12 U.S.C. § 3331 — Purpose

Page 1521 TITLE 12—BANKS AND BANKING § 3332 1 So in original. The word ‘‘and’’ probably should not appear. 2 So in original. Probably should be ‘‘compliance; and’’. as part of the Omnibus Consolidated Appropriations Act, 1997, and not as part of the Federal Financial In- stitutions Examination Council Act of 1978 which com- prises this chapter. CHAPTER 34A—APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL 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 stand- ards and requiring use of certified and li- censed appraisers. 3337. Startup funding. 3338. Roster of State certified or licensed apprais- ers; 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 cer- tified appraiser. 3343. Transactions requiring services of State li- censed 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 ap- praisals in federally related transactions. 3350. Definitions. 3351. Miscellaneous provisions. 3352. Emergency exceptions for disaster areas. 3353. Appraisal management company minimum requirements. 3354. Automated valuation models used to esti- mate collateral value for mortgage lending purposes. 3355. Broker price opinions. 3356. Exemption from appraisals of real estate lo- cated in rural areas. § 3331. Purpose The purpose of this chapter is to provide that Federal financial and public policy interests in real estate related transactions will be pro- tected by requiring that real estate appraisals utilized in connection with federally related transactions are performed in writing, in ac- cordance with uniform standards, by individuals whose competency has been demonstrated and whose professional conduct will be subject to ef- fective supervision. (Pub. L. 101–73, title XI, § 1101, Aug. 9, 1989, 103 Stat. 511.) § 3332. Functions of Appraisal Subcommittee (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 ap- praisals in connection with federally related transactions, including a code of profes- sional 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 re- lated transactions under their jurisdiction, and (B) determinations as to which federally related transactions under their jurisdiction require the services of a State certified ap- praiser and which require the services of a State licensed appraiser; (3) maintain a national registry of State cer- tified and licensed appraisers who are eligible to perform appraisals in federally related transactions; and 1 (4) Omitted (5) transmit an annual report to the Con- gress 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 re- sults of all audits of State appraiser regu- latory 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 reg- istered with and subject to supervision of a State appraiser certifying and licensing agen- cy 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. (Pub. L. 101–73, title XI, § 1103, Aug. 9, 1989, 103 Stat. 512; Pub. L. 111–203, title III, § 367(6), title XIV, § 1473(b), (f)(1), July 21, 2010, 124 Stat. 1557, 2190, 2191.) Editorial Notes 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 estab- lished by States for the certification and licensing of