The Appraisal Subcommittee shall-
The Appraisal Subcommittee shall monitor and review the practices, procedures, activities, and organizational structure of the Appraisal Foundation.
1 So in original. The word "and" probably should not appear.
2 So in original. Probably should be "compliance; and".
12 U.S.C. § 3332
EDITORIAL NOTES
CODIFICATIONParagraph (4) of subsection (a), which required the Appraisal Subcommittee to submit an annual report to Congress on the manner in which assigned functions were carried out, terminated, effective May 15, 2000, pursuant to section 3003 of Pub. L. 104-66 set out as a note under section 1113 of Title 31, Money and Finance. See, also, page 170 of House Document No. 103-7.
AMENDMENTS2010-Subsec. (a)(1). Pub. L. 111-203, §1473(f)(1)(A), amended par. (1) generally. Prior to amendment, par. (1) read as follows: "monitor the requirements established by States for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional responsibility;".Subsec. (a)(2). Pub. L. 111-203, §367(6), struck out "and the Resolution Trust Corporation" after "agencies" in introductory provisions.Subsec. (a)(5). Pub. L. 111-203, §1473(b), added par. (5).Subsec. (a)(6). Pub. L. 111-203, §1473(f)(1)(B), added par. (6).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2010 AMENDMENT Amendment by section 367(6) of Pub. L. 111-203 effective on the transfer date, see section 351 of Pub. L. 111-203 set out as a note under section 906 of Title 2, The Congress.Amendment by section 1473(b), (f)(1), of 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.
- Federal financial institutions regulatory agencies
- The term "Federal financial institutions regulatory agencies" means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.
- State appraiser certifying and licensing agency
- The term "State appraiser certifying and licensing agency" means a State agency established in compliance with this chapter.
- State
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
- appraisal management company
- The term "appraisal management company" means, in connection with valuing properties collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than 15 certified or licensed appraisers in a State or 25 or more nationally within a given year-(A) to recruit, select, and retain appraisers;(B) to contract with licensed and certified appraisers to perform appraisal assignments;(C) to manage the process of having an appraisal performed, including providing administrative duties such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed; or(D) to review and verify the work of appraisers.
- designated transfer date
- The term "designated transfer date" means the date established under section 5582 of this title.
- financial institution
- The term "financial institution" means an insured depository institution as defined in section 1813 of this title or an insured credit union as defined in section 1752 of this title.
- Foundation
- The terms "Appraisal Foundation" and "Foundation" means the Appraisal Foundation established on November 30, 1987, as a not for profit corporation under the laws of Illinois.
- Appraisal Foundation
- The terms "Appraisal Foundation" and "Foundation" means the Appraisal Foundation established on November 30, 1987, as a not for profit corporation under the laws of Illinois.
- Appraisal Subcommittee
- The terms "Appraisal Subcommittee" and "subcommittee" mean the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.