§ 3332. — Functions of Appraisal Subcommittee.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3332]
TITLE 12--BANKS AND BANKING
CHAPTER 34A--APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
Sec. 3332. Functions of Appraisal Subcommittee
(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.
(Pub. L. 101-73, title XI, Sec. 1103, Aug. 9, 1989, 103 Stat. 512.)
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.
