IIB 

116TH CONGRESS 

1ST SESSION H. R. 3619 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 23, 2019 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

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. 


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HR 3619 RFS

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Appraisal Fee Trans5 parency Act of 2019’’. 

6 SEC. 2. ANNUAL REGISTRY FEES FOR APPRAISAL MANAGE7 MENT COMPANIES. 

8 Subparagraph (B) of section 1109(a)(4) of the Fi9 nancial Institutions Reform, Recovery, and Enforcement 

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

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

12 end and inserting a semicolon; and 

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

14 following: 

15 ‘‘except that if the Appraisal Subcommittee de16 termines that the fees established under clause 

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

18 otherwise not appropriately tailored to meet the 

19 goals of this paragraph, the Appraisal Sub20 committee may establish a new formula for 

21 fees, which new formula may not take effect 

22 until the Appraisal Subcommittee submits a re23 port to the Congress justifying its decision to 

24 establish such a new formula, setting forth the 


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HR 3619 RFS

1 new formula, and explaining how the new for2 mula will affect such fees.’’. 

3 SEC. 3. TRAINEE APPRAISERS. 

4 (a) MAINTENANCE ON NATIONAL REGISTRY.—Para5 graph (3) of section 1103(a) of the Financial Institutions 

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

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

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

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

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

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

12 3338(a)(4)(A)) is amended— 

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

14 after ‘‘transactions,’’; 

15 (2) by inserting ‘‘except that the Appraisal Sub16 committee may, in its discretion, charge a fee for 

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

18 and 

19 (3) by inserting before the semicolon the fol20 lowing: ‘‘; except that nothing in this subparagraph 

21 may be construed to require a State to establish or 

22 operate an program for trainee appraisers’’. 

23 (c) DEFINITION.—Section 1121 of the Financial In24 stitutions Reform, Recovery, and Enforcement Act of 


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1 1989 (12 U.S.C. 3350) is amended by adding at the end 

2 the following new paragraph: 

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

4 appraiser’ means an individual who meets the min5 imum criteria established by the Appraiser Qualifica6 tion Board for a trainee appraiser license and is 

7 credentialed by a State appraiser certifying and li8 censing agency.’’. 

9 SEC. 4. GRANTS TO NONPROFITS AND INSTITUTIONS OF 

10 HIGHER EDUCATION FOR COMPLIANCE EF11 FORTS. 

12 Paragraph (5) of section 1109(b) of the Financial In13 stitutions Reform, Recovery, and Enforcement Act of 

14 1989 (12 U.S.C. 3338(b)(5)) is amended by inserting 

15 ‘‘nonprofit organizations, and institutions of higher edu16 cation’’ after ‘‘licensing agencies,’’. 

17 SEC. 5. REQUIREMENT TO DISCLOSE APPRAISAL FEES. 

18 Section 4(c) of the Real Estate Settlement Proce19 dures Act of 1974 (12 U.S.C. 2603(c)) is amended by 

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

21 SEC. 6. INCLUSION OF DESIGNEE OF SECRETARY OF VET22 ERANS AFFAIRS ON APPRAISAL SUB23 COMMITTEE. 

24 The first sentence of section 1011 of the Federal Fi25 nancial Institutions Examination Council Act of 1978 (12 


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

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

3 SEC. 7. DETERMINATION OF BUDGETARY EFFECTS. 

4 The budgetary effects of this Act, for the purpose of 

5 complying with the Statutory Pay-As-You-Go Act of 2010, 

6 shall be determined by reference to the latest statement 

7 titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 

8 Act, submitted for printing in the Congressional Record 

9 by the Chairman of the House Budget Committee, pro10 vided that such statement has been submitted prior to the 

11 vote on passage. 

Passed the House of Representatives September 19, 

2019. 

Attest: CHERYL L. JOHNSON, 

Clerk. 


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