§3339 — Title 12 Banks and Banking | U.S. Code

Summary

Each federal financial agency and the Resolution Trust Corporation must create rules for real estate appraisals in federal-related transactions. The rules must make appraisals follow the Appraisal Standards Board of the Appraisal Foundation, be written, and be reviewed under the Uniform Standards of Professional Appraisal Practice.

Title 12, §3339

Banks and Banking — Source: USLM XML via OLRC

Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe appropriate standards for the performance of real estate appraisals in connection with federally related transactions under the jurisdiction of each such agency or instrumentality. These rules shall require, at a minimum—

(1)that real estate appraisals be performed in accordance with generally accepted appraisal standards as evidenced by the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation;

(2)that such appraisals shall be written appraisals; and

(3)that such appraisals shall be subject to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Pub. L. 111–203 added par. (3).

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.

§3339 Functions of Federal financial institutions regulatory agencies relating to appraisal standards

Summary

Title 12, §3339

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Regulations

Regulations

Citations & Metadata