§3332. Functions of Appraisal Subcommittee
(a) In general
The Appraisal Subcommittee shall-
(1) monitor the requirements established by States for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional responsibility;
(2) monitor the requirements established by the Federal financial institutions regulatory agencies and the Resolution Trust Corporation with respect to-
(A) appraisal standards for federally related transactions under their jurisdiction, and
(B) determinations as to which federally related transactions under their jurisdiction require the services of a State certified appraiser and which require the services of a State licensed appraiser;
(3) maintain a national registry of State certified and licensed appraisers who are eligible to perform appraisals in federally related transactions; and
(4) transmit an annual report to the Congress not later than January 31 of each year which describes the manner in which each function assigned to the Appraisal Subcommittee has been carried out during the preceding year.
(b) Monitoring and reviewing foundation
The Appraisal Subcommittee shall monitor and review the practices, procedures, activities, and organizational structure of the Appraisal Foundation.
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