§ 3341. — Functions of Federal financial institutions regulatory agencies relating to appraiser qualifications.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3341]
TITLE 12--BANKS AND BANKING
CHAPTER 34A--APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
Sec. 3341. Functions of Federal financial institutions
regulatory agencies relating to appraiser qualifications
(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 Bank Insurance Fund,
the Savings Association 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.
(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.)
Amendments
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, which directed substitution of
``Deposit Insurance Fund'' for ``Bank Insurance Fund, the Savings
Association Insurance Fund,'', was not executed. See Effective Date of
1996 Amendment note below.
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 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.
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, set out as a note under section 1821
of this title.
