Source: https://www.law.cornell.edu/uscode/text/12/3347
Timestamp: 2016-02-10 08:57:27
Document Index: 716217255

Matched Legal Cases: ['§ 3347', '§ 3347', '§ 3347', '§\u202f3347', '§\u202f1118', '§\u202f1473', '§\u202f1473', '§\u202f1473', 'art 34', 'art 164', 'art 208', 'art 225', 'art 390', 'art 564', 'art 1102']

12 U.S. Code § 3347 - Monitoring of State appraiser certifying and licensing agencies | US Law | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 34A › § 3347 12 U.S. Code § 3347 - Monitoring of State appraiser certifying and licensing agencies
§ 3347.
Monitoring of State appraiser certifying and licensing agencies
(a) In generalThe Appraisal Subcommittee shall monitor each State appraiser certifying and licensing agency for the purposes of determining whether such agency—
has policies, practices, funding, staffing, and procedures that are consistent with this chapter;
processes complaints and completes investigations in a reasonable time period;
appropriately disciplines sanctioned appraisers and appraisal management companies;
maintains an effective regulatory program; and
reports complaints and disciplinary actions on a timely basis to the national registries on appraisers and appraisal management companies maintained by the Appraisal Subcommittee.
The Appraisal Subcommittee shall have the authority to remove a State licensed or certified appraiser or a registered appraisal management company from a national registry on an interim basis, not to exceed 90 days, pending State agency action on licensing, certification, registration, and disciplinary proceedings. The Appraisal Subcommittee and all agencies, instrumentalities, and Federally recognized entities under this chapter shall not recognize appraiser certifications and licenses from States whose appraisal policies, practices, funding, staffing, or procedures are found to be inconsistent with this chapter. The Appraisal Subcommittee shall have the authority to impose sanctions, as described in this section, against a State agency that fails to have an effective appraiser regulatory program. In determining whether such a program is effective, the Appraisal Subcommittee shall include an analysis of the licensing and certification of appraisers, the registration of appraisal management companies, the issuance of temporary licenses and certifications for appraisers, the receiving and tracking of submitted complaints against appraisers and appraisal management companies, the investigation of complaints, and enforcement actions against appraisers and appraisal management companies. The Appraisal Subcommittee shall have the authority to impose interim actions and suspensions against a State agency as an alternative to, or in advance of, the derecognition of a State agency.
(b) Disapproval by Appraisal SubcommitteeThe Federal financial institutions, [1] regulatory agencies, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Resolution Trust Corporation shall accept certifications and licenses awarded by a State appraiser certifying the licensing agency unless the Appraisal Subcommittee issues a written finding that—
the State agency fails to recognize and enforce the standards, requirements, and procedures prescribed pursuant to this chapter;
the State agency is not granted authority or sufficient funding by the State which is adequate to permit the agency to carry out its functions under this chapter; or
decisions concerning appraisal standards, appraiser qualifications and supervision of appraiser practices are not made in a manner that carries out the purposes of this chapter.
(c) Rejection of State certifications and licenses
(1) Opportunity to be heard or correct conditions
Before refusing to recognize a State’s appraiser certifications or licenses, the Appraisal Subcommittee shall provide that State’s certifying and licensing agency a written notice of its intention not to recognize the State’s certified or licensed appraisers and ample opportunity to provide rebuttal information or to correct the conditions causing the refusal.
(2) Adoption of procedures
The Appraisal Subcommittee shall adopt written procedures for taking actions described in this section.
A decision of the subcommittee under this section shall be subject to judicial review.
(Pub. L. 101–73, title XI, § 1118, Aug. 9, 1989, 103 Stat. 515; Pub. L. 111–203, title XIV, § 1473(k), July 21, 2010, 124 Stat. 2196.)
This chapter, referred to in subsecs. (a) and (b), was in the original “this title”, meaning title XI of Pub. L. 101–73, which is classified principally to this chapter. For complete classification of title XI to the Code, see Tables.
2010—Subsec. (a). Pub. L. 111–203, § 1473(k)(1), amended subsec. (a) generally. Prior to amendment, text read as follows: “The Appraisal Subcommittee shall monitor State appraiser certifying and licensing agencies for the purpose of determining whether a State agency’s policies, practices, and procedures are consistent with this chapter. The Appraisal Subcommittee and all agencies, instrumentalities, and federally recognized entities under this chapter shall not recognize appraiser certifications and licenses from States whose appraisal policies, practices, or procedures are found to be inconsistent with this chapter.”
Subsec. (b)(2). Pub. L. 111–203, § 1473(k)(2), inserted “or sufficient funding” after “authority”.
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Banks and Banking12 CFR Part 34 - REAL ESTATE LENDING AND APPRAISALS12 CFR Part 164 - APPRAISALS12 CFR Part 208 - MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (REGULATION H)12 CFR Part 225 - BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y)12 CFR Part 390 - REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT SUPERVISION12 CFR Part 564 - APPRAISALS12 CFR Part 1102 - APPRAISER REGULATION