§ 3349. — Violations in obtaining and performing appraisals in federally related transactions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3349]
TITLE 12--BANKS AND BANKING
CHAPTER 34A--APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
Sec. 3349. Violations in obtaining and performing appraisals in
federally related transactions
(a) Violations
Except as authorized by the Appraisal Subcommittee in exercising its
waiver authority pursuant to section 3348(b) of this title, it shall be
a violation of this section--
(1) for a financial institution to seek, obtain, or give money
or any other thing of value in exchange for the performance of an
appraisal by a person who the institution knows is not a State
certified or licensed appraiser in connection with a federally
related transaction; and
(2) for the Federal National Mortgage Association, the Federal
Home Loan Mortgage Corporation, or the Resolution Trust Corporation
to knowingly contract for the performance of any appraisal by a
person who is not a State certified or licensed appraiser in
connection with a real estate related financial transaction defined
in section 3350(5) of this title to which such association or
corporation is a party.
(b) Penalties
A financial institution that violates subsection (a)(1) of this
section shall be subject to civil penalties under section 1818(i)(2) of
this title or section 1786(k)(2) of this title, as appropriate.
(c) Proceeding
A proceeding with respect to a violation of this section shall be an
administrative proceeding which may be conducted by a Federal financial
institutions regulatory agency in accordance with the procedures set
forth in subchapter II of chapter 5 of title 5.
(Pub. L. 101-73, title XI, Sec. 1120, Aug. 9, 1989, 103 Stat. 517.)
