§3507 Appraisals

Summary

Any appraisal of the fair market value for a deal that needs the Secretary’s approval and involves tribal mineral or energy resources held in trust or land that the tribe cannot sell must be prepared by one of three people: the Secretary, the tribe itself, or a certified outside appraiser hired by the tribe. If the tribe or its hired appraiser does the appraisal, the Secretary must review it within 45 days and must approve it unless it fails to meet the standards in the Secretary’s rules. If the Secretary rejects the appraisal, the Secretary must send the tribe a written notice saying each reason for the rejection and how to fix it. The Secretary must write rules that explain the approval standards and how this process works.