(a) In general
The Appraisal Subcommittee shall—
(1) monitor the requirements established by States—
(A) 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; and
(B) for the registration and supervision of the operations and activities of an appraisal management company;
(2) monitor the requirements established by the Federal financial institutions regulatory agencies 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 1
(4) Omitted
(5) transmit an annual report to the Congress not later than June 15 of each year that describes the manner in which each function assigned to the Appraisal Subcommittee has been carried out during the preceding year. The report shall also detail the activities of the Appraisal Subcommittee, including the results of all audits of State appraiser regulatory agencies, and provide an accounting of disapproved actions and warnings taken in the previous year, including a description of the conditions causing the disapproval and actions taken to achieve compliance.2
(6) maintain a national registry of appraisal management companies that either are registered with and subject to supervision of a State appraiser certifying and licensing agency or are operating subsidiaries of a Federally regulated financial institution.
(b) Monitoring and reviewing foundation
The Appraisal Subcommittee shall monitor and review the practices, procedures, activities, and organizational structure of the Appraisal Foundation.
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, set out as a note under section 1113 of Title 31, Money and Finance. See, also, page 170 of House Document No. 103–7.
Amendments
2010—Subsec. (a)(1). Pub. L. 111–203, §1473(f)(1)(A), amended par. (1) generally. Prior to amendment, par. (1) read as follows: "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;".
Subsec. (a)(2). Pub. L. 111–203, §367(6), struck out "and the Resolution Trust Corporation" after "agencies" in introductory provisions.
Subsec. (a)(5). Pub. L. 111–203, §1473(b), added par. (5).
Subsec. (a)(6). Pub. L. 111–203, §1473(f)(1)(B), added par. (6).
Effective Date of 2010 Amendment
Amendment by section 367(6) of Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.
Amendment by section 1473(b), (f)(1), of Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.
1 So in original. The word "and" probably should not appear. 2 So in original. Probably should be "compliance; and".Tried the LawStack mobile app?
Join thousands and try LawStack mobile for FREE today.
- Carry the law offline, wherever you go.
- Download CFR, USC, rules, and state law to your mobile device.
