In general
Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe, in accordance with sections 3342 and 3343 of this title, which categories of federally related transactions should be appraised by a State certified appraiser and which by a State licensed appraiser under this chapter.
Threshold level
Each Federal financial institutions regulatory agency and the Resolution Trust Corporation may establish a threshold level at or below which a certified or licensed appraiser is not required to perform appraisals in connection with federally related transactions, if such agency determines in writing that such threshold level does not represent a threat to the safety and soundness of financial institutions, and receives concurrence from the Bureau of Consumer Financial Protection that such threshold level provides reasonable protection for consumers who purchase 1–4 unit single-family residences.
GAO study of appraisals in connection with real estate related financial transactions below threshold level
GAO studies
Reports to Congress and the appropriate Federal financial institutions regulatory agencies
Upon completing each of the studies referred to in paragraph (1), the Comptroller General shall submit a report on the Comptroller General’s findings and conclusions with respect to such study to the Federal financial institutions regulatory agencies, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate, together with such recommendations for legislative or administrative action as the Comptroller General determines to be appropriate.
Pub. L. 101–73, title XI, § 1112103 Stat. 514Pub. L. 102–550, title IX, § 954106 Stat. 3894Pub. L. 104–208, div. A, title II, § 2704(d)(15)(B)110 Stat. 3009–495Pub. L. 104–316, title I, § 106(g)110 Stat. 3831Pub. L. 109–171, title II, § 2102(b)120 Stat. 9Pub. L. 109–173, § 9(g)(2)119 Stat. 3618Pub. L. 111–203, title XIV, § 1473(a)124 Stat. 2190(, , ; , , ; , , ; , , ; , , ; , , ; , , .)
Editorial Notes
Amendments
Pub. L. 111–2032010—Subsec. (b). inserted “, and receives concurrence from the Bureau of Consumer Financial Protection that such threshold level provides reasonable protection for consumers who purchase 1–4 unit single-family residences” before the period.
Pub. L. 109–1732006—Subsec. (c)(1)(B). substituted “Deposit Insurance Fund” for “Bank Insurance Fund, the Savings Association Insurance Fund,”.
Pub. L. 109–171Pub. L. 104–208, § 2704(d)(15)(B) repealed . See 1996 Amendment note below.
Pub. L. 104–316, § 106(g)(1)(A)1996—Subsec. (c)(1). , (2), in heading substituted “GAO studies” for “Study required”, and in text substituted “The Comptroller General of the United States may conduct, under such conditions as the Comptroller General determines appropriate, studies” for “At the end of the 18-month period, and the end of the 36-month period, beginning on , the Comptroller General of the United States shall conduct a study”.
Pub. L. 104–208, § 2704(d)(15)(B)Pub. L. 109–171Subsec. (c)(1)(B). , which directed substitution of “Deposit Insurance Fund” for “Bank Insurance Fund, the Savings Association Insurance Fund,”, was repealed by . See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
Pub. L. 104–316, § 106(g)(1)(B)Subsec. (c)(2). , substituted “referred to in” for “required under”.
Pub. L. 102–5501992— designated existing provisions as subsec. (a), inserted heading, and added subsecs. (b) and (c).
Statutory Notes and Related Subsidiaries
Change of Name
section 1(a) of Pub. L. 104–14section 21 of Title 2Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by , set out as a note preceding , The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, .
Effective Date of 2010 Amendment
Pub. L. 111–203section 1400(c) of Pub. L. 111–203section 1601 of Title 15Amendment by 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 , set out as a note under , Commerce and Trade.
Effective Date of 2006 Amendment
Pub. L. 109–173section 9(j) of Pub. L. 109–173section 24 of this titleAmendment by effective , see , set out as a note under .
Pub. L. 109–171section 2102(c) of Pub. L. 109–171section 1821 of this titleAmendment by effective no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning , see , set out as a Merger of BIF and SAIF note under .
Effective Date of 1996 Amendment
Pub. L. 104–208section 2704(c) of Pub. L. 104–208section 1821 of this titleAmendment by effective , if no insured depository institution is a savings association on that date, see , formerly set out as a note under .