Source: http://www.law.cornell.edu/cfr/text/12/323.5
Timestamp: 2013-12-21 02:00:05
Document Index: 587229369

Matched Legal Cases: ['art 323', '§ 1818', '§ 1819', '§ 3331', '§ 3332', '§ 3333', '§ 3334', '§ 3335', '§ 3336', '§ 3337', '§ 3338', '§ 3339', '§ 3340', '§ 3341', '§ 3342', '§ 3343', '§ 3344', '§ 3345', '§ 3346', '§ 3347', '§ 3348', '§ 3349', '§ 3350', '§ 3351', '§ 3352']

12 CFR 323.5 - Appraiser independence. | Title 12 - Banks and Banking | Code of Federal Regulations | LII / Legal Information Institute
CFR › Title 12 › Chapter III › Subchapter B › Part 323 › Section 323.5	prev | next
12 CFR 323.5 - Appraiser independence.
(a) Staff appraisers.
If an appraisal is prepared by a staff appraiser, that appraiser must be independent of the lending, investment, and collection functions and not involved, except as an appraiser, in the federally related transaction, and have no direct or indirect interest, financial or otherwise, in the property. If the only qualified persons available to perform an appraisal are involved in the lending, investment, or collection functions of the regulated institution, the regulated institution shall take appropriate steps to ensure that the appraisers exercise independent judgment and that the appraisal is adequate. Such steps include, but are not limited to, prohibiting an individual from performing appraisals in connection with federally related transactions in which the appraiser is otherwise involved and prohibiting directors and officers from participating in any vote or approval involving assets on which they performed an appraisal.
(b) Fee appraisers.
(1) If an appraisal is prepared by a fee appraiser, the appraiser shall be engaged directly by the regulated institution or its agent, and have no direct or indirect interest, financial or otherwise, in the property or the transaction.
[55 FR 33888, Aug. 20, 1990, as amended by 59 FR 29502, June 7, 1994]
Title 12 published on 2012-01-01no entries appear in the Federal Register after this date. This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.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.United States CodeUSC : Title 12 - BANKS AND BANKING§ 1818 - Termination of status as insured depository institution§ 1819 - Corporate powers§ 3331 - Purpose§ 3332 - Functions of Appraisal Subcommittee§ 3333 - Chairperson of Appraisal Subcommittee; term of Chairperson; meetings§ 3334 - Officers and staff§ 3335 - Powers of Appraisal Subcommittee§ 3336 - Procedures for establishing appraisal standards and requiring use of certified and licensed appraisers§ 3337 - Startup funding§ 3338 - Roster of State certified or licensed appraisers; authority to collect and transmit fees§ 3339 - Functions of Federal financial institutions regulatory agencies relating to appraisal standards§ 3340 - Time for proposal and adoption of standards§ 3341 - Functions of Federal financial institutions regulatory agencies relating to appraiser qualifications§ 3342 - Transactions requiring services of State certified appraiser§ 3343 - Transactions requiring services of State licensed appraiser§ 3344 - Time for proposal and adoption of rules§ 3345 - Certification and licensing requirements§ 3346 - Establishment of State appraiser certifying and licensing agencies§ 3347 - Monitoring of State appraiser certifying and licensing agencies§ 3348 - Recognition of State certified and licensed appraisers for purposes of this chapter§ 3349 - Violations in obtaining and performing appraisals in federally related transactions§ 3350 - Definitions§ 3351 - Miscellaneous provisions§ 3352 - Emergency exceptions for disaster areas