I 

116TH CONGRESS 

1ST SESSION H. R. 3619 

To amend the Financial Institutions Reform, Recovery, and Enforcement 

Act of 1989 to provide the Appraisal Subcommittee with the authority 

to modify annual registry fees for appraisal management companies, 

to maintain a registry of trainees and charge a lower trainee registry 

fee, and to allow grants to States to assist appraiser and potential 

appraiser compliance with the Real Property Appraiser Qualification Criteria, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 5, 2019 

Mr. CLAY introduced the following bill; which was referred to the Committee 

on Financial Services 

A BILL 

To amend the Financial Institutions Reform, Recovery, and 

Enforcement Act of 1989 to provide the Appraisal Subcommittee with the authority to modify annual registry 

fees for appraisal management companies, to maintain 

a registry of trainees and charge a lower trainee registry 

fee, and to allow grants to States to assist appraiser 

and potential appraiser compliance with the Real Property Appraiser Qualification Criteria, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Appraisal Reform Act 

3 of 2019’’. 

4 SEC. 2. ANNUAL REGISTRY FEES FOR APPRAISAL MANAGE5 MENT COMPANIES. 

6 Subparagraph (B) of section 1109(a)(4) of the Fi7 nancial Institutions Reform, Recovery, and Enforcement 

8 Act of 1989 (12 U.S.C. 3338(a)(4)(B)) is amended— 

9 (1) in clause (ii), by striking the period at the 

10 end and inserting a semicolon; and 

11 (2) by inserting after and below clause (ii) the 

12 following: 

13 ‘‘except that if the Appraisal Subcommittee de14 termines that the fees established under clause 

15 (i) or (ii) result in adverse consequences or are 

16 otherwise not appropriately tailored to meet the 

17 goals of this paragraph, the Appraisal Sub18 committee may establish a new formula for 

19 fees, which new formula may not take effect 

20 until the Appraisal Subcommittee submits a re21 port to the Congress justifying its decision to 

22 establish such a new formula, setting forth the 

23 new formula, and explaining how the new for24 mula will affect such fees.’’. 


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1 SEC. 3. TRAINEE APPRAISERS. 

2 (a) MAINTENANCE ON NATIONAL REGISTRY.—Para3 graph (3) of section 1103(a) of the Financial Institutions 

4 Reform, Recovery, and Enforcement Act of 1989 (12 

5 U.S.C. 3332(a)(3)) is amended by striking ‘‘and licensed’’ 

6 and inserting ‘‘, licensed, and trainee’’. 

7 (b) ANNUAL REGISTRY FEES.—Subparagraph (A) of 

8 section 1109(a)(4) of the Financial Institutions Reform, 

9 Recovery, and Enforcement Act of 1989 (12 U.S.C. 

10 3338(a)(4)(A)) is amended— 

11 (1) by inserting ‘‘including trainee appraisers,’’ 

12 after ‘‘transactions,’’; 

13 (2) by inserting ‘‘except that the Appraisal Sub14 committee may, in its discretion, charge a fee for 

15 trainee appraisers not exceeding $20’’ after ‘‘$40,’’; 

16 and 

17 (3) by inserting before the semicolon the fol18 lowing: ‘‘; except that nothing in this subparagraph 

19 may be construed to require a State to establish or 

20 operate an program for trainee appraisers’’. 

21 (c) DEFINITION.—Section 1121 of the Financial In22 stitutions Reform, Recovery, and Enforcement Act of 

23 1989 (12 U.S.C. 3350) is amended by adding at the end 

24 the following new paragraph: 

25 ‘‘(12) TRAINEE APPRAISER.—The term ‘trainee 

26 appraiser’ means an individual who meets the minVerDate Sep 11 2014 02:17 Jul 10, 2019 Jkt 034408 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3619.IH H3619

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1 imum criteria established by the Appraiser Qualifica2 tion Board for a trainee appraiser license and is 

3 credentialed by a State appraiser certifying and li4 censing agency.’’. 

5 SEC. 4. GRANTS TO NONPROFITS AND INSTITUTIONS OF 

6 HIGHER EDUCATION FOR COMPLIANCE EF7 FORTS. 

8 Paragraph (5) of section 1109(b) of the Financial In9 stitutions Reform, Recovery, and Enforcement Act of 

10 1989 (12 U.S.C. 3338(b)(5)) is amended by inserting 

11 ‘‘nonprofit organizations, and institutions of higher edu12 cation’’ after ‘‘licensing agencies,’’. 

13 SEC. 5. REQUIREMENT TO DISCLOSE APPRAISAL FEES. 

14 Section 4(c) of the Real Estate Settlement Proce15 dures Act of 1974 (12 U.S.C. 2603(c)) is amended by 

16 striking ‘‘may’’ and inserting ‘‘shall’’. 

17 SEC. 6. INCLUSION OF DESIGNEE OF SECRETARY OF VET18 ERANS AFFAIRS ON APPRAISAL SUB19 COMMITTEE. 

20 The first sentence of section 1011 of the Federal Fi21 nancial Institutions Examination Council Act of 1978 (12 

22 U.S.C. 3310) is amended by inserting ‘‘the Department 

23 of Veterans Affairs,’’ after ‘‘Protection,’’. 

Æ 


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