Title 12 — Banks and Banking
Chapter 34A — Appraisal Subcommittee of Federal Financial Institutions Examination Council
§ 3349. Violations in obtaining and performing appraisals in federally related transactions
Statutory text
Violations
Except as authorized by the Appraisal Subcommittee in exercising its waiver authority pursuant to section 3348(b) of this title, it shall be a violation of this section—
for a financial institution to seek, obtain, or give money or any other thing of value in exchange for the performance of an appraisal by a person who the institution knows is not a State certified or licensed appraiser in connection with a federally related transaction; and
for the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Resolution Trust Corporation to knowingly contract for the performance of any appraisal by a person who is not a State certified or licensed appraiser in connection with a real estate related financial transaction defined in section 3350(5) of this title to which such association or corporation is a party.
Penalties
A financial institution that violates subsection (a)(1) shall be subject to civil penalties under section 1818(i)(2) of this title or section 1786(k)(2) of this title, as appropriate.
Proceeding
A proceeding with respect to a violation of this section shall be an administrative proceeding which may be conducted by a Federal financial institutions regulatory agency in accordance with the procedures set forth in subchapter II of chapter 5 of title 5.
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 § 1120 · 103 Stat. 183
Enacted · 12 U.S.C. § 3349
(Pub. L. 101–73, title XI, § 1120, Aug. 9, 1989, 103 Stat. 517.)
Source evidence
Code source credit
(Pub. L. 101–73, title XI, § 1120, Aug. 9, 1989, 103 Stat. 517.)Enacted provision · exact public law section
SEC. 1120. VIOLATIONS IN OBTAINING AND PERFORMING APPRAISALS IN FEDERALLY RELATED TRANSACTIONS. (a) Violations.— Except as authorized by the Appraisal Sub-committee in exercising its waiver authority pursuant to section 1119(b), it shall be a violation of this section— (1) for a financial institution to seek, obtain, or give money or any other thing of value in exchange for the performance of an appraisal by a person who the institution knows is not a State certified or licensed appraiser in connection with a federally related transaction; and (2) for the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Resolution Trust Corporation to knowingly contract for the performance of any appraisal by a person who is not a State certified or licensed appraiser in connection with a real estate related financial transaction defined in section 1121(5) to which such association or corporation is a party. (b) Penalties.— A financial institution that violates subsection (a)(1) shall be subject to civil penalties under section 8(i)(2) of the Federal Deposit Insurance Act or section 206(k)(2) of the Federal Credit Union Act, as appropriate. (c) Proceeding.— A proceeding with respect to a violation of this section shall be an administrative proceeding which may be conducted by a Federal financial institutions regulatory agency in accordance with the procedures set forth in subchapter II of chapter 5 of title 5, United States Code.
1 of 1 references resolved to an enrolled provision