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Title 12 — Banks and BankingRelease 119-73

§3348 Recognition of State certified and licensed appraisers for purposes of this chapter

Title 12 › Chapter CHAPTER 34A— - APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL › § 3348

Last updated Apr 6, 2026|Official source

Summary

All appraisals for federally related transactions must be done by people who are licensed or certified under this law by December 31, 1992. With the Council’s approval, the Appraisal Subcommittee could set December 31, 1991 as the effective date if a State showed it had made substantial progress creating a certification and licensing system. The Appraisal Subcommittee, with the Council’s OK, can also temporarily waive the certification rule for a State or area if a written finding shows there are too few certified or licensed appraisers and big delays result. The waiver ends when the Appraisal Subcommittee finds the delays are gone. The Appraisal Subcommittee, any federal agency, or a federally recognized entity must report any wrongdoing by a State certified or licensed appraiser to the proper State agency. The State agency must tell the reporting body how it handled the matter. After that, the Appraisal Subcommittee or the federal agency may take further action under written procedures.

Full Legal Text

Title 12, §3348

Banks and Banking — Source: USLM XML via OLRC

(a)(1)Not later than December 31, 1992, all appraisals performed in connection with federally related transactions shall be performed only by individuals certified or licensed in accordance with the requirements of this chapter.
(2)Subject to the approval of the Council, the Appraisal Subcommittee may extend, until December 31, 1991, the effective date for the use of certified or licensed appraisers if it makes a written finding that a State has made substantial progress in establishing a State certification and licensing system that appears to conform to the provisions of this chapter.
(b)Subject to the approval of the Council, the Appraisal Subcommittee may waive any requirement relating to certification or licensing of a person to perform appraisals under this chapter if the Appraisal Subcommittee or a State agency whose certifications and licenses are in compliance with this chapter, makes a written determination that there is a scarcity of certified or licensed appraisers to perform appraisals in connection with federally related transactions in a State, or in any geographical political subdivision of a State, leading to significant delays in the performance of such appraisals. The waiver terminates when the Appraisal Subcommittee determines that such significant delays have been eliminated.
(c)The Appraisal Subcommittee, any other Federal agency or instrumentality, or any federally recognized entity shall report any action of a State certified or licensed appraiser that is contrary to the purposes of this chapter, to the appropriate State agency for a disposition of the subject of the referral. The State agency shall provide the Appraisal Subcommittee or the other Federal agency or instrumentality with a report on its disposition of the matter referred. Subsequent to such disposition, the subcommittee or the agency or instrumentality may take such further action, pursuant to written procedures, it deems necessary to carry out the purposes of this chapter.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Subsec. (a)(2). Pub. L. 111–203 substituted “Council,” for “council,”. 1992—Subsecs. (a)(1), (b). Pub. L. 102–550, § 1617(a), repealed Pub. L. 102–233, § 701(b). See 1991 Amendment note below. 1991—Subsec. (a)(1). Pub. L. 102–242, § 472(b)(1), substituted “
December 31, 1992” for “
July 1, 1991”. Pub. L. 102–233, § 701(b)(1), which made an identical amendment, was repealed by Pub. L. 102–550, § 1617(a). See

Construction

of 1991 Amendment note below. Subsec. (b). Pub. L. 102–242, § 472(b)(2), substituted “, or in any geographical political subdivision of a State, leading to significant delays” for “leading to inordinate delays” in first sentence and “significant” for “inordinate” in second sentence. Pub. L. 102–233, § 701(b)(2), which made an identical amendment, was repealed by Pub. L. 102–550, § 1617(a). See

Construction

of 1991 Amendment note below.

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.

Construction

of 1991 AmendmentNo amendment to this section by section 701 of Pub. L. 102–233 to be deemed to have taken effect before Oct. 28, 1992, and provisions of law amended by such section 701 to continue in effect as if no such amendment had been made, see section 1617(b) of Pub. L. 102–550, set out as a note under section 3345 of this title.

Reference

Citations & Metadata

Citation

12 U.S.C. § 3348

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73