12 U.S.C. § 3338 — Roster of State, certified, licensed, and credentialed trainee appraisers; authority to collect and transmit fees
submitted 37 years ago by Pub. L. 101-73 to r/title-12-BANKS-AND-BANKING · 855 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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.
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 August 9, 1989;
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.
Source credit: (Pub. L. 101–73, title XI, § 1109, Aug. 9, 1989, 103 Stat. 513; Pub. L. 111–203, title XIV, § 1473(g), (h)(1), (i), July 21, 2010, 124 Stat. 2194, 2195; Pub. L. 119–101, title IV, § 403(b), (c)(2)(A), (d), July 11, 2026, 140 Stat. 900, 901.)
- 1989Enacted · Pub. L. 101-73 · 103 Stat. 513
- 2010Amended · Pub. L. 111-203 · 124 Stat. 2194, 2195
- 2026Amended · Pub. L. 119-101 · 140 Stat. 900, 901
A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-73 on 1989-08-09.
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