§3338 — Title 12 Banks and Banking | U.S. Code

Summary

States must send a list at least once a year to the Appraisal Subcommittee of people the State has certified or licensed as appraisers. States must also send timely reports to the Subcommittee’s national registry about new and renewed licenses, sanctions, disciplinary actions, and any suspensions or revocations. They must report on supervision of appraisal management companies and other third-party appraisal providers, including investigations and discipline. States must collect an annual registry fee that cannot exceed $40 from appraisers doing or seeking federally related appraisals and send those fees to the Appraisal Subcommittee each year. For appraisal management companies that are registered or are bank subsidiaries, the fee is $25 times the number of appraisers the company used in that State last year (the Subcommittee may raise the $25 up to $50). For companies under one year old, the fee is $25 times a number the Subcommittee sets for all such new companies (also adjustable up to $50). Money the Subcommittee gets must be used to keep a registry of qualified appraisers for federally related work, support the Subcommittee’s work, repay the Treasury for amounts spent during the 24-month startup period following August 9, 1989, and make grants to the Appraisal Foundation for its standards and qualification boards. The Subcommittee may also grant money to State licensing agencies to help them comply with these rules, including complaint handling, enforcement, and sending appraiser and company data to the national registry. The Subcommittee must tell all State licensing agencies when a license or certification is surrendered, revoked, or suspended.

Title 12, §3338

Banks and Banking — Source: USLM XML via OLRC

(a)Each State with an appraiser certifying and licensing agency whose certifications and licenses comply with this chapter, shall—

(1)transmit to the Appraisal Subcommittee, no less than annually, a roster listing individuals who have received a State certification or license in accordance with this chapter;

(2)transmit reports on the issuance and renewal of licenses and certifications, sanctions, disciplinary actions, license and certification revocations, and license and certification suspensions on a timely basis to the national registry of the Appraisal Subcommittee;

(3)transmit reports on a timely basis of supervisory activities involving appraisal management companies or other third-party providers of appraisals and appraisal management services, including investigations initiated and disciplinary actions taken; and

(4)collect—

(A)from such individuals who perform or seek to perform appraisals in federally related transactions, an annual registry fee of not more than $40, such fees to be transmitted by the State agencies to the Council on an annual basis; and

(B)from an appraisal management company that either has registered with a State appraiser certifying and licensing agency in accordance with this chapter or operates as a subsidiary of a federally regulated financial institution, an annual registry fee of—

(i)in the case of such a company that has been in existence for more than a year, $25 multiplied by the number of appraisers working for or contracting with such company in such State during the previous year, but where such $25 amount may be adjusted, up to a maximum of $50, at the discretion of the Appraisal Subcommittee, if necessary to carry out the Subcommittee’s functions under this chapter; and

(ii)in the case of such a company that has not been in existence for more than a year, $25 multiplied by an appropriate number to be determined by the Appraisal Subcommittee, and where such number will be used for determining the fee of all such companies that were not in existence for more than a year, but where such $25 amount may be adjusted, up to a maximum of $50, at the discretion of the Appraisal Subcommittee, if necessary to carry out the Subcommittee’s functions under this chapter.

(b)Amounts appropriated for or collected by the Appraisal Subcommittee under this section shall be used—

(1)to maintain a registry of individuals who are qualified and eligible to perform appraisals in connection with federally related transactions;

(2)to support its activities under this chapter;

(3)to reimburse the general fund of the Treasury for amounts appropriated to and expended by the Appraisal Subcommittee during the 24-month startup period following August 9, 1989;

(4)to make grants in such amounts as it deems appropriate to the Appraisal Foundation, to help defray those costs of the foundation relating to the activities of its Appraisal Standards and Appraiser Qualification Boards;

(5)to make grants to State appraiser certifying and licensing agencies, in accordance with policies to be developed by the Appraisal Subcommittee, to support the efforts of such agencies to comply with this chapter, including—

(A)the complaint process, complaint investigations, and appraiser enforcement activities of such agencies; and

(B)the submission of data on State licensed and certified appraisers and appraisal management companies to the National appraisal registry, including information affirming that the appraiser or appraisal management company meets the required qualification criteria and formal and informal disciplinary actions; and

(6)to report to all State appraiser certifying and licensing agencies when a license or certification is surrendered, revoked, or suspended.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsecs. (a) and (b)(5), was in the original “this title”, meaning title XI of Pub. L. 101–73, which is classified principally to this chapter. For complete classification of title XI to the Code, see Tables. Codification Pub. L. 111–203, § 1473(i), which amended this section, also enacted provisions set out as a note below.

Amendments

2010—Subsec. (a). Pub. L. 111–203, § 1473(h)(1)(B), amended concluding provisions generally. Prior to amendment, concluding provisions read as follows: “Subject to the approval of the Council, the Appraisal Subcommittee may adjust the dollar amount of registry fees, up to a maximum of $50 per annum, as necessary to carry out its functions under this chapter.” Subsec. (a)(2), (3). Pub. L. 111–203, § 1473(g)(1), (3), added pars. (2) and (3). Former par. (2) redesignated (4). Subsec. (a)(4). Pub. L. 111–203, § 1473(h)(1)(A), amended par. (4) generally. Prior to amendment, par. (4) read as follows: “collect from such individuals who perform or seek to perform appraisals in federally related transactions, an annual registry fee of not more than $25, such fees to be transmitted by the State agencies to the Council on an annual basis.” Pub. L. 111–203, § 1473(g)(2), redesignated par. (2) as (4). Subsec. (b)(5), (6). Pub. L. 111–203, § 1473(i), added pars. (5) and (6).

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the date on which final

Regulations

implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such

Regulations

have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade. Grants and Reports Pub. L. 111–203, title XIV, § 1473(i),

July 21, 2010, 124 Stat. 2195, provided that: [Introductory provisions and pars. (1) to (3) amended this section]. “Obligations authorized under this subsection [amending this section] may not exceed 75 percent of the fiscal year total of incremental increase in fees collected and deposited in the ‘Appraisal Subcommittee Account’ pursuant to subsection (h) [amending this section and enacting provisions set out as a note under this section].” Incremental Revenues Pub. L. 111–203, title XIV, § 1473(h)(2),

July 21, 2010, 124 Stat. 2195, provided that: “Incremental revenues collected pursuant to the increases required by this subsection [amending this section] shall be placed in a separate account at the United States Treasury, entitled the ‘Appraisal Subcommittee Account’.”

§3338 Roster of State certified or licensed appraisers; authority to collect and transmit fees

Summary

Title 12, §3338

Notes & Related Subsidiaries

Editorial Notes

References in Text

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Regulations

Regulations

Citations & Metadata