Title 12 — Banks and Banking
Chapter 34A — Appraisal Subcommittee of Federal Financial Institutions Examination Council
§ 3348. Recognition of State certified and licensed appraisers for purposes of this chapter
Statutory text
Effective date for use of certified or licensed appraisers only
In general
Not later than , all appraisals performed in connection with federally related transactions shall be performed only by individuals certified or licensed in accordance with the requirements of this chapter.
Extension of effective date
Subject to the approval of the Council, the Appraisal Subcommittee may extend, until , the effective date for the use of certified or licensed appraisers if it makes a written finding that a State has made substantial progress in establishing a State certification and licensing system that appears to conform to the provisions of this chapter.
Temporary waiver of appraiser certification or licensing requirements for State having scarcity of qualified appraisers
Subject to the approval of the Council, the Appraisal Subcommittee may waive any requirement relating to certification or licensing of a person to perform appraisals under this chapter if the Appraisal Subcommittee or a State agency whose certifications and licenses are in compliance with this chapter, makes a written determination that there is a scarcity of certified or licensed appraisers to perform appraisals in connection with federally related transactions in a State, or in any geographical political subdivision of a State, leading to significant delays in the performance of such appraisals. The waiver terminates when the Appraisal Subcommittee determines that such significant delays have been eliminated.
Reports to State certifying and licensing agencies
The Appraisal Subcommittee, any other Federal agency or instrumentality, or any federally recognized entity shall report any action of a State certified or licensed appraiser that is contrary to the purposes of this chapter, to the appropriate State agency for a disposition of the subject of the referral. The State agency shall provide the Appraisal Subcommittee or the other Federal agency or instrumentality with a report on its disposition of the matter referred. Subsequent to such disposition, the subcommittee or the agency or instrumentality may take such further action, pursuant to written procedures, it deems necessary to carry out the purposes of this chapter.
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 § 1119 · 103 Stat. 183
Enacted · 12 U.S.C. § 3348
Pub. L. 101–73, title XI, § 1119, Aug. 9, 1989, 103 Stat. 516
Source evidence
Code source credit
Pub. L. 101–73, title XI, § 1119, Aug. 9, 1989, 103 Stat. 516Enacted provision · exact public law section
SEC. 1119. RECOGNITION OF STATE CERTIFIED AND LICENSED APPRAISERS FOR PURPOSES OF THIS TITLE. (a) Effective Date for Use of Certified or Licensed Appraisers Only.— (1) In general.— Not later than July 1, 1991, all appraisals performed in connection with federally related transactions shall be performed only by individuals certified or licensed in accordance with the requirements of this title. (2) Extension of effective date.— Subject to the approval of the council, the Appraisal Subcommittee may extend, until December 31, 1991, the effective date for the use of certified or licensed appraisers if it makes a written finding that a State has made substantial progress in establishing a State certification and licensing system that appears to conform to the provisions of this title. (b) Temporary Waiver of Appraiser Certification or Licensing Requirements for State Having Scarcity of Qualified Appraisers.— Subject to the approval of the Council, the Appraisal Sub-committee may waive any requirement relating to certification or licensing of a person to perform appraisals under this title if the Appraisal Subcommittee or a State agency whose certifications and licenses are in compliance with this title, makes a written determination that there is a scarcity of certified or licensed appraisers to perform appraisals in connection with federally related transactions in a State leading to inordinate delays in the performance of such appraisals. The waiver terminates when the Appraisal Subcommittee determines that such inordinate delays have been eliminated. (c) Reports to State Certifying and Licensing Agencies.— The Appraisal Subcommittee, any other Federal agency or instrumentality, or any federally recognized entity shall report any action of a State certified or licensed appraiser that is contrary to the purposes of this title, to the appropriate State agency for a disposition of the subject of the referral. The State agency shall provide the Appraisal Subcommittee or the other Federal agency or instrumentality with a report on its disposition of the matter referred. Subsequent to such disposition, the subcommittee or the agency or instrumentality may take such further action, pursuant to written procedures, it deems necessary to carry out the purposes of this title.Federal Deposit Insurance Corporation Improvement Act of 1991
