§ 3350. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3350]
TITLE 12--BANKS AND BANKING
CHAPTER 34A--APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
Sec. 3350. Definitions
For purposes of this chapter:
(1) State appraiser certifying and licensing agency
The term ``State appraiser certifying and licensing agency''
means a State agency established in compliance with this chapter.
(2) Appraisal Subcommittee; subcommittee
The terms ``Appraisal Subcommittee'' and ``subcommittee'' mean
the Appraisal Subcommittee of the Federal Financial Institutions
Examination Council.
(3) Council
The term ``Council'' means the Federal Financial Institutions
Examinations Council.
(4) Federally related transaction
The term ``federally related transaction'' means any real
estate-related financial transaction which--
(A) a federal financial institutions regulatory agency or
the Resolution Trust Corporation engages in, contracts for, or
regulates; and
(B) requires the services of an appraiser.
(5) Real estate related financial transaction
The term ``real estate-related financial transaction'' means any
transaction involving--
(A) the sale, lease, purchase, investment in or exchange of
real property, including interests in property, or the financing
thereof;
(B) the refinancing of real property or interests in real
property; and
(C) the use of real property or interests in property as
security for a loan or investment, including mortgage-backed
securities.
(6) Federal financial institutions regulatory agencies
The term ``Federal financial institutions regulatory agencies''
means the Board of Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporations, the Office of the
Comptroller of the Currency, the Office of Thrift Supervision, and
the National Credit Union Administration.
(7) Financial institution
The term ``financial institution'' means an insured depository
institution as defined in section 1813 of this title or an insured
credit union as defined in section 1752 of this title.
(8) Chairperson
The term ``Chairperson'' means the Chairperson of the Appraisal
Subcommittee selected by the council.\1\
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\1\ So in original. Probably should be capitalized.
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(9) Foundation
The terms ``Appraisal Foundation'' and ``Foundation'' means the
Appraisal Foundation established on November 30, 1987, as a not for
profit corporation under the laws of Illinois.
(10) Written appraisal
The term ``written appraisal'' means a written statement used in
connection with a federally related transaction that is
independently and impartially prepared by a licensed or certified
appraiser setting forth an opinion of defined value of an adequately
described property as of a specific date, supported by presentation
and analysis of relevant market information.
(Pub. L. 101-73, title XI, Sec. 1121, Aug. 9, 1989, 103 Stat. 517.)
Section Referred to in Other Sections
This section is referred to in section 3349 of this title.
