dreamproit/uscode huggingface dataset:
12 U.S.C. § 3339 (BANKS AND BANKING)
§ 3339. Functions of Federal financial institutions regulatory agencies relating to appraisal standards
Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe appropriate standards for the performance of real estate appraisals in connection with federally related transactions under the jurisdiction of each such agency or instrumentality. These rules shall require, at a minimum—
(1) that real estate appraisals be performed in accordance with generally accepted appraisal standards as evidenced by the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation;
(2) that such appraisals shall be written appraisals; and
(3) that such appraisals shall be subject to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice.
Each such agency or instrumentality may require compliance with additional standards if it makes a determination in writing that such additional standards are required in order to properly carry out its statutory responsibilities.
(Pub. L. 101–73, title XI, § 1110, Aug. 9, 1989, 103 Stat. 514; Pub. L. 111–203, title XIV, § 1473(e)(1), July 21, 2010, 124 Stat. 2191.)
heading: Amendments
text: 2010—Pub. L. 111–203 added par. (3).
heading: Effective Date of 2010 Amendment
text: Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.
12 U.S.C. § 3340 (BANKS AND BANKING)
§ 3340. Time for proposal and adoption of standards
Appraisal standards established under this chapter shall be proposed not later than 6 months and shall be adopted in final form and become effective not later than 12 months after August 9, 1989.
(Pub. L. 101–73, title XI, § 1111, Aug. 9, 1989, 103 Stat. 514.)
12 U.S.C. § 3342 (BANKS AND BANKING)
§ 3342. Transactions requiring services of State certified appraiser
In determining whether an appraisal in connection with a federally related transaction shall be performed by a State certified appraiser, an agency or instrumentality under this chapter shall consider whether transactions, either individually or collectively, are of sufficient financial or public policy importance to the United States that an individual who performs an appraisal in connection with such transactions should be a State certified appraiser, except that—
(1) a State certified appraiser shall be required for all federally related transactions having a value of $1,000,000 or more; and
(2) 1-to-4 unit, single family residential appraisals may be performed by State licensed appraisers unless the size and complexity requires a State certified appraiser, where a complex 1-to-4 unit single family residential appraisal means an appraisal for which the property to be appraised, the form of ownership, the property characteristics, or the market conditions are atypical.
(Pub. L. 101–73, title XI, § 1113, Aug. 9, 1989, 103 Stat. 514; Pub. L. 111–203, title XIV, § 1473(e)(2), July 21, 2010, 124 Stat. 2191.)
heading: Amendments
text: 2010—Par. (2). Pub. L. 111–203 inserted “, where a complex 1-to-4 unit single family residential appraisal means an appraisal for which the property to be appraised, the form of ownership, the property characteristics, or the market conditions are atypical” before the period.
heading: Effective Date of 2010 Amendment
text: Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.
12 U.S.C. § 3343 (BANKS AND BANKING)
§ 3343. Transactions requiring services of State licensed appraiser
All federally related transactions not requiring the services of a State certified appraiser shall be performed by either a State certified or licensed appraiser.
(Pub. L. 101–73, title XI, § 1114, Aug. 9, 1989, 103 Stat. 514.)
12 U.S.C. § 3344 (BANKS AND BANKING)
§ 3344. Time for proposal and adoption of rules
As appropriate, rules issued under sections 3342 and 3343 of this title shall be proposed not later than 6 months and shall be effective upon adoption in final form not later than 12 months after August 9, 1989.
(Pub. L. 101–73, title XI, § 1115, Aug. 9, 1989, 103 Stat. 515.)
12 U.S.C. § 3346 (BANKS AND BANKING)
§ 3346. Establishment of State appraiser certifying and licensing agencies
To assure the availability of State certified and licensed appraisers for the performance in a State of appraisals in federally related transactions and to assure effective supervision of the activities of certified and licensed appraisers, a State may establish a State appraiser certifying and licensing agency. The duties of such agency may additionally include the registration and supervision of appraisal management companies and the addition of information about the appraisal management company to the national registry.
(Pub. L. 101–73, title XI, § 1117, Aug. 9, 1989, 103 Stat. 515; Pub. L. 111–203, title XIV, § 1473(f)(3), July 21, 2010, 124 Stat. 2193.)
heading: Amendments
text: 2010—Pub. L. 111–203 inserted at end “The duties of such agency may additionally include the registration and supervision of appraisal management companies and the addition of information about the appraisal management company to the national registry.”
heading: Effective Date of 2010 Amendment
text: Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.
