§ 3341. Functions of Federal financial institutions regulatory agencies relating to appraiser qualifications
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/usc/title-12/section-3341A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)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.
(b)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.
(c)GAO study of appraisals in connection with real estate related financial transactions below threshold level
(1)GAO studies The Comptroller General of the United States may conduct, under such conditions as the Comptroller General determines appropriate, studies on the adequacy and quality of appraisals or evaluations conducted in connection with real estate related financial transactions below the threshold level established under subsection (b), taking into account—
(A)the cost to any financial institution involved in any such transaction;
(B)the possibility of losses to the Deposit Insurance Fund or the National Credit Union Share Insurance Fund;
(C)the cost to any customer involved in any such transaction; and
(D)the effect on low-income housing.
(2)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, § 1112, Aug. 9, 1989, 103 Stat. 514; Pub. L. 102–550, title IX, § 954, Oct. 28, 1992, 106 Stat. 3894; Pub. L. 104–208, div. A, title II, § 2704(d)(15)(B), Sept. 30, 1996, 110 Stat. 3009–495; Pub. L. 104–316, title I, § 106(g), Oct. 19, 1996, 110 Stat. 3831; Pub. L. 109–171, title II, § 2102(b), Feb. 8, 2006, 120 Stat. 9; Pub. L. 109–173, § 9(g)(2), Feb. 15, 2006, 119 Stat. 3618; Pub. L. 111–203, title XIV, § 1473(a), July 21, 2010, 124 Stat. 2190.)
Connections63 cite this · traces to 4
Cited by 63 sections · top 28
statutes-at-large
- Public Law 104–316To amend laws authorizing auditing, reporting, and other functions by the General Accounting Office
- Public Law 101–73To reform, recapitalize, and consolidate the Federal deposit insurance system, to enhance the regulatory and enforcement powers of Federal financial institutions regulatory agencies, and for other purposes
- Public Law 102–550To amend and extend certain laws relating to housing and community development, and for other purposes
- Public Law 109–173To enact the technical and conforming amendments necessary to implement the Federal Deposit Insurance Reform Act of 2005, and for other purposes
- Public Law 104–207Waiving certain enrollment requirements with respect to any bill or joint resolution of the One Hundred Fourth Congress making genera) or continuing appropriations for fiscal year 1997
- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
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statute-compilations
27 references not yet in our index
- Pub. L. 101–73, title XI, § 1112
- 103 Stat. 514
- Pub. L. 102–550, title IX, § 954
- 106 Stat. 3894
- Pub. L. 104–208, div. A, title II, § 2704(d)(15)(B)
- 110 Stat. 3009–495
- Pub. L. 104–316, title I, § 106(g)
- 110 Stat. 3831
- Pub. L. 109–171, title II, § 2102(b)
- 120 Stat. 9
- Pub. L. 109–173, § 9(g)(2)
- 119 Stat. 3618
- Pub. L. 111–203, title XIV, § 1473(a)
- 124 Stat. 2190
- Pub. L. 111–203
- Pub. L. 109–173
- Pub. L. 109–171
- Pub. L. 104–208, § 2704(d)(15)(B)
- Pub. L. 104–316, § 106(g)(1)(A)
- Pub. L. 104–316, § 106(g)(1)(B)
- Pub. L. 102–550
- section 1(a) of Pub. L. 104–14
- section 1400(c) of Pub. L. 111–203
- section 9(j) of Pub. L. 109–173
- section 2102(c) of Pub. L. 109–171
- Pub. L. 104–208
- section 2704(c) of Pub. L. 104–208
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cites case law
§ 3341
Functions of Federal financial institutions regulatory agencies relating to appraiser qualifications
Fed. Reg.×48
Bills×7
Stat.×7
Stat. Comp.×1
Pub. L.Pub. L. 101–73, title XI, § 1112
Stat.103 Stat. 514
Pub. L.Pub. L. 102–550, title IX, § 954
Stat.106 Stat. 3894
Pub. L.Pub. L. 104–208, div. A, title II, § 2704(d)(15)(B)
Cites 31 · showing 9Cited by 63 across 4 sources