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[Federal Register Volume 75, Number 206 (Tuesday, October 26, 2010)]
[Notices]
[Pages 65629-65630]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-27054]

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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

[Docket No. AS10-7]

Modification of the Annual National Registry Fee

AGENCY: Appraisal Subcommittee (ASC) of the Federal Financial 
Institutions Examination Council.

ACTION: Notice of modification of the annual National Registry fee to 
$40.

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SUMMARY: Under authority in the Dodd-Frank Wall Street Reform and 
Consumer Protection Act of 2010 (the Dodd-Frank Reform Act), the ASC 
modified the annual National Registry fee (Registry fee) to $40 from 
the current $25 amount at its meeting on October 13, 2010. The ASC 
raised the Registry fee to support its supervisory activities, 
including additional authority and responsibility under the Dodd-Frank 
Reform Act. The modified Registry fee of $40 is effective on January 1, 
2012. As of January 1, 2012, for all new appraiser credentials and all 
renewals of existing credentials, States are required to collect and 
transmit to the ASC the modified Registry fee of $40.
    The National Registry is a database of all State licensed and 
certified appraisers who are eligible to perform appraisals for 
federally related transactions. Through the National Registry, lenders 
and consumers can readily determine whether an appraiser holds the 
appropriate credential and remains in good standing with the State. 
Each State maintains procedures for certifying, licensing, supervising 
and disciplining appraisers. The ASC is responsible for monitoring 
States' appraiser regulatory programs.

DATES: Effective Date: January 1, 2012.

FOR FURTHER INFORMATION CONTACT: James R. Park, Executive Director, at 
(202) 595-7575, or Alice M. Ritter, General Counsel, at (202) 595-7577, 
via Internet e-mail at [email protected] and [email protected], respectively, or 
by U.S. Mail at Appraisal Subcommittee, 1401 H Street, NW., Suite 760, 
Washington, DC 20005.

SUPPLEMENTARY INFORMATION: Title XI of the Financial Institutions 
Reform, Recovery and Enforcement Act of 1989 (Title XI), as amended, 
requires the ASC to maintain a national registry of State licensed and 
certified appraisers and to ensure that each State agency transmits to 
the ASC, along with an annual Registry fee, a roster of State certified 
and licensed appraisers who are eligible to perform appraisals in 
federally related transactions.
    Title XI, as amended by the Dodd-Frank Reform Act, allows the ASC 
to modify the Registry fee to an amount not more than $40. With 
approval of the Federal Financial Institutions Examination Council, the 
ASC has authority to modify the Registry fee above $40 to an amount not 
to exceed $80.
    At its meeting on October 13, 2010, the ASC approved a modification 
of the annual Registry fee to $40 from the current $25 amount, which 
had remained unchanged since 1989. The ASC raised the Registry fee to 
support its supervisory activities, including additional authority and 
responsibility under the Dodd-Frank Reform Act.
    As addressed in ASC Policy Statement 8, National Registry of State 
Certified and Licensed Appraisers, Title XI requires States to transmit 
to the ASC a roster listing individuals who have received a State 
certification or license to perform appraisals and a Registry fee from 
those individuals. The Registry fee and roster requirements apply to 
all individuals who receive State certifications or licenses originally 
or by reciprocity. Moreover, the Registry fee is due to the ASC from 
each State in which an appraiser is certified or licensed.
    To provide a reasonable transition period for implementation by the 
States of the modified Registry fee, the fee increase is effective on 
January 1, 2012. Accordingly, on or after January 1, 2012, for all new 
appraiser credentials and all renewals of existing credentials, States 
are required to collect and transmit to the ASC the modified Registry 
fee of $40 in order for a credential to be reflected on the National 
Registry.
    For States that issue multi-year certifications or licenses that do 
not require renewal in 2012, the modified Registry fee is due to the 
ASC on the date that the credential is renewed by the State. For 
example, if a State remitted $50 to the ASC in 2011 for a two-year 
certification, the ASC would accept the amount as payment in full of 
the annual Registry fee for calendar years 2011 and 2012. The State 
would not have to collect the $15 difference in the Registry fee amount 
for 2012. Upon

[[Page 65630]]

renewal of the two-year credential in 2013, the State would be required 
to remit $80 to the ASC in order for the appraiser to remain on the 
National Registry in 2013 and 2014.
    From the ASC's Web site (http://www.asc.gov), the public can access 
the National Registry for information on a credentialed appraiser. 
Certain personal information about an individual appraiser is protected 
by the Privacy Act, 5 U.S.C. 552a, and is not available to the public.

    By the Appraisal Subcommittee.

    Dated: October 20, 2010.
Deborah S. Merkle,
Chairman.
[FR Doc. 2010-27054 Filed 10-25-10; 8:45 am]
BILLING CODE 6700-01-P
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