§ 3342. — Transactions requiring services of State certified appraiser.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3342]
TITLE 12--BANKS AND BANKING
CHAPTER 34A--APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
Sec. 3342. Transactions requiring services of State certified
appraiser
In determining whether an appraisal in connection with a federally
related transaction shall be performed by a State certified appraiser,
an agency or instrumentality under this chapter shall consider whether
transactions, either individually or collectively, are of sufficient
financial or public policy importance to the United States that an
individual who performs an appraisal in connection with such
transactions should be a State certified appraiser, except that--
(1) a State certified appraiser shall be required for all
federally related transactions having a value of $1,000,000 or more;
and
(2) 1-to-4 unit, single family residential appraisals may be
performed by State licensed appraisers unless the size and
complexity requires a State certified appraiser.
(Pub. L. 101-73, title XI, Sec. 1113, Aug. 9, 1989, 103 Stat. 514.)
Section Referred to in Other Sections
This section is referred to in sections 3341, 3344 of this title.
