§ 3348. — Recognition of State certified and licensed appraisers for purposes of this chapter.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3348]
TITLE 12--BANKS AND BANKING
CHAPTER 34A--APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
Sec. 3348. Recognition of State certified and licensed
appraisers for purposes of this chapter
(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, Sec. 1119, Aug. 9, 1989, 103 Stat. 516; Pub.
L. 102-233, title VII, Sec. 701(b), Dec. 12, 1991, 105 Stat. 1792; Pub.
L. 102-242, title IV, Sec. 472(b), Dec. 19, 1991, 105 Stat. 2386; Pub.
L. 102-550, title XVI, Sec. 1617(a), Oct. 28, 1992, 106 Stat. 4096.)
Amendments
1992--Subsecs. (a)(1), (b). Pub. L. 102-550, Sec. 1617(a), repealed
Pub. L. 102-233, Sec. 701(b). See 1991 Amendment note below.
1991--Subsec. (a)(1). Pub. L. 102-242, Sec. 472(b)(1), substituted
``December 31, 1992'' for ``July 1, 1991''. Pub. L. 102-233,
Sec. 701(b)(1), which made an identical amendment, was repealed by Pub.
L. 102-550, Sec. 1617(a). See Construction of 1991 Amendment note below.
Subsec. (b). Pub. L. 102-242, Sec. 472(b)(2), substituted ``, or in
any geographical political subdivision of a State, leading to
significant delays'' for ``leading to inordinate delays'' in first
sentence and ``significant'' for ``inordinate'' in second sentence. Pub.
L. 102-233, Sec. 701(b)(2), which made an identical amendment, was
repealed by Pub. L. 102-550, Sec. 1617(a). See Construction of 1991
Amendment note below.
Construction of 1991 Amendment
No amendment to this section by section 701 of Pub. L. 102-233 to be
deemed to have taken effect before Oct. 28, 1992, and provisions of law
amended by such section 701 to continue in effect as if no such
amendment had been made, see section 1617(b) of Pub. L. 102-550, set out
as a note under section 3345 of this title.
Section Referred to in Other Sections
This section is referred to in section 3349 of this title.
