§ 3351. — Miscellaneous provisions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3351]
TITLE 12--BANKS AND BANKING
CHAPTER 34A--APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
Sec. 3351. Miscellaneous provisions
(a) Temporary practice
(1) In general
A State appraiser certifying or licensing agency shall recognize
on a temporary basis the certification or license of an appraiser
issued by another State if--
(A) the property to be appraised is part of a federally
related transaction,
(B) the appraiser's business is of a temporary nature, and
(C) the appraiser registers with the appraiser certifying or
licensing agency in the State of temporary practice.
(2) Fees for temporary practice
A State appraiser certifying or licensing agency shall not
impose excessive fees or burdensome requirements, as determined by
the Appraisal Subcommittee, for temporary practice under this
subsection.
(b) Reciprocity
The Appraisal Subcommittee shall encourage the States to develop
reciprocity agreements that readily authorize appraisers who are
licensed or certified in one State (and who are in good standing with
their State appraiser certifying or licensing agency) to perform
appraisals in other States.
(c) Supplemental funding
Funds available to the Federal financial institutions regulatory
agencies may be made available to the Federal Financial Institutions
Examination Council to support the council's \1\ functions under this
chapter.
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\1\ So in original. Probably should be capitalized.
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(d) Prohibition against discrimination
Criteria established by the Federal financial institutions
regulatory agencies, the Federal National Mortgage Association, the
Federal Home Loan Mortgage Corporation, and the Resolution Trust
Corporation for appraiser qualifications in addition to State
certification or licensing shall not exclude a certified or licensed
appraiser for consideration for an assignment solely by virtue of
membership or lack of membership in any particular appraisal
organization.
(e) Other requirements
A corporation, partnership, or other business entity may provide
appraisal services in connection with federally related transactions if
such appraisal is prepared by individuals certified or licensed in
accordance with the requirements of this chapter. An individual who is
not a State certified or licensed appraiser may assist in the
preparation of an appraisal if--
(1) the assistant is under the direct supervision of a licensed
or certified individual; and
(2) the final appraisal document is approved and signed by an
individual who is certified or licensed.
(f) Studies
(1) Study
The Appraisal Subcommittee shall--
(A) conduct a study to determine whether real estate sales
and financing information and data that is available to real
estate appraisers in the States is sufficient to permit
appraisers to properly estimate the values of properties in
connection with federally related transactions; and
(B) study the feasibility and desirability of extending the
provisions of this chapter to the function of personal property
appraising and to personal property appraisers in connection
with Federal financial and public policy interests.
(2) Report
The Appraisal Subcommittee shall--
(A) report its findings to the Congress with respect to the
study described in paragraph (1)(A) no later than 12 months
after August 9, 1989, and
(B) report its findings with respect to the study described
in paragraph (1)(B) to Congress not later than 18 months after
August 9, 1989.
(Pub. L. 101-73, title XI, Sec. 1122, Aug. 9, 1989, 103 Stat. 518; Pub.
L. 103-325, title III, Sec. 315, Sept. 23, 1994, 108 Stat. 2222.)
Amendments
1994--Subsec. (a). Pub. L. 103-325, Sec. 315(3), redesignated
existing provisions as par. (1), inserted heading, redesignated former
pars. (1) to (3) as subpars. (A) to (C) of par. (1), and added par. (2).
Subsecs. (b) to (f). Pub. L. 103-325, Sec. 315(1), (2), added
subsec. (b) and redesignated former subsecs. (b) to (e) as (c) to (f),
respectively.
Section Referred to in Other Sections
This section is referred to in section 3337 of this title.
