12 USC 3353 - Appraisal management company minimum requirements

U.S Code last checked for updates: Apr 29, 2024

§ 3353.

Appraisal management company minimum requirements

(a)

In general

The Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration Board, the Federal Housing Finance Agency, and the Bureau of Consumer Financial Protection shall jointly, by rule, establish minimum requirements to be applied by a State in the registration of appraisal management companies. Such requirements shall include a requirement that such companies—

(1)

register with and be subject to supervision by a State appraiser certifying and licensing agency in each State in which such company operates;

(2)

verify that only licensed or certified appraisers are used for federally related transactions;

(3)

require that appraisals coordinated by an appraisal management company comply with the Uniform Standards of Professional Appraisal Practice; and

(4)

require that appraisals are conducted independently and free from inappropriate influence and coercion pursuant to the appraisal independence standards established under section 1639e of title 15.

(b)

Relation to State law

(c)

Federally regulated financial institutions

(d)

Registration limitations

(e)

Reporting

(f)

Effective date

(1)

In general

(2)

Extension of effective date

(Pub. L. 101–73, title XI, § 1124, as added Pub. L. 111–203, title XIV, § 1473(f)(2), July 21, 2010, 124 Stat. 2192.)

cite as: 12 USC 3353