148 
regulations as may be necessary to carry out the 
provisions of this subsection. 
‘‘(6) PENALTIES.—Any person who violates any 
provision of this section shall be subject to civil pen-
alties under section 8(i)(2) of the Federal Deposit 
Insurance Act or section 206(k)(2) of the Federal 
Credit Union Act, as appropriate. 
‘‘(7) PROCEEDING.—A proceeding with respect 
to a violation of this section shall be an administra-
tive proceeding which may be conducted by a Fed-
eral financial institutions regulatory agency in ac-
cordance with the procedures set forth in subchapter 
II of chapter 5 of title 5, United States Code.’’. 
(n) APPRAISER EDUCATION.—Section 1122 of the 
Financial Institutions Reform, Recovery, and Enforce-
ment Act of 1989 (12 U.S.C. 3351) is amended by insert-
ing after subsection (g) (as added by subsection (l) of this 
section) the following new subsection: 
‘‘(h) APPROVED EDUCATION.—The Appraisal Sub-
committee shall encourage the States to accept courses ap-
proved by the Appraiser Qualification Board’s Course Ap-
proval Program.’’. 
(o) TECHNICAL CORRECTIONS.— 
(1) Section 1119(a)(2) of the Financial Institu-
tions Reform, Recovery, and Enforcement Act of 
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149 
1989 (12 U.S.C. 3348(a)(2)) is amended by striking 
‘‘council,’’ and inserting ‘‘Council,’’. 
(2) Section 1121(6) of the Financial Institu-
tions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 3350(6)) is amended by striking 
‘‘Corporations,’’ and inserting ‘‘Corporation,’’. 
(3) Section 1121(8) of the Financial Institu-
tions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 3350(8)) is amended by striking 
‘‘council’’ and inserting ‘‘Council’’. 
(4) Section 1122 of the Financial Institutions 
Reform, Recovery, and Enforcement Act of 1989 
(12 U.S.C. 3351) is amended— 
(A) in subsection (a)(1) by moving the left 
margin of subparagraphs (A), (B), and (C) 2 
ems to the right; and 
(B) in subsection (c)— 
(i) by striking ‘‘Federal Financial In-
stitutions Examination Council’’ and in-
serting ‘‘Financial Institutions Examina-
tion Council’’; and 
(ii) by striking ‘‘the council’s func-
tions’’ and inserting ‘‘the Council’s func-
tions’’. 
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150 
SEC. 604. STUDY REQUIRED ON IMPROVEMENTS IN AP-
PRAISAL PROCESS AND COMPLIANCE PRO-
GRAMS. 
(a) STUDY.—The Comptroller General shall conduct 
a comprehensive study on possible improvements in the 
appraisal process generally, and specifically on the consist-
ency in and the effectiveness of, and possible improve-
ments in, State compliance efforts and programs in ac-
cordance with title XI of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989. In addi-
tion, this study shall examine the existing de minimis loan 
levels established by Federal regulators for compliance 
under title XI and whether there is a need to revise them 
to reflect the addition of consumer protection to the pur-
poses and functions of the Appraisal Subcommittee. 
(b) REPORT.—Before the end of the 18-month period 
beginning on the date of the enactment of this Act, the 
Comptroller General shall submit a report on the study 
under subsection (a) to the Committee on Financial Serv-
ices of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Senate, 
together with such recommendations for administrative or 
legislative action, at the Federal or State level, as the 
Comptroller General may determine to be appropriate. 
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151 
SEC. 605. EQUAL CREDIT OPPORTUNITY ACT AMENDMENT. 
Subsection (e) of section 701 of the Equal Credit Op-
portunity Act ( U.S.C. 1691) is amended to read as fol-
lows: 
‘‘(e) COPIES FURNISHED TO APPLICANTS.— 
‘‘(1) IN GENERAL.—Each creditor shall furnish 
to an applicant, a copy of all appraisal reports and 
valuations developed in connection with the appli-
cant’s application for a loan that is or would have 
been secured by a lien on residential real property. 
‘‘(2) PROCEDURES..—Appraisal reports shall be 
furnished under this subsection upon written request 
by the applicant, made within a reasonable period of 
time of the application and before any closing on the 
loan. 
‘‘(3) REIMBURSEMENT.—The creditor may re-
quire an applicant to pay a reasonable fee for the 
provision of copies of appraisal reports under this 
subsection. 
‘‘(4) 
NOTIFICATION
TO
CONSUMERS.—The 
creditor shall notify (pursuant to regulations pre-
scribed by the Board) an applicant in writing of the 
right to receive a copy of each appraisal report, 
under this subsection.’’. 
Æ 
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