§3349 Violations in Obtaining and Performing Appraisals in Federally Related Transactions

Summary

Makes it illegal, unless the Appraisal Subcommittee uses its waiver power under section 3348(b), for a bank or other financial institution to pay, seek, or accept money or anything else for an appraisal done by someone the institution knows is not a State certified or licensed appraiser in a federally related transaction. It also bans Fannie Mae, Freddie Mac, or the Resolution Trust Corporation from knowingly hiring an uncertified or unlicensed person to do an appraisal for a real estate related financial transaction covered by section 3350(5) when they are a party. A financial institution that breaks the first rule can be fined under section 1818(i)(2) or section 1786(k)(2), as appropriate. Enforcement is through an administrative proceeding run by a federal financial regulator under the procedures in subchapter II of chapter 5 of title 5.