12 U.S.C. § 3348 — Recognition of State certified and licensed appraisers for purposes of this chapter

(a) Effective date for use of certified or licensed appraisers only (1) In general by December 31, 1992 , all appraisals performed in connection with federally related transactions is performed only by individuals certified or licensed under the requirements of this chapter. (2) Extension of effective date Subject to the approval of the Council, the Appraisal Subcommittee can 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 chapter. (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 Subcommittee can 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 ends when the Appraisal Subcommittee determines that such significant 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 must 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 must provide the Appraisal Subcommittee or the other Federal agency or instrumentality with a report on its disposition of the matter referred. After that disposition, the subcommittee or the agency or instrumentality may take any further action that it deems necessary, under written procedures to carry out the purposes of this chapter.