§ 3332. Functions of Appraisal Subcommittee

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 title XI § 1103 · 103 Stat. 183

   Enacted · 12 U.S.C. § 3332

   Pub. L. 101–73, title XI, § 1103, Aug. 9, 1989, 103 Stat. 512

   Source evidence

   Code source credit
   Pub. L. 101–73, title XI, § 1103, Aug. 9, 1989, 103 Stat. 512

   Enacted provision · exact public law section
   SEC. 1103. FUNCTIONS OF APPRAISAL SUBCOMMITTEE. (a) In General.— The Appraisal Subcommittee shall— (1) monitor the requirements established by States for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional responsibility; (2) monitor the requirements established by the Federal financial institutions regulatory agencies and the Resolution Trust Corporation with respect to— (A) appraisal standards for federally related transactions under their jurisdiction, and (B) determinations as to which federally related transactions under their jurisdiction require the services of a State certified appraiser and which require the services of a State licensed appraiser; (3) maintain a national registry of State certified and licensed appraisers who are eligible to perform appraisals in federally related transactions; and (4) transmit an annual report to the Congress not later than January 31 of each year which describes the manner in which each function assigned to the Appraisal Subcommittee has been carried out during the preceding year. (b) Monitoring and Reviewing Foundation.— The Appraisal Subcommittee shall monitor and review the practices, procedures, activities, and organizational structure of the Appraisal Foundation.

2. 2010

   Mortgage Reform and Anti-Predatory Lending Act

   Pub. L. 111–203 § 1473(f)(1)(A) · 124 Stat. 1376

   Amended · 12 U.S.C. § 3332(a)(1)

   Pub. L. 111–203, § 1473(f)(1)(A), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “monitor the requirements established by States for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional responsibility;”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 111–203, § 1473(f)(1)(A), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “monitor the requirements established by States for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional responsibility;”.

   Enacted provision · exact public law section
   (A) by amending paragraph (1) to read as follows: “(1) monitor the requirements established by States— “(A) for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional responsibility; and “(B) for the registration and supervision of the operations and activities of an appraisal management company;” ; and

   Effective date note
   Amendment by section 367(6) of Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. Amendment by section 1473(b), (f)(1), of 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.

3. 2010

   Enhancing Financial Institution Safety and Soundness Act of 2010

   Pub. L. 111–203 § 367(6) · 124 Stat. 1376

   Struck · 12 U.S.C. § 3332(a)(2)

   Pub. L. 111–203, § 367(6), struck out “and the Resolution Trust Corporation” after “agencies” in introductory provisions

   Source evidence

   Code amendment note
   Subsec. (a)(2). Pub. L. 111–203, § 367(6), struck out “and the Resolution Trust Corporation” after “agencies” in introductory provisions.

   Enacted provision · exact public law section
   (6) in section 1103(a) (12 U.S.C. 3332(a)), by striking “and the Resolution Trust Corporation”;

   Effective date note
   Amendment by section 367(6) of Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. Amendment by section 1473(b), (f)(1), of 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.

4. 2010

   Mortgage Reform and Anti-Predatory Lending Act

   Pub. L. 111–203 § 1473(b) · 124 Stat. 1376

   Added · 12 U.S.C. § 3332(a)(5)

   Pub. L. 111–203, § 1473(b), added par. (5)

   Source evidence

   Code amendment note
   Subsec. (a)(5). Pub. L. 111–203, § 1473(b), added par. (5).

   Enacted provision · exact public law section
   (b) Annual Report of Appraisal Subcommittee.— Section 1103(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3332(a)) is amended at the end by inserting the following new paragraph: “(5) transmit an annual report to the Congress not later than June 15 of each year that describes the manner in which each function assigned to the Appraisal Subcommittee has been carried out during the preceding year. The report shall also detail the activities of the Appraisal Subcommittee, including the results of all audits of State appraiser regulatory agencies, and provide an accounting of disapproved actions and warnings taken in the previous year, including a description of the conditions causing the disapproval and actions taken to achieve compliance.” .

