§ 3339. — Functions of Federal financial institutions regulatory agencies relating to appraisal standards.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3339]
TITLE 12--BANKS AND BANKING
CHAPTER 34A--APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
Sec. 3339. Functions of Federal financial institutions
regulatory agencies relating to appraisal standards
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.
(Pub. L. 101-73, title XI, Sec. 1110, Aug. 9, 1989, 103 Stat. 514.)
