Title 12 — Banks and Banking
Chapter 34A — Appraisal Subcommittee of Federal Financial Institutions Examination Council
§ 3338. Roster of State, certified, licensed, and credentialed trainee appraisers; authority to collect and transmit fees
Statutory text
In general
Each State with an appraiser certifying and licensing agency whose certifications and licenses comply with this chapter, shall—
transmit to the Appraisal Subcommittee, no less than annually, a roster listing individuals who have received a State certification or license in accordance with this chapter, and in the case of a State with a supervisory or trainee program, a roster listing individuals who have received a State trainee credential;
transmit reports on the issuance and renewal of licenses, certifications, credentials, sanctions, and disciplinary actions, including license, credential, and certification revocations, on a timely basis to the national registry of the Appraisal Subcommittee;
transmit reports on a timely basis of supervisory activities involving appraisal management companies or other third-party providers of appraisals and appraisal management services, including investigations initiated and disciplinary actions taken; and
collect—
from such individuals who perform or seek to perform appraisals in federally related transactions, an annual registry fee of not more than $40, such fees to be transmitted by the State agencies to the Council on an annual basis; and
from an appraisal management company that either has registered with a State appraiser certifying and licensing agency in accordance with this chapter or operates as a subsidiary of a federally regulated financial institution, an annual registry fee of—
in the case of such a company that has been in existence for more than a year, $25 multiplied by the number of appraisers working for or contracting with such company in such State during the previous year, but where such $25 amount may be adjusted, up to a maximum of $50, at the discretion of the Appraisal Subcommittee, if necessary to carry out the Subcommittee’s functions under this chapter; and
in the case of such a company that has not been in existence for more than a year, $25 multiplied by an appropriate number to be determined by the Appraisal Subcommittee, and where such number will be used for determining the fee of all such companies that were not in existence for more than a year, but where such $25 amount may be adjusted, up to a maximum of $50, at the discretion of the Appraisal Subcommittee, if necessary to carry out the Subcommittee’s functions under this chapter.
Subject to the approval of the Council, the Appraisal Subcommittee may adjust the dollar amount of registry fees under paragraph (4)(A), up to a maximum of $80 per annum, as necessary to carry out its functions under this chapter. The Appraisal Subcommittee shall consider at least once every 5 years whether to adjust the dollar amount of the registry fees to account for inflation. In implementing any change in registry fees, the Appraisal Subcommittee shall provide flexibility to the States for multi-year certifications and licenses already in place, as well as a transition period to implement the changes in registry fees. In establishing the amount of the annual registry fee for an appraisal management company, the Appraisal Subcommittee shall have the discretion to impose a minimum annual registry fee for an appraisal management company to protect against the under reporting of the number of appraisers working for or contracted by the appraisal management company. Subject to the approval of the Council, the Appraisal Subcommittee may adjust fees established under clause (i) or (ii) to carry out its functions under this Act.
Use of amounts appropriated or collected
Amounts appropriated for or collected by the Appraisal Subcommittee under this section shall be used—
to maintain a registry of individuals who are qualified and eligible to perform appraisals in connection with federally related transactions;
to support its activities under this chapter;
to reimburse the general fund of the Treasury for amounts appropriated to and expended by the Appraisal Subcommittee during the 24-month startup period following ;
to make grants in such amounts as it deems appropriate to the Appraisal Foundation, to help defray those costs of the foundation relating to the activities of its Appraisal Standards and Appraiser Qualification Boards;
to make grants to State appraiser certifying and licensing agencies, in accordance with policies to be developed by the Appraisal Subcommittee, to support the efforts of such agencies to comply with this chapter, including—
the complaint process, complaint investigations, and appraiser enforcement activities of such agencies; and
the submission of data on State licensed and certified appraisers and appraisal management companies to the National appraisal registry, including information affirming that the appraiser or appraisal management company meets the required qualification criteria and formal and informal disciplinary actions;
to report to all State appraiser certifying and licensing agencies when a license or certification is surrendered, revoked, or suspended; and
to make grants to State appraiser certifying and licensing agencies and post-secondary institutions, including trade and polytechnic schools, to support the carrying out of education and training activities or other activities related to addressing appraiser industry workforce needs, including recruiting and retaining workforce talent, such as through scholarship assistance and career pipeline development, and such agencies shall report on the use of funds and outcomes.
