§ 3348. Recognition of State certified and licensed appraisers for purposes of this chapter
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/usc/title-12/section-3348A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Effective date for use of certified or licensed appraisers only
(1)In general Not later than December 31, 1992, all appraisals performed in connection with federally related transactions shall be performed only by individuals certified or licensed in accordance with the requirements of this chapter.
(2)Extension of effective date Subject to the approval of the Council, the Appraisal Subcommittee may extend, until December 31, 1991, the effective date for the use of certified or licensed appraisers if it makes a written finding that a State has made substantial progress in establishing a State certification and licensing system that appears to conform to the provisions of this chapter.
(b)Temporary waiver of appraiser certification or licensing requirements for State having scarcity of qualified appraisers Subject to the approval of the Council, the Appraisal Subcommittee may waive any requirement relating to certification or licensing of a person to perform appraisals under this chapter if the Appraisal Subcommittee or a State agency whose certifications and licenses are in compliance with this chapter, makes a written determination that there is a scarcity of certified or licensed appraisers to perform appraisals in connection with federally related transactions in a State, or in any geographical political subdivision of a State, leading to significant delays in the performance of such appraisals. The waiver terminates when the Appraisal Subcommittee determines that such significant delays have been eliminated.
(c)Reports to State certifying and licensing agencies The Appraisal Subcommittee, any other Federal agency or instrumentality, or any federally recognized entity shall report any action of a State certified or licensed appraiser that is contrary to the purposes of this chapter, to the appropriate State agency for a disposition of the subject of the referral. The State agency shall provide the Appraisal Subcommittee or the other Federal agency or instrumentality with a report on its disposition of the matter referred. Subsequent to such disposition, the subcommittee or the agency or instrumentality may take such further action, pursuant to written procedures, it deems necessary to carry out the purposes of this chapter.
(Pub. L. 101–73, title XI, § 1119, Aug. 9, 1989, 103 Stat. 516; Pub. L. 102–233, title VII, § 701(b), Dec. 12, 1991, 105 Stat. 1792; Pub. L. 102–242, title IV, § 472(b), Dec. 19, 1991, 105 Stat. 2386; Pub. L. 102–550, title XVI, § 1617(a), Oct. 28, 1992, 106 Stat. 4096; Pub. L. 111–203, title XIV, § 1473(t)(1), July 21, 2010, 124 Stat. 2199.)
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- Public Law 102–242To require the least-cost resolution of insured depository institutions, to improve supervision and examinations, to provide additional resources to the Bank Insurance Fund, and for other purposes
- 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 102–238To provide funding for the resolution of failed savings associations and working capital for the Resolution Trust Corporation, to restructure the Oversight Board and the Resolution Trust Corporation, and for other purposes
- 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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- Pub. L. 101–73, title XI, § 1119
- 103 Stat. 516
- Pub. L. 102–233, title VII, § 701(b)
- 105 Stat. 1792
- Pub. L. 102–242, title IV, § 472(b)
- 105 Stat. 2386
- Pub. L. 102–550, title XVI, § 1617(a)
- 106 Stat. 4096
- Pub. L. 111–203, title XIV, § 1473(t)(1)
- 124 Stat. 2199
- Pub. L. 111–203
- Pub. L. 102–550, § 1617(a)
- Pub. L. 102–233, § 701(b)
- Pub. L. 102–242, § 472(b)(1)
- Pub. L. 102–233, § 701(b)(1)
- Pub. L. 102–242, § 472(b)(2)
- Pub. L. 102–233, § 701(b)(2)
- section 1400(c) of Pub. L. 111–203
- section 701 of Pub. L. 102–233
- section 1617(b) of Pub. L. 102–550
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§ 3348
Recognition of State certified and licensed appraisers for purposes of this chapter
Fed. Reg.×28
Stat.×6
C.F.R.×5
U.S.C.×2
Stat. Comp.×1
Pub. L.Pub. L. 101–73, title XI, § 1119
Stat.103 Stat. 516
Pub. L.Pub. L. 102–233, title VII, § 701(b)
Stat.105 Stat. 1792
Pub. L.Pub. L. 102–242, title IV, § 472(b)
Cites 22 · showing 7Cited by 42 across 5 sources