§3347 Monitoring of State appraiser certifying and licensing agencies

Summary

The Appraisal Subcommittee must watch each state’s appraiser licensing agency to make sure it runs a strong program. It checks whether the agency has the right rules, money, staff, and processes; handles complaints and investigations quickly; disciplines bad appraisers and appraisal management companies properly; and tells the national appraiser and AMC registries about complaints and punishments on time. Federal banking agencies and some housing institutions must accept state appraiser licenses unless the Subcommittee finds one of three problems: the state won’t follow the required standards, the state has not given the agency enough authority or funding, or the state’s decisions don’t support the law’s goals. Before refusing recognition, the Subcommittee must give written notice, let the state respond or fix the issues, use written procedures, and its decision can be reviewed by a court.