12 U.S.C. § 3349 — Violations in obtaining and performing appraisals in federally related transactions

(a) Violations Except as authorized by the Appraisal Subcommittee^* in exercising its waiver authority under section 3348(b) of this title , it is 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 3350(5) of this title to which such association or corporation is a party.

(b) Penalties A financial institution that violates subsection (a)(1) is subject to civil penalties under section 1818(i)(2) of this title or section 1786(k)(2) of this title , as appropriate.

(c) Proceeding A proceeding about a violation of this section is an administrative proceeding which can be conducted by a Federal financial institutions regulatory agency under the procedures set forth in subchapter II of chapter 5 of title 5.