Sec. 3339 01/03/2007 -EXPCITE- 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.) -End- -CITE- 12 USC Sec. 3340 01/03/2007 -EXPCITE- 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.) -End- -CITE- 12 USC Sec. 3341 01/03/2007 -EXPCITE- 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 Deposit 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; Pub. L. 109-171, title II, Sec. 2102(b), Feb. 8, 2006, 120 Stat. 9; Pub. L. 109-173, Sec. 9(g)(2), Feb. 15, 2006, 119 Stat. 3618.) -MISC1- AMENDMENTS 2006 - Subsec. (c)(1)(B). Pub. L. 109-173 substituted "Deposit Insurance Fund" for "Bank Insurance Fund, the Savings Association Insurance Fund,". Pub. L. 109-171 repealed Pub. L. 104-208, Sec. 2704(d)(15)(B). See 1996 Amendment note below. 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, Sec. 2704(d)(15)(B), which directed substitution of "Deposit Insurance Fund" for "Bank Insurance Fund, the Savings Association Insurance Fund,", was repealed by Pub. L. 109-171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above. 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. -MISC2- EFFECTIVE DATE OF 2006 AMENDMENT Amendment by Pub. L. 109-173 effective Mar. 31, 2006, see section 9(j) of Pub. L. 109-173, set out as a note under section 24 of this title. Amendment by Pub. L. 109-171 effective no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning Feb. 8, 2006, see section 2102(c) of Pub. L. 109-171, set out as a Merger of BIF and SAIF note under section 1821 of this title. 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, formerly set out as a note under section 1821 of this title. -End- -CITE- 12 USC Sec. 3342 01/03/2007 -EXPCITE- 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.) -End- -CITE- 12 USC Sec. 3343 01/03/2007 -EXPCITE- 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.) -End- -CITE- 12 USC Sec. 3344 01/03/2007 -EXPCITE- 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.) -End- -CITE- 12 USC Sec. 3345 01/03/2007 -EXPCITE- 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 (!1) standard. Recommendations of the Subcommittee shall be nonbinding on the States. -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." -FOOTNOTE- (!1) So in original. Probably should be "de minimis". -End- -CITE- 12 USC Sec. 3346 01/03/2007 -EXPCITE- 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.) -End- -CITE- 12 USC Sec. 3347 01/03/2007 -EXPCITE- 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, (!1) 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.) -FOOTNOTE- (!1) So in original. The comma probably should not appear. -End- -CITE- 12 USC Sec. 3348 01/03/2007 -EXPCITE- 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. -End- -CITE- 12 USC Sec. 3349 01/03/2007 -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.) -End- -CITE- 12 USC Sec. 3350 01/03/2007 -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.(!1) (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.) -FOOTNOTE- (!1) So in original. Probably should be capitalized. -End- -CITE- 12 USC Sec. 3351 01/03/2007 -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 (!1) functions under this chapter. (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. -FOOTNOTE- (!1) So in original. Probably should be capitalized. -End- -CITE- 12 USC Sec. 3352 01/03/2007 -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.) -End-