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.
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
Pub. L. 101–73 title XI § 1109 · 103 Stat. 183
Enacted · 12 U.S.C. § 3338
Pub. L. 101–73, title XI, § 1109, Aug. 9, 1989, 103 Stat. 513
Source evidence
Code source credit
Pub. L. 101–73, title XI, § 1109, Aug. 9, 1989, 103 Stat. 513Enacted provision · exact public law section
SEC. 1109. ROSTER OF STATE CERTIFIED OR LICENSED APPRAISERS; AUTHORITY TO COLLECT AND TRANSMIT FEES. (a) In General.— Each State with an appraiser certifying and licensing agency whose certifications and licenses comply with this title, shall— (1) transmit to the Appraisal Subcommittee, no less than annually, a roster listing individuals who have received a State certification or license in accordance with this title; and (2) collect from such individuals who perform or seek to perform appraisals in federally related transactions, an annual registry fee of not more than $25, such fees to be transmitted by the State agencies to the Council on an annual basis. Subject to the approval of the Council, the Appraisal Subcommittee may adjust the dollar amount of registry fees, up to a maximum of $50 per annum, as necessary to carry out its functions under this title. (b) Use of Amounts Appropriated or Collected.— Amounts appropriated for or collected by the Appraisal Subcommittee under this section shall be used— (1) to maintain a registry of individuals who are qualified and eligible to perform appraisals in connection with federally related transactions; (2) to support its activities under this title; (3) to reimburse the general fund of the Treasury for amounts appropriated to and expended by the Appraisal Subcommittee during the 24-month startup period following the date of the enactment of this title; and (4) to make grants in such amounts as it deems appropriate to the Appraisal Foundation, to help defray those costs of the foundation relating to the activities of its Appraisal Standards and Appraiser Qualification Boards.Mortgage Reform and Anti-Predatory Lending Act
Pub. L. 111–203 § 1473(h)(1)(B) · 124 Stat. 1376
Amended · 12 U.S.C. § 3338(a)
Pub. L. 111–203, § 1473(h)(1)(B), amended concluding provisions generally. Prior to amendment, concluding provisions read as follows: “Subject to the approval of the Council, the Appraisal Subcommittee may adjust the dollar amount of registry fees, up to a maximum of $50 per annum, as necessary to carry out its functions under this chapter.”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 111–203, § 1473(h)(1)(B), amended concluding provisions generally. Prior to amendment, concluding provisions read as follows: “Subject to the approval of the Council, the Appraisal Subcommittee may adjust the dollar amount of registry fees, up to a maximum of $50 per annum, as necessary to carry out its functions under this chapter.”Enacted provision · exact public law section
(B) by amending the matter following paragraph (4), as redesignated, to read as follows: “Subject to the approval of the Council, the Appraisal Subcommittee may adjust the dollar amount of registry fees under paragraph (4)(A), up to a maximum of $80 per annum, as necessary to carry out its functions under this title. Deadline. The Appraisal Subcommittee shall consider at least once every 5 years whether to adjust the dollar amount of the registry fees to account for inflation. In implementing any change in registry fees, the Appraisal Subcommittee shall provide flexibility to the States for multi-year certifications and licenses already in place, as well as a transition period to implement the changes in registry fees. In establishing the amount of the annual registry fee for an appraisal management company, the Appraisal Subcommittee shall have the discretion to impose a minimum annual registry fee for an appraisal management company to protect against the under reporting of the number of appraisers working for or contracted by the appraisal management company.” .Effective date note
Amendment 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.Mortgage Reform and Anti-Predatory Lending Act
Pub. L. 111–203 § 1473(g)(1) · 124 Stat. 1376
Redesignated · 12 U.S.C. § 3338(a)(2); 12 U.S.C. § 3338(a)(3)
Pub. L. 111–203, § 1473(g)(1), (3), added pars. (2) and (3). Former par. (2) redesignated (4)
Source evidence
Code amendment note
Subsec. (a)(2), (3). Pub. L. 111–203, § 1473(g)(1), (3), added pars. (2) and (3). Former par. (2) redesignated (4).Enacted provision · exact public law section
(1) by striking “and” after the semicolon in paragraph (1);Effective date note
Amendment 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.Mortgage Reform and Anti-Predatory Lending Act
Pub. L. 111–203 § 1473(h)(1)(A) · 124 Stat. 1376
Amended · 12 U.S.C. § 3338(a)(4)
Pub. L. 111–203, § 1473(h)(1)(A), amended par. (4) generally. Prior to amendment, par. (4) read as follows: “collect from such individuals who perform or seek to perform appraisals in federally related transactions, an annual registry fee of not more than $25, such fees to be transmitted by the State agencies to the Council on an annual basis.”