12 U.S.C. § 3349 (BANKS AND BANKING)
§ 3349. Violations in obtaining and performing appraisals in federally related transactions
(a) Violations
Except as authorized by the Appraisal Subcommittee in exercising its waiver authority pursuant to section 3348(b) of this title, it shall be a violation of this section—
(1) for a financial institution to seek, obtain, or give money or any other thing of value in exchange for the performance of an appraisal by a person who the institution knows is not a State certified or licensed appraiser in connection with a federally related transaction; and
(2) for the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Resolution Trust Corporation to knowingly contract for the performance of any appraisal by a person who is not a State certified or licensed appraiser in connection with a real estate related financial transaction defined in section 3350(5) of this title to which such association or corporation is a party.
(b) Penalties
A financial institution that violates subsection (a)(1) of this section shall be subject to civil penalties under section 1818(i)(2) of this title or section 1786(k)(2) of this title, as appropriate.
(c) Proceeding
A proceeding with respect to a violation of this section shall be an administrative proceeding which may be conducted by a Federal financial institutions regulatory agency in accordance with the procedures set forth in subchapter II of chapter 5 of title 5.
(Pub. L. 101–73, title XI, § 1120, Aug. 9, 1989, 103 Stat. 517.)
12 U.S.C. § 3352 (BANKS AND BANKING)
§ 3352. Emergency exceptions for disaster areas
(a) In general
Each Federal financial institutions regulatory agency may, by regulation or order, make exceptions to this chapter, and to standards prescribed pursuant to this chapter, for transactions involving institutions for which the agency is the primary Federal regulator with respect to real property located within a disaster area if the agency—
(1) makes the exception not later than 30 months after the date on which the President determines, pursuant to section 5170 of title 42, that a major disaster exists in the area; and
(2) determines that the exception—
(A) would facilitate recovery from the major disaster; and
(B) is consistent with safety and soundness.
(b) 3-year limit on exceptions
Any exception made under this section shall expire not later than 3 years after the date of the determination referred to in subsection (a)(1) of this section.
(c) Publication required
Any Federal financial institutions regulatory agency shall publish in the Federal Register a statement that—
(1) describes any exception made under this section; and
(2) explains how the exception—
(A) would facilitate recovery from the major disaster; and
(B) is consistent with safety and soundness.
(d) “Disaster area” defined
For purposes of this section, the term “disaster area” means an area in which the President, pursuant to section 5170 of title 42, has determined that a major disaster exists.
(Pub. L. 101–73, title XI, § 1123, as added Pub. L. 102–485, § 2, Oct. 23, 1992, 106 Stat. 2771.)
12 U.S.C. § 3354 (BANKS AND BANKING)
§ 3354. Automated valuation models used to estimate collateral value for mortgage lending purposes
(a) In general
Automated valuation models shall adhere to quality control standards designed to—
(1) ensure a high level of confidence in the estimates produced by automated valuation models;
(2) protect against the manipulation of data;
(3) seek to avoid conflicts of interest;
(4) require random sample testing and reviews; and
(5) account for any other such factor that the agencies listed in subsection (b) determine to be appropriate.
(b) Adoption of regulations
The Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration Board, the Federal Housing Finance Agency, and the Bureau of Consumer Financial Protection, in consultation with the staff of the Appraisal Subcommittee and the Appraisal Standards Board of the Appraisal Foundation, shall promulgate regulations to implement the quality control standards required under this section.
(c) Enforcement
Compliance with regulations issued under this subsection shall be enforced by—
(1) with respect to a financial institution, or subsidiary owned and controlled by a financial institution and regulated by a Federal financial institution regulatory agency, the Federal financial institution regulatory agency that acts as the primary Federal supervisor of such financial institution or subsidiary; and
(2) with respect to other participants in the market for appraisals of 1-to-4 unit single family residential real estate, the Federal Trade Commission, the Bureau of Consumer Financial Protection, and a State attorney general.
(d) Automated valuation model defined
For purposes of this section, the term “automated valuation model” means any computerized model used by mortgage originators and secondary market issuers to determine the collateral worth of a mortgage secured by a consumer’s principal dwelling.
