Sec. 4. State credentialed trainees
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/bill/119/hr/6025/ih/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1103(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 3332(a) ) is amended— in paragraph (3)— by inserting and State credentialed trainee appraisers after licensed appraisers ; and by striking and at the end; by striking paragraph (4); by redesignating paragraphs
(5)and
(6)as paragraphs
(4)and (5), respectively; and in paragraph (4), as so redesignated— by striking year. The report shall also detail and inserting year, details ; by striking provide and inserting provides ; and by striking the period at the end and inserting ; and . Section 1109 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 3338 ) is amended— in the section heading, by striking and inserting or licensed ; and , licensed, and credentialed trainee in subsection (a)— in paragraph (1), by inserting , and in the case of a State with a supervisory or trainee program, a roster listing individuals who have received a State trainee credential after this title ; and by striking paragraph
(2)and inserting the following: transmit reports on the issuance and renewal of licenses, certifications, credentials, sanctions, and disciplinary actions, including license, credential, and certification revocations, on a timely basis to the national registry of the Appraisal Subcommittee; . Nothing in the amendments made by subparagraph
(A)shall require a State to establish or operate a program for State credentialed trainee appraisers, as defined in paragraph
(12)of section 1121 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as added by subsection
(d)of this section. Section 1113 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 3342 ) is amended— by striking In determining and inserting
(a); and In general .—In determining by adding at the end the following: In performing an appraisal under this section, a State certified appraiser may use the assistance of a State credentialed trainee appraiser or an unlicensed trainee appraiser, except that a State certified appraiser assisted by a trainee shall be liable for final work. . Section 1121 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 3350 ) is amended by adding at the end the following: The term State credentialed trainee appraiser means an individual who— meets the minimum criteria established by the Appraiser Qualification Board for a trainee appraiser credential; and is credentialed by a State appraiser certifying and licensing agency. .
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