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 Cri-
teria, 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 Sub-
committee 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 Prop-
erty Appraiser Qualification Criteria, and for other pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Appraisal Reform Act 
of 2019’’. 
SEC. 2. ANNUAL REGISTRY FEES FOR APPRAISAL MANAGE-
MENT COMPANIES. 
Subparagraph (B) of section 1109(a)(4) of the Fi-
nancial Institutions Reform, Recovery, and Enforcement 
Act of 1989 (12 U.S.C. 3338(a)(4)(B)) is amended— 
(1) in clause (ii), by striking the period at the 
end and inserting a semicolon; and 
(2) by inserting after and below clause (ii) the 
following: 
‘‘except that if the Appraisal Subcommittee de-
termines that the fees established under clause 
(i) or (ii) result in adverse consequences or are 
otherwise not appropriately tailored to meet the 
goals of this paragraph, the Appraisal Sub-
committee may establish a new formula for 
fees, which new formula may not take effect 
until the Appraisal Subcommittee submits a re-
port to the Congress justifying its decision to 
establish such a new formula, setting forth the 
new formula, and explaining how the new for-
mula will affect such fees.’’. 
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SEC. 3. TRAINEE APPRAISERS. 
(a) MAINTENANCE ON NATIONAL REGISTRY.—Para-
graph (3) of section 1103(a) of the Financial Institutions 
Reform, Recovery, and Enforcement Act of 1989 (12 
U.S.C. 3332(a)(3)) is amended by striking ‘‘and licensed’’ 
and inserting ‘‘, licensed, and trainee’’. 
(b) ANNUAL REGISTRY FEES.—Subparagraph (A) of 
section 1109(a)(4) of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 
3338(a)(4)(A)) is amended— 
(1) by inserting ‘‘including trainee appraisers,’’ 
after ‘‘transactions,’’; 
(2) by inserting ‘‘except that the Appraisal Sub-
committee may, in its discretion, charge a fee for 
trainee appraisers not exceeding $20’’ after ‘‘$40,’’; 
and 
(3) by inserting before the semicolon the fol-
lowing: ‘‘; except that nothing in this subparagraph 
may be construed to require a State to establish or 
operate an program for trainee appraisers’’. 
(c) DEFINITION.—Section 1121 of the Financial In-
stitutions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 3350) is amended by adding at the end 
the following new paragraph: 
‘‘(12) TRAINEE APPRAISER.—The term ‘trainee 
appraiser’ means an individual who meets the min-
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imum criteria established by the Appraiser Qualifica-
tion Board for a trainee appraiser license and is 
credentialed by a State appraiser certifying and li-
censing agency.’’. 
SEC. 4. GRANTS TO NONPROFITS AND INSTITUTIONS OF 
HIGHER EDUCATION FOR COMPLIANCE EF-
FORTS. 
Paragraph (5) of section 1109(b) of the Financial In-
stitutions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 3338(b)(5)) is amended by inserting 
‘‘nonprofit organizations, and institutions of higher edu-
cation’’ after ‘‘licensing agencies,’’. 
SEC. 5. REQUIREMENT TO DISCLOSE APPRAISAL FEES. 
Section 4(c) of the Real Estate Settlement Proce-
dures Act of 1974 (12 U.S.C. 2603(c)) is amended by 
striking ‘‘may’’ and inserting ‘‘shall’’. 
SEC. 6. INCLUSION OF DESIGNEE OF SECRETARY OF VET-
ERANS 
AFFAIRS 
ON 
APPRAISAL 
SUB-
COMMITTEE. 
The first sentence of section 1011 of the Federal Fi-
nancial Institutions Examination Council Act of 1978 (12 
U.S.C. 3310) is amended by inserting ‘‘the Department 
of Veterans Affairs,’’ after ‘‘Protection,’’. 
Æ 
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