(Pub. L. 101–73, title XI, § 1125, as added Pub. L. 111–203, title XIV, § 1473(q), July 21, 2010, 124 Stat. 2198.)
heading: Effective Date
text: Section effective on the date on which final regulations implementing such section take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade.
12 U.S.C. § 3355 (BANKS AND BANKING)
§ 3355. Broker price opinions
(a) General prohibition
In conjunction with the purchase of a consumer’s principal dwelling, broker price opinions may not be used as the primary basis to determine the value of a piece of property for the purpose of a loan origination of a residential mortgage loan secured by such piece of property.
(b) Broker price opinion defined
For purposes of this section, the term “broker price opinion” means an estimate prepared by a real estate broker, agent, or sales person that details the probable selling price of a particular piece of real estate property and provides a varying level of detail about the property’s condition, market, and neighborhood, and information on comparable sales, but does not include an automated valuation model, as defined in section 3354(c) 1 of this title.
(Pub. L. 101–73, title XI, § 1126, as added Pub. L. 111–203, title XIV, § 1473(r), July 21, 2010, 124 Stat. 2198.)
heading: References in Text
text: Section 3354(c) of this title, referred to in subsec. (b), probably means section 3354(d) of this title, which defines “automated valuation model”.
heading: Effective Date
text: Section effective on the date on which final regulations implementing such section take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade.
12 U.S.C. § 3402 (BANKS AND BANKING)
§ 3402. Access to financial records by Government authorities prohibited; exceptions
Except as provided by section 3403(c) or (d), 3413, or 3414 of this title, no Government authority may have access to or obtain copies of, or the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described and—
(1) such customer has authorized such disclosure in accordance with section 3404 of this title;
(2) such financial records are disclosed in response to an administrative subpena or summons which meets the requirements of section 3405 of this title;
(3) such financial records are disclosed in response to a search warrant which meets the requirements of section 3406 of this title;
(4) such financial records are disclosed in response to a judicial subpena which meets the requirements of section 3407 of this title; or
(5) such financial records are disclosed in response to a formal written request which meets the requirements of section 3408 of this title.
(Pub. L. 95–630, title XI, § 1102, Nov. 10, 1978, 92 Stat. 3697.)
12 U.S.C. § 3404 (BANKS AND BANKING)
§ 3404. Customer authorizations
(a) Statement furnished by customer to financial institution and Government authority; contents
A customer may authorize disclosure under section 3402(1) of this title if he furnishes to the financial institution and to the Government authority seeking to obtain such disclosure a signed and dated statement which—
(1) authorizes such disclosure for a period not in excess of three months;
(2) states that the customer may revoke such authorization at any time before the financial records are disclosed;
(3) identifies the financial records which are authorized to be disclosed;
(4) specifies the purposes for which, and the Government authority to which, such records may be disclosed; and
(5) states the customer’s rights under this chapter.
(b) Authorization as condition of doing business prohibited
No such authorization shall be required as a condition of doing business with any financial institution.
(c) Right of customer to access to financial institution’s record of disclosures
The customer has the right, unless the Government authority obtains a court order as provided in section 3409 of this title, to obtain a copy of the record which the financial institution shall keep of all instances in which the customer’s record is disclosed to a Government authority pursuant to this section, including the identity of the Government authority to which such disclosure is made.
(Pub. L. 95–630, title XI, § 1104, Nov. 10, 1978, 92 Stat. 3698; Pub. L. 96–3, Mar. 7, 1979, 93 Stat. 5.)
heading: Amendments
text: 1979—Subsec. (d). Pub. L. 96–3 struck out subsec. (d) which had directed that all financial institutions promptly notify all of their customers of their rights under this chapter, that the Board of Governors of the Federal Reserve System prepare a statement of customers’ rights under this chapter, and that the supplying of such a statement to their customers by the financial institutions be deemed compliance with the notification requirement.
