12 U.S.C. § 3339 — Functions of Federal financial institutions regulatory agencies relating to appraisal standards
submitted 37 years ago by Pub. L. 101-73 to r/title-12-BANKS-AND-BANKING · 136 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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—
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*;
that such appraisals shall be written appraisals; and
that such appraisals shall be subject to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice.
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.
Source credit: (Pub. L. 101–73, title XI, § 1110, Aug. 9, 1989, 103 Stat. 514; Pub. L. 111–203, title XIV, § 1473(e)(1), July 21, 2010, 124 Stat. 2191.)
- 1989Enacted · Pub. L. 101-73 · 103 Stat. 514
- 2010Amended · Pub. L. 111-203 · 124 Stat. 2191
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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