Source evidence
Code amendment note
Subsec. (a)(4). Pub. L. 111–203, § 1473(h)(1)(A), amended par. (4) generally. Prior to amendment, par. (4) read as follows: “collect from such individuals who perform or seek to perform appraisals in federally related transactions, an annual registry fee of not more than $25, such fees to be transmitted by the State agencies to the Council on an annual basis.”Enacted provision · exact public law section
(A) by amending paragraph (4) (as modified by section 1473(g)) to read as follows: “(4) collect— “(A) from such individuals who perform or seek to perform appraisals in federally related transactions, an annual registry fee of not more than $40, such fees to be transmitted by the State agencies to the Council on an annual basis; and “(B) from an appraisal management company that either has registered with a State appraiser certifying and licensing agency in accordance with this title or operates as a subsidiary of a federally regulated financial institution, an annual registry fee of— “(i) in the case of such a company that has been in existence for more than a year, $25 multiplied by the number of appraisers working for or contracting with such company in such State during the previous year, but where such $25 amount may be adjusted, up to a maximum of $50, at the discretion of the Appraisal Subcommittee, if necessary to carry out the Subcommittee’s functions under this title; and “(ii) in the case of such a company that has not been in existence for more than a year, $25 multiplied by an appropriate number to be determined by the Appraisal Subcommittee, and where such number will be used for determining the fee of all such companies that were not in existence for more than a year, but where such $25 amount may be adjusted, up to a maximum of $50, at the discretion of the Appraisal Subcommittee, if necessary to carry out the Subcommittee’s functions under this title.” ; andEffective date note
Amendment 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.Mortgage Reform and Anti-Predatory Lending Act
Pub. L. 111–203 § 1473(g)(2) · 124 Stat. 1376
Redesignated · 12 U.S.C. § 3338(a)(4)
Pub. L. 111–203, § 1473(g)(2), redesignated par. (2) as (4)
Target inherited from the preceding amendment note.
Source evidence
Code amendment note
Pub. L. 111–203, § 1473(g)(2), redesignated par. (2) as (4).Enacted provision · exact public law section
(2) by redesignating paragraph (2) as paragraph (4); andEffective date note
Amendment 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.Mortgage Reform and Anti-Predatory Lending Act
Pub. L. 111–203 § 1473(i) · 124 Stat. 1376
Added · 12 U.S.C. § 3338(b)(5); 12 U.S.C. § 3338(b)(6)
Pub. L. 111–203, § 1473(i), added pars. (5) and (6)
Source evidence
Code amendment note
Subsec. (b)(5), (6). Pub. L. 111–203, § 1473(i), added pars. (5) and (6).Enacted provision · exact public law section
(i) Grants and Reports.— Section 1109(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3338(b)) is amended— (1) by striking “and” after the semicolon in paragraph (3); (2) by striking the period at the end of paragraph (4) and inserting a semicolon; (3) by adding at the end the following new paragraphs: “(5) to make grants to State appraiser certifying and licensing agencies, in accordance with policies to be developed by the Appraisal Subcommittee, to support the efforts of such agencies to comply with this title, including— “(A) the complaint process, complaint investigations, and appraiser enforcement activities of such agencies; and “(B) the submission of data on State licensed and certified appraisers and appraisal management companies to the National appraisal registry, including information affirming that the appraiser or appraisal management company meets the required qualification criteria and formal and informal disciplinary actions; and “(6) to report to all State appraiser certifying and licensing agencies when a license or certification is surrendered, revoked, or suspended.” . Obligations authorized under this subsection may not exceed 75 percent of the fiscal year total of incremental increase in fees collected and deposited in the “Appraisal Subcommittee Account” pursuant to subsection (h).Effective date note
Amendment 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.Pub. L. 119–101 § 403(c)(2)(A)(i) · 140 Stat. 900
Substituted · 12 U.S.C. § 3338
Pub. L. 119–101, § 403(c)(2)(A)(i), substituted “, certified, licensed, and credentialed trainee” for “certified or licensed” in section catchline
Unresolved: Pub. L. 119–101 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Pub. L. 119–101, § 403(c)(2)(A)(i), substituted “, certified, licensed, and credentialed trainee” for “certified or licensed” in section catchline.Pub. L. 119–101 § 403(b) · 140 Stat. 900
Inserted · 12 U.S.C. § 3338(a)
Pub. L. 119–101, § 403(b), inserted at end of concluding provisions “Subject to the approval of the Council, the Appraisal Subcommittee may adjust fees established under clause (i) or (ii) to carry out its functions under this Act.”
