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§ 3347. —  Monitoring of State appraiser certifying and licensing agencies.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC3347]

 
                       TITLE 12--BANKS AND BANKING
 
 CHAPTER 34A--APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS 
                           EXAMINATION COUNCIL
 
Sec. 3347. Monitoring of State appraiser certifying and 
        licensing agencies
        

(a) In general

    The Appraisal Subcommittee shall monitor State appraiser certifying 
and licensing agencies for the purpose of determining whether a State 
agency's policies, practices, and procedures are consistent with this 
chapter. The Appraisal Subcommittee and all agencies, instrumentalities, 
and federally recognized entities under this chapter shall not recognize 
appraiser certifications and licenses from States whose appraisal 
policies, practices, or procedures are found to be inconsistent with 
this chapter.

(b) Disapproval by Appraisal Subcommittee

    The Federal financial institutions, regulatory agencies, the Federal 
National Mortgage Association, the Federal Home Loan Mortgage 
Corporation, and the Resolution Trust Corporation shall accept 
certifications and licenses awarded by a State appraiser certifying the 
licensing agency unless the Appraisal Subcommittee issues a written 
finding that--
        (1) the State agency fails to recognize and enforce the 
    standards, requirements, and procedures prescribed pursuant to this 
    chapter;
        (2) the State agency is not granted authority by the State which 
    is adequate to permit the agency to carry out its functions under 
    this chapter; or
        (3) decisions concerning appraisal standards, appraiser 
    qualifications and supervision of appraiser practices are not made 
    in a manner that carries out the purposes of this chapter.

(c) Rejection of State certifications and licenses

          (1) Opportunity to be heard or correct conditions

        Before refusing to recognize a State's appraiser certifications 
    or licenses, the Appraisal Subcommittee shall provide that State's 
    certifying and licensing agency a written notice of its intention 
    not to recognize the State's certified or licensed appraisers and 
    ample opportunity to provide rebuttal information or to correct the 
    conditions causing the refusal.

                     (2) Adoption of procedures

        The Appraisal Subcommittee shall adopt written procedures for 
    taking actions described in this section.

                         (3) Judicial review

        A decision of the subcommittee under this section shall be 
    subject to judicial review.

(Pub. L. 101-73, title XI, Sec. 1118, Aug. 9, 1989, 103 Stat. 515.)



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