§3342 — Title 12 Banks and Banking | U.S. Code

Summary

Federal agencies must decide if an appraisal for a federally related deal should be done by a State certified appraiser by judging whether the deal, alone or together with others, is important enough financially or for public policy to the United States. A State certified appraiser is required for transactions worth $1,000,000 or more. Appraisals of 1-to-4 unit single-family homes may be done by State licensed appraisers unless the size or complexity needs a certified appraiser; "complex" means the property, ownership, features, or market conditions are unusual.

Title 12, §3342

Banks and Banking — Source: USLM XML via OLRC

In determining whether an appraisal in connection with a federally related transaction shall be performed by a State certified appraiser, an agency or instrumentality under this chapter shall consider whether transactions, either individually or collectively, are of sufficient financial or public policy importance to the United States that an individual who performs an appraisal in connection with such transactions should be a State certified appraiser, except that—

(1)a State certified appraiser shall be required for all federally related transactions having a value of $1,000,000 or more; and

(2)1-to-4 unit, single family residential appraisals may be performed by State licensed appraisers unless the size and complexity requires a State certified appraiser, where a complex 1-to-4 unit single family residential appraisal means an appraisal for which the property to be appraised, the form of ownership, the property characteristics, or the market conditions are atypical.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Par. (2). Pub. L. 111–203 inserted “, where a complex 1-to-4 unit single family residential appraisal means an appraisal for which the property to be appraised, the form of ownership, the property characteristics, or the market conditions are atypical” before the period.

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.

§3342 Transactions Requiring Services of State Certified Appraiser

Summary

Title 12, §3342

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Regulations

Regulations

Citations & Metadata