§ 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.)