Pub. L. 102–242 § 472(b)(1) · 105 Stat. 2236
Repealed · 12 U.S.C. § 3348(a)(1)
Pub. L. 102–242, § 472(b)(1), substituted “December 31, 1992” for “July 1, 1991”. Pub. L. 102–233, § 701(b)(1), which made an identical amendment, was repealed by Pub. L. 102–550, § 1617(a). See Construction of 1991 Amendment note below
Source evidence
Code amendment note
Subsec. (a)(1). Pub. L. 102–242, § 472(b)(1), substituted “December 31, 1992” for “July 1, 1991”. Pub. L. 102–233, § 701(b)(1), which made an identical amendment, was repealed by Pub. L. 102–550, § 1617(a). See Construction of 1991 Amendment note below.Enacted provision · exact public law section
(1) Effective date for use.— Section 1119(a)(1) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3348(a)(1)) is amended by striking “July 1, 1991” and inserting “December 31, 1992”.Federal Deposit Insurance Corporation Improvement Act of 1991
Pub. L. 102–242 § 472(b)(2) · 105 Stat. 2236
Repealed · 12 U.S.C. § 3348(b)
Pub. L. 102–242, § 472(b)(2), substituted “, or in any geographical political subdivision of a State, leading to significant delays” for “leading to inordinate delays” in first sentence and “significant” for “inordinate” in second sentence. Pub. L. 102–233, § 701(b)(2), which made an identical amendment, was repealed by Pub. L. 102–550, § 1617(a). See Construction of 1991 Amendment note below
Source evidence
Code amendment note
Subsec. (b). Pub. L. 102–242, § 472(b)(2), substituted “, or in any geographical political subdivision of a State, leading to significant delays” for “leading to inordinate delays” in first sentence and “significant” for “inordinate” in second sentence. Pub. L. 102–233, § 701(b)(2), which made an identical amendment, was repealed by Pub. L. 102–550, § 1617(a). See Construction of 1991 Amendment note below.Enacted provision · exact public law section
(2) Extension of effective date.— Section 1119(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3348(b)) is amended— (A) in the first sentence, by striking “leading to inordinate delays” and inserting “, or in any geographical political subdivision of a State, leading to significant delays”; and (B) in the second sentence, by striking “inordinate” and inserting “significant”.Housing and Community Development Act of 1992
Pub. L. 102–550 § 1617(a) · 106 Stat. 3672
Repealed · 12 U.S.C. § 3348(a)(1); 12 U.S.C. § 3348(a)(b)
Pub. L. 102–550, § 1617(a), repealed Pub. L. 102–233, § 701(b). See 1991 Amendment note below
Source evidence
Code amendment note
Subsecs. (a)(1), (b). Pub. L. 102–550, § 1617(a), repealed Pub. L. 102–233, § 701(b). See 1991 Amendment note below.Enacted provision · exact public law section
(a) In General.— Title VII of the Resolution Trust Corporation 12 USC 3345, 3348. Refinancing, Restructuring, and Improvement Act of 1991 is hereby repealed.Mortgage Reform and Anti-Predatory Lending Act
Pub. L. 111–203 title XIV § 1473(t)(1) · 124 Stat. 1376
Substituted · 12 U.S.C. § 3348(a)(2)
Pub. L. 111–203 substituted “Council,” for “council,”
Source evidence
Code amendment note
Subsec. (a)(2). Pub. L. 111–203 substituted “Council,” for “council,”.Enacted provision · exact public law section
(1) Section 1119(a)(2) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3348(a)(2)) is amended by striking “council,” and inserting “Council,”.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.
5 of 5 references resolved to an enrolled provision
Editorial Notes
Amendments1991–2010 · 3 rounds
2010
Subsec. (a)(2). Pub. L. 111–203 substituted “Council,” for “council,”.
1992
Subsecs. (a)(1), (b). Pub. L. 102–550, § 1617(a), repealed Pub. L. 102–233, § 701(b). See 1991 Amendment note below.
1991
Subsec. (a)(1). Pub. L. 102–242, § 472(b)(1), substituted “” for “”. Pub. L. 102–233, § 701(b)(1), which made an identical amendment, was repealed by Pub. L. 102–550, § 1617(a). See Construction of 1991 Amendment note below.
Subsec. (b). Pub. L. 102–242, § 472(b)(2), substituted “, or in any geographical political subdivision of a State, leading to significant delays” for “leading to inordinate delays” in first sentence and “significant” for “inordinate” in second sentence. Pub. L. 102–233, § 701(b)(2), which made an identical amendment, was repealed by Pub. L. 102–550, § 1617(a). See Construction of 1991 Amendment note below.
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 1991 Amendment
No amendment to this section by section 701 of Pub. L. 102–233 to be deemed to have taken effect before , and provisions of law amended by such section 701 to continue in effect as if no such amendment had been made, see section 1617(b) of Pub. L. 102–550, set out as a note under section 3345 of this title.