   Effective date note
   Amendment by section 367(6) of Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. Amendment by section 1473(b), (f)(1), of 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.

5. 2010

   Mortgage Reform and Anti-Predatory Lending Act

   Pub. L. 111–203 § 1473(f)(1)(B) · 124 Stat. 1376

   Added · 12 U.S.C. § 3332(a)(6)

   Pub. L. 111–203, § 1473(f)(1)(B), added par. (6)

   Source evidence

   Code amendment note
   Subsec. (a)(6). Pub. L. 111–203, § 1473(f)(1)(B), added par. (6).

   Enacted provision · exact public law section
   (B) by adding at the end the following new paragraph: “(6) maintain a national registry of appraisal management companies that either are registered with and subject to supervision of a State appraiser certifying and licensing agency or are operating subsidiaries of a Federally regulated financial institution.” .

   Effective date note
   Amendment by section 367(6) of Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. Amendment by section 1473(b), (f)(1), of 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.

6. 2026

   Pub. L. 119–101 § 403(c)(1)(A) · 140 Stat. 900

   1. Inserted · 12 U.S.C. § 3332(a)(3)

      Pub. L. 119–101, § 403(c)(1)(A), inserted “and State credentialed trainee appraisers” after “licensed appraisers”

   2. Struck · 12 U.S.C. § 3332(a)(3)

      Pub. L. 119–101, § 403(c)(1)(A), struck out “and” at end

   Unresolved: Pub. L. 119–101 was not found in the local Statutes at Large index.

   Source evidence

   Code amendment note
   Subsec. (a)(3). Pub. L. 119–101, § 403(c)(1)(A), inserted “and State credentialed trainee appraisers” after “licensed appraisers” and struck out “and” at end.

7. 2026

   Pub. L. 119–101 § 403(c)(1)(D) · 140 Stat. 900

   1. Substituted · 12 U.S.C. § 3332(a)(4)

      Pub. L. 119–101, § 403(c)(1)(D), substituted “year, detailing” for “year. The report shall also detail” “; and” for period at end

   2. Substituted · 12 U.S.C. § 3332(a)(4)

      Pub. L. 119–101, § 403(c)(1)(D), substituted “provides” for “provide” “; and” for period at end

   Unresolved: Pub. L. 119–101 was not found in the local Statutes at Large index.

   Source evidence

   Code amendment note
   Subsec. (a)(4). Pub. L. 119–101, § 403(c)(1)(D), substituted “year, detailing” for “year. The report shall also detail”, “provides” for “provide”, and “; and” for period at end.

8. 2026

   Pub. L. 119–101 § 403(c)(1)(B) · 140 Stat. 900

   1. Redesignated · 12 U.S.C. § 3332(a)(4)

      Pub. L. 119–101, § 403(c)(1)(B), (C), redesignated par. (5) as (4)

   2. Struck · 12 U.S.C. § 3332(a)(4)

      Pub. L. 119–101, § 403(c)(1)(B), (C), struck out former par. (4). See Codification note above

   Unresolved: Pub. L. 119–101 was not found in the local Statutes at Large index.

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 119–101, § 403(c)(1)(B), (C), redesignated par. (5) as (4) and struck out former par. (4). See Codification note above.

9. 2026

   Pub. L. 119–101 § 403(c)(1)(C) · 140 Stat. 900

   Redesignated · 12 U.S.C. § 3332(a)(5); 12 U.S.C. § 3332(a)(6)

   Pub. L. 119–101, § 403(c)(1)(C), redesignated par. (6) as (5). Former par. (5) redesignated (4)

   Unresolved: Pub. L. 119–101 was not found in the local Statutes at Large index.

   Source evidence

   Code amendment note
   Subsec. (a)(5), (6). Pub. L. 119–101, § 403(c)(1)(C), redesignated par. (6) as (5). Former par. (5) redesignated (4).

5 of 12 references resolved to an enrolled provision · 7 unresolved