Unresolved: Pub. L. 119–101 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Subsec. (a). Pub. L. 119–101, § 403(b), inserted at end of concluding provisions “Subject to the approval of the Council, the Appraisal Subcommittee may adjust fees established under clause (i) or (ii) to carry out its functions under this Act.”Pub. L. 119–101 § 403(c)(2)(A)(ii)(I) · 140 Stat. 900
Inserted · 12 U.S.C. § 3338(a)(1)
Pub. L. 119–101, § 403(c)(2)(A)(ii)(I), inserted “, and in the case of a State with a supervisory or trainee program, a roster listing individuals who have received a State trainee credential” after “this chapter”
Unresolved: Pub. L. 119–101 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Subsec. (a)(1). Pub. L. 119–101, § 403(c)(2)(A)(ii)(I), inserted “, and in the case of a State with a supervisory or trainee program, a roster listing individuals who have received a State trainee credential” after “this chapter”.Pub. L. 119–101 § 403(c)(2)(A)(ii)(II) · 140 Stat. 900
Added · 12 U.S.C. § 3338(a)(2)
Pub. L. 119–101, § 403(c)(2)(A)(ii)(II), added par. (2)
Struck · 12 U.S.C. § 3338(a)(2)
Pub. L. 119–101, § 403(c)(2)(A)(ii)(II), struck out former par. (2) which read as follows: “transmit reports on the issuance and renewal of licenses and certifications, sanctions, disciplinary actions, license and certification revocations, and license and certification suspensions on a timely basis to the national registry of the Appraisal Subcommittee;”
Unresolved: Pub. L. 119–101 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Subsec. (a)(2). Pub. L. 119–101, § 403(c)(2)(A)(ii)(II), added par. (2) and struck out former par. (2) which read as follows: “transmit reports on the issuance and renewal of licenses and certifications, sanctions, disciplinary actions, license and certification revocations, and license and certification suspensions on a timely basis to the national registry of the Appraisal Subcommittee;”.Pub. L. 119–101 § 403(d) · 140 Stat. 900
Added · 12 U.S.C. § 3338(b)(7)
Pub. L. 119–101, § 403(d), added par. (7)
Unresolved: Pub. L. 119–101 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Subsec. (b)(7). Pub. L. 119–101, § 403(d), added par. (7).
6 of 12 references resolved to an enrolled provision · 6 unresolved
Editorial Notes
References in Text
This chapter, referred to in subsecs. (a) and (b)(5), was in the original “this title”, meaning title XI of Pub. L. 101–73, which is classified principally to this chapter. For complete classification of title XI to the Code, see Tables.
This Act, referred to in subsec. (a), is Pub. L. 101–73, , 103 Stat. 183, known as the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. For complete classification of this Act to the Code, see Short Title of 1989 Amendment note set out under section 1811 of this title and Tables.
Codification
Pub. L. 111–203, § 1473(i), which amended this section, also enacted provisions set out as a note below.
Amendments2010–2026 · 2 rounds
2026
Pub. L. 119–101, § 403(c)(2)(A)(i), substituted “, certified, licensed, and credentialed trainee” for “certified or licensed” in section catchline.
Subsec. (a). Pub. L. 119–101, § 403(b), inserted at end of concluding provisions “Subject to the approval of the Council, the Appraisal Subcommittee may adjust fees established under clause (i) or (ii) to carry out its functions under this Act.”
Subsec. (a)(1). Pub. L. 119–101, § 403(c)(2)(A)(ii)(I), inserted “, and in the case of a State with a supervisory or trainee program, a roster listing individuals who have received a State trainee credential” after “this chapter”.
Subsec. (a)(2). Pub. L. 119–101, § 403(c)(2)(A)(ii)(II), added par. (2) and struck out former par. (2) which read as follows: “transmit reports on the issuance and renewal of licenses and certifications, sanctions, disciplinary actions, license and certification revocations, and license and certification suspensions on a timely basis to the national registry of the Appraisal Subcommittee;”.
Subsec. (b)(7). Pub. L. 119–101, § 403(d), added par. (7).
2010
Subsec. (a). Pub. L. 111–203, § 1473(h)(1)(B), amended concluding provisions generally. Prior to amendment, concluding provisions read as follows: “Subject to the approval of the Council, the Appraisal Subcommittee may adjust the dollar amount of registry fees, up to a maximum of $50 per annum, as necessary to carry out its functions under this chapter.”
Subsec. (a)(2), (3). Pub. L. 111–203, § 1473(g)(1), (3), added pars. (2) and (3). Former par. (2) redesignated (4).
Subsec. (a)(4). Pub. L. 111–203, § 1473(h)(1)(A), amended par. (4) generally. Prior to amendment, par. (4) read as follows: “collect from such individuals who perform or seek to perform appraisals in federally related transactions, an annual registry fee of not more than $25, such fees to be transmitted by the State agencies to the Council on an annual basis.”
Pub. L. 111–203, § 1473(g)(2), redesignated par. (2) as (4).
Subsec. (b)(5), (6). Pub. L. 111–203, § 1473(i), added pars. (5) and (6).
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Amendment 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.
Construction of 2026 Amendment
Pub. L. 119–101, title IV, § 403(c)(2)(B), , 140 Stat. 900, provided that: “Nothing in the amendments made by subparagraph (A) [amending this section] shall require a State to establish or operate a program for State credentialed trainee appraisers, as defined in paragraph (12) of section 1121 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 [12 U.S.C. 3350(12)], as added by paragraph (4) of this subsection.”
Grants and Reports
Pub. L. 111–203, title XIV, § 1473(i), , 124 Stat. 2195, provided that:
[Introductory provisions and pars. (1) to (3) amended this section].
“Obligations authorized under this subsection [amending this section] may not exceed 75 percent of the fiscal year total of incremental increase in fees collected and deposited in the ‘Appraisal Subcommittee Account’ pursuant to subsection (h) [amending this section and enacting provisions set out as a note under this section].”
Incremental Revenues
Pub. L. 111–203, title XIV, § 1473(h)(2), , 124 Stat. 2195, provided that: “Incremental revenues collected pursuant to the increases required by this subsection [amending this section] shall be placed in a separate account at the United States Treasury, entitled the ‘Appraisal Subcommittee Account’.”
Credits
1989–2026 · 3 acts
- 1989Pub. L. 101–73, title XI, § 1109, , 103 Stat. 513
- 2010Pub. L. 111–203, title XIV, § 1473(g), (h)(1), (i), , 124 Stat. 2194, 2195
- 2026Pub. L. 119–101, title IV, § 403(b), (c)(2)(A), (d), , 140 Stat. 900, 901.
Show as published
(Pub. L. 101–73, title XI, § 1109, , 103 Stat. 513; Pub. L. 111–203, title XIV, § 1473(g), (h)(1), (i), , 124 Stat. 2194, 2195; Pub. L. 119–101, title IV, § 403(b), (c)(2)(A), (d), , 140 Stat. 900, 901.)