12 U.S.C. § 3405 (BANKS AND BANKING)
§ 3405. Administrative subpena and summons
A Government authority may obtain financial records under section 3402(2) of this title pursuant to an administrative subpena or summons otherwise authorized by law only if—
(1) there is reason to believe that the rec­ords sought are relevant to a legitimate law enforcement inquiry;
(2) a copy of the subpena or summons has been served upon the customer or mailed to his last known address on or before the date on which the subpena or summons was served on the financial institution together with the following notice which shall state with reasonable specificity the nature of the law enforcement inquiry:
“Records or information concerning your transactions held by the financial institution named in the attached subpena or summons are being sought by this (agency or department) in accordance with the Right to Financial Privacy Act of 1978 [12 U.S.C. 3401 et seq.] for the following purpose: If you desire that such records or information not be made available, you must:
“1. Fill out the accompanying motion paper and sworn statement or write one of your own, stating that you are the customer whose records are being requested by the Government and either giving the reasons you believe that the records are not relevant to the legitimate law enforcement inquiry stated in this notice or any other legal basis for objecting to the release of the rec­ords.
“2. File the motion and statement by mailing or delivering them to the clerk of any one of the following United States district courts:
.
“3. Serve the Government authority requesting the records by mailing or delivering a copy of your motion and statement to .
“4. Be prepared to come to court and pre­sent your position in further detail.
“5. You do not need to have a lawyer, although you may wish to employ one to represent you and protect your rights.
If you do not follow the above procedures, upon the expiration of ten days from the date of service or fourteen days from the date of mailing of this notice, the records or information requested therein will be made available. These records may be transferred to other Government authorities for legitimate law enforcement inquiries, in which event you will be notified after the transfer.”; and
(3) ten days have expired from the date of service of the notice or fourteen days have expired from the date of mailing the notice to the customer and within such time period the customer has not filed a sworn statement and motion to quash in an appropriate court, or the customer challenge provisions of section 3410 of this title have been complied with.
(Pub. L. 95–630, title XI, § 1105, Nov. 10, 1978, 92 Stat. 3699.)
heading: References in Text
text: The Right to Financial Privacy Act of 1978, referred to in par. (2), is title XI of Pub. L. 95–630, Nov. 10, 1978, 92 Stat. 3697, which is classified generally to this chapter (§ 3401 et seq.). For complete classification of this Act to the Code, see Short Title note set out under section 3401 of this title and Tables.
12 U.S.C. § 3406 (BANKS AND BANKING)
§ 3406. Search warrants
(a) Applicability of Federal Rules of Criminal Procedure
A Government authority may obtain financial records under section 3402(3) of this title only if it obtains a search warrant pursuant to the Federal Rules of Criminal Procedure.
(b) Mailing of copy and notice to customer
No later than ninety days after the Government authority serves the search warrant, it shall mail to the customer’s last known address a copy of the search warrant together with the following notice:
“Records or information concerning your transactions held by the financial institution named in the attached search warrant were obtained by this (agency or department) on (date) for the following purpose: . You may have rights under the Right to Financial Privacy Act of 1978 [12 U.S.C. 3401 et seq.].”.
(c) Court-ordered delays in mailing
Upon application of the Government authority, a court may grant a delay in the mailing of the notice required in subsection (b) of this section, which delay shall not exceed one hundred and eighty days following the service of the warrant, if the court makes the findings required in section 3409(a) of this title. If the court so finds, it shall enter an ex parte order granting the requested delay and an order prohibiting the financial institution from disclosing that records have been obtained or that a search warrant for such records has been executed. Additional delays of up to ninety days may be granted by the court upon application, but only in accordance with this subsection. Upon expiration of the period of delay of notification of the customer, the following notice shall be mailed to the customer along with a copy of the search warrant:
“Records or information concerning your transactions held by the financial institution named in the attached search warrant were obtained by this (agency or department) on (date). Notification was delayed beyond the statutory ninety-day delay period pursuant to a determination by the court that such notice would seriously jeopardize an investigation concerning . You may have rights under the Right to Financial Privacy Act of 1978 [12 U.S.C. 3401 et seq.].”.
(Pub. L. 95–630, title XI, § 1106, Nov. 10, 1978, 92 Stat. 3700.)
heading: References in Text
text: The Federal Rules of Criminal Procedure, referred to in subsec. (a), are set out in the Appendix to Title 18, Crimes and Criminal Procedure.
The Right to Financial Privacy Act of 1978, referred to in subsecs. (b) and (c), is title XI of Pub. L. 95–630, Nov. 10, 1978, 92 Stat. 3697, which is classified generally to this chapter (§ 3401 et seq.). For complete classification of this Act to the Code, see Short Title note set out under section 3401 of this title and Tables.