§ 3339. Functions of Federal financial institutions regulatory agencies relating to appraisal standards

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 § 1110 · 103 Stat. 183

   Enacted · 12 U.S.C. § 3339

   Pub. L. 101–73, title XI, § 1110, Aug. 9, 1989, 103 Stat. 514

   Source evidence

   Code source credit
   Pub. L. 101–73, title XI, § 1110, Aug. 9, 1989, 103 Stat. 514

   Enacted provision · exact public law section
   SEC. 1110. FUNCTIONS OF THE FEDERAL FINANCIAL INSTITUTIONS REGULATORY AGENCIES RELATING TO APPRAISAL STANDARDS. Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe appropriate standards for the performance of real estate appraisals in connection with federally related transactions under the jurisdiction of each such agency or instrumentality. These rules shall require, at a minimum— (1) that real estate appraisals be performed in accordance with generally accepted appraisal standards as evidenced by the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation; and (2) that such appraisals shall be written appraisals. Each such agency or instrumentality may require compliance with additional standards if it makes a determination in writing that such additional standards are required in order to properly carry out its statutory responsibilities.

2. 2010

   Mortgage Reform and Anti-Predatory Lending Act

   Pub. L. 111–203 title XIV § 1473(e)(1) · 124 Stat. 1376

   Added · 12 U.S.C. § 3339

   Pub. L. 111–203 added par. (3)

   Source evidence

   Code amendment note
   Pub. L. 111–203 added par. (3).

   Enacted provision · exact public law section
   (1) Section 1110.— Section 1110 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3339) is amended— (A) in paragraph (1), by striking “and”; (B) in paragraph (2), by striking the period at the end and inserting “; and”; and (C) by inserting after paragraph (2) the following: “(3) that such appraisals shall be subject to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice.” .

   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.

2 of 2 references resolved to